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UTI's Kapur, Basu suspended

Unit Trust of India on Monday suspended its two executive directors, M M Kapur and S K Basu, who have been arrested by the Central Bureau of Investigation on charges of misappropriation of public funds and have reallocated the portfolios of the other executive directors.

"This suspension and reallocation of work among EDs is with a view to clean up the working of the India's largest fund manager and its commitment to bring transparency", top UTI sources said in Bombay.

Executive director, D S R Murthy, would now be in-charge of Department of Funds Management (equity schemes), Department of Market Operations, Department of International Finance and the Venture Capital Funds Division, in addition to his existing responsibilities, UTI said in a release in Bombay.

Department of Funds Management (debt schemes and US-64) and money market operations would be looked after by B S Pandit, it said.

A N Palwankar, who was on deputation as advisor to UTI ICM, would be in charge of investors' relations and would also monitor UTI ICM, it said, adding some consequential changes have also been made in work allocations of the other EDs.

Kapur was handling equity and US-64 schemes while Basu was responsible for management of debt schemes.

Former UTI chairman, P S Subramanyam, EDs Kapur and Basu and stock broker Rakesh Mehta, facing charge of misappropriating public funds to the tune of Rs 320 million through investments in Cyberspace Infosys Ltd, were arrested by CBI on July 21 and then remanded to police custody till July 27 by a special court.

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