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UTI Bank: Dr. Nayak is back - Views on News from Equitymaster
 
 
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  • Aug 1, 2002

    UTI Bank: Dr. Nayak is back

    Press Release from UTI Bank

    The Board took note of the letter dated 22nd July, 2002 written by Dr. P. J. Nayak, CMD to all other members of the Board in which he had referred to media reports suggesting that he stood to gain personally had the Bank’s merger with Global Trust Bank (GTB) gone through. Dr. Nayak had felt that the credibility of UTI Bank had been seriously affected, besides his own credibility, and he had proceeded on four weeks of leave. He had also requested the Board to conduct an enquiry into any culpability which might attach to him.

    The Board reposed strong confidence in the credibility and integrity of Dr. Nayak as CMD and firmly believed that Dr. Nayak’s continued stewardship would be in the best interest of the Bank. In view of this the Board resolved unanimously to request Dr. Nayak to resume forthwith his duties as CMD of the Bank.

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