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UTI's Damodaran gets one-year extension

Unit Trust of India chairman M Damodaran, whose term was to end this month, has been given an extension of one year.

Damodaran, who was expected to get two years' extension, will now be getting one year in view of the government's plans to hasten the process of restructuring of the country's largest mutual fund including setting up of a new sponsoring company and an asset management company, official sources said on Monday.

The government plans to carry out restructuring in the next six months, which included repeal of UTI Act, the sources said, adding that it is in this context that the UTI chairman has been given only one year's extension until further order.

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