Heard on the street: UTI, L&T

Former BoM chief may take over as SUUTI administrator

Allen CA Pereira, former chairman and managing director of Bank of Maharashtra, is likely to takeover as administrator of the Specified Undertaking of UTI or SUUTI.

Allen CA Pereira, former chairman and managing director of Bank of Maharashtra, is likely to takeover as administrator of the Specified Undertaking of UTI or SUUTI.

He will replace KN Prithviraj who was given an extension in June last year when his term came to an end. The government had asked Prithviraj to continue till further notice. SUUTI, which took over the assured return schemes of erstwhile UTI to bail out investors in schemes such as US-64, holds stake in Larsen & Toubro, ITC and Axis Bank.

Although the government is faced with a fiscal deficit, sources say it has no plans to sell its holdings in the three blue-chip companies.

At current market prices, its stake in ITC, L&T and Axis bank is valued at Rs 34,300 crore. SUUTI’s plans to sell its stake in Stock Holding Corporation of India and Over-The-Counter Exchange of India has also been put on hold.


L&T Mutual Fund's ex-CEO sets up investment advisory firm

Sanjay Sinha, the erstwhile chief executive of L&T Mutual Fund has started his own investment advisory firm Citrus Advisors.

Sanjay Sinha, the erstwhile chief executive of L&T Mutual Fund has started his own investment advisory firm Citrus Advisors.

The move has come as a surprise to many as he was rumoured to be joining a Mumbaibased listed brokerage.

Prior to his stint at L&T Mutual, Mr Sinha was the CIO of SBI Mutual Fund and before that with UTI Mutual Fund as an equities fund manager.

Contributed by Reena Zachariah & Shailesh Menon