Financial Daily from THE HINDU group of publications
Friday, Dec 20, 2002
Financial Daily from THE HINDU group of publications Friday, Dec 20, 2002 |
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Markets
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Economic Offences DSQ, CSE, SHCIL nexus bled UTI Our Bureau
NEW DELHI, Dec. 19 A DISTURBING nexus between officials of the DSQ group, CSE, SHCIL and UTI led to a Rs 21.4-crore loss to the country's largest mutual fund, said the JPC on the stock scam which has asked various regulators to expedite probe into the matter. Referring to the CSE relating to transactions in DSQ shares, the Committee said all these point towards a close nexus between the corporate promoter, Mr Dinesh Dalmiya of DSQ, defaulting broker Mr H.C. Biyani, broker directors of CSE and public officials of SHCIL and UTI. JPC said the unit holders of UTI have been subjected to a loss of Rs 21.4 crore as on June 28, 2002, on an investment of Rs 25.13 crore made by UTI based on a decision which violated the norms of prudent decision making. Mr P.S. Subramanyam, the then Chairman of UTI and late Mr M.M. Kapoor, Executive Director approved the transaction which any prudent person could have foreseen would lead to a loss to UTI, the report tabled in Parliament said.
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