"I have received no communication, whatsoever, from the higher authorities in this regard. Corporate governance, as we all feel, is of crucial importance, and we are trying our bit to improve the situation. There is no reason why we should go back on our proposal," Subramanyan told The Financial Express.

Finance secretary Vijay Kelkar declined to comment on whether his ministry wants the trust to go slow on the proposal. "UTI will be able to comment on it," Kelkar said.

The trust's request for board representation has met with stiff resistance from corporates, with industry bigwigs questioning UTI's credibility in installing corporate governance.

UTI had, in its letters to companies, said that a board representation would enhance the quality ofinteraction, and help achieve greater heights of corporate governance.

Subramanyam denied recent press reports that UTI was coming under pressure from the Government to withdraw its proposal for board representation, especially in case of well-functioning companies.

Although UTI maintained that the "request" was not a "diktat", local companies, especially, those performing above-par, refused to give to the request saying that the trust which had mismanaged its own investments was in no position to install corporate governance in companies.

"Only after we receive responses from companies, will we be in a position to understand as to how many of them have been able to address the governance issue. In companies, where the board has done enough, the appointment of UTI nominees does not arise," Subramanyam said.

"In cases where companies are a way off, we have got to decide what else needs to be done. Maybe, we can begin dialogues with such companies to ensure proper enforcement of corporate governance,"he said.