P.J. Nayak back as CMD of UTI Bank
Mumbai: Dr. P.J. Nayak has been re-appointed as the Chairman and Managing Director of UTI Bank. The bank's board has taken this decision a week after it decided to split the CMD post into the non-executive chairman and the managing director.

In the last board meeting, Dr. Nayak, reportedly, was offered the post of managing director, minus that of the chairman, which he declined. The board has recommended a second five-year term for Dr. Nayak, whose current term would have ended on December 31, 2004. However, Dr Nayak has decided to continue only till July 2007 when he completes 60 years of age, the regular retirement age in UTI Bank. "

In a notice to the stock exchange, the bank said considering the performance of Dr Nayak as the CMD of the bank for the last five years since January 1, 2000 and also taking into account the record and performance of the bank during his tenure, he has been reappointed as the CMD with effect from January 2005.

The immediate agenda for the bank is to raise capital for boosting business growth and meeting the Basel II requirements. This would come by the end of the fiscal, he said. Currently, the capital adequacy ratio of the bank is 10.67 per cent. The bank is looking at expanding its capital base by issuing 4.6 crore new shares. As per current valuations, this could translate into an amount of $180 million in the overseas markets.

On the bank's plans for international expansion, Dr Nayak has said that the bank is gearing up to set up representative offices in Dubai and Shanghai, branches in Sri Lanka and Hong Kong and also an offshore banking branch in Singapore.
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M.L. Bhakta withdraws resignation as Director, RIL
New Delhi: M. L. Bhakta, a founder Director of the Reliance Industries (RIL), is believed to have withdrawn his resignation.

The move comes ahead of a crucial RIL Board meeting and is seen as a boost to RIL Chairman Mukesh Ambani.

Bhakta, an associate of late Dhirubhai Ambani, had resigned last month within days of the struggle between the Ambani brothers coming into open.

A legal expert, Bhakta had joined the RIL board in 1977 when the company was formed and enjoyed a good relationship with both the brothers.

When contacted, RIL spokesperson said, "we don't know, please check up with Mr Bhakta." Asked if he had withdrawan his resignation as RIL Director, Bhakta declined to comment saying, "please ask the company."
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