Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI) and providing for alternative mechanism for vacation of office of the Administrator.

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..... ding for alternative mechanism for vacation of office of the Administrator. SUUTI was created by the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 [ UTI Repeal Act, 2002]. It is the successor of the erstwhile Unit Trust of India (UTI) and is mandated to liquidate the Government liabilities on account of erstwhile UTI. 2. As per sub-section (1) of section 13 of the UTI .....

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..... ided. 4. In view of the above, it is proposed amend the UTI Repeal Act, 2002, by way of amendment of ,- (i) Sub-section (1) of section 8, so as to provide that the Administrator, SUUTI shall immediately on redemption of all the schemes of the specified undertaking and the payment of entire amount to investors or from the date as may be notified by the Central Government in the Official Gazet .....

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