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    Sravankumar Rambuddi
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    prohigugiu

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    prohigugiu

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    3K views3 pages

    The UTI Scam

    Uploaded by

    Sravankumar Rambuddi
    prohigugiu

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

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    MUMBAI: Both the Union government and the Unit Trust of India (UTI) have failed to take any action
    against tainted UTI officials, as well as against corporates exposed by the Tarapore committee way back in
    January 2002.

    This is evident from the Action Taken Report (ATR) tabled before Parliament on May 10 about the JPC
    report regarding the 2001 stock scam.

    The final JPC report had recommended an enquiry of the secondary market transactions done by UTI in
    shares of 89 companies identified by the Tarapore committee. It had also recommended departmental
    action against UTI officials involved in Cyberspace scam.

    Moreover, Tarapore panel had exposed the deals behind the US-64 crisis and how banks had privy
    information regarding the ill-health of the scheme.

    However, in terms of action taken against these findings, both the government and UTI have failed to
    finalise any proceedings against the accused other than referring a few cases to the Advisory Board on
    Banking, Commercial and Financial Frauds, a pre-investigative body under the finance ministry.

    Some of the companies involved in these cases include Global Tele, DSQ Software, Essar Oil, Zee
    Telefilms, Essar Steel and HFCL. UTI chairman M Damodaran was unavailable for comment.

    After the Tarapore committee report unearthed the dubious deals between UTI officials and leading
    corporates, UTI ordered an audit of the investment decisions taken in 19 firms. But no action has been
    taken against these companies or against the concerned UTI officials.

    The UTI-1 administrator has informed the government that with reference to civil proceedings against ex-
    chairman PS Subramaniam and other former UTI officials, "UTI is seeking an external legal specialist and
    further action will be considered on their advice."

    On UTI's role in the Calcutta Stock Exchange payment crisis, the government has directed SEBI to
    intervene in the matter, since UTI has failed to initiate any action against its former ED BG Daga, who has
    been indicted in the JPC report.
    Sources said the regulator is expected to summon Daga for a hearing in this matter. SEBI has also ordered
    an investigation to ascertain any broker nexus among Stock Holding Corporation (SHCL) officials.‘
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