Section 2 of UTI Act : Section 2: Definitions

Explanation using Example

Let's consider a hypothetical scenario where the Central Government decides to restructure the Unit Trust of India (UTI). They appoint a date, say July 1, 2023, as the 'appointed day' on which the restructuring process will officially begin. This date is published in the Official Gazette for public knowledge.

On this 'appointed day,' the government also appoints an 'Administrator' to oversee the transition of UTI's assets and liabilities. The Administrator is tasked with managing the 'specified undertaking' of UTI, which includes all the business, assets, liabilities, and properties related to certain schemes mentioned in Schedule I of the Act.

Furthermore, the Central Gov...

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