UTI Mutual Fund (MF) has taken objection to IL&FS group officials' proposal that lenders should take 42 per cent haircut on their exposure to the group's special purpose vehicle -- Jorabat Shillong Expressway (JSEL).
"UTI MF has strongly objected to the proposal shared as it completely ignored the sponsor undertaking and differentiation between secured and unsecured lenders," the fund house said in an investor note.
