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August 2, 2001
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Money > Business Headlines > Report August 2, 2001 |
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Subramanyam kept me in the dark: SinhaTara Shankar Sahay in New Delhi Union Finance Minister Yashwant Sinha claimed on Thursday that the former UTI chairman P S Subramanyam had kept the finance ministry and the UTI board in the dark over the US-64 fiasco. "If Subramanyam had approached me or my ministry, we would have solved the problem," Sinha said. "The finance ministry intervened only after the UTI board took a decision on the controversy." "We took swift action and moved to contain the damage," Sinha asserted. He pointed out that the redemption of units had started and about 4,000 people had turned up at UTI offices for repurchase on Wednesday. Replying to the debate in the Rajya Sabha, Sinha pointed out that the question to be asked was what was the accountability of his ministry in the controversy. He said that given the current situation in the UTI, he had re-inducted his ministry's representative in the UTI although the practice had been withdrawn in May 1997. "I have put him back now because of the current situation," Sinha asserted. Opposition bays for Sinha's blood The leader of the opposition in the Rajya Sabha, Dr Manmohan Singh wanted the finance minister to clarify why was Subramanyam removed from his position of the UTI chairman. Singh further wanted the finance minister to clarify 'why did he have two UTI executive directors arrested'. He said that 'this sent the message that the largest mutual fund in India was run by crooks'. Singh also asked Sinha to clarify if he was attempting to cover up the role of higher-ups in the UTI fiasco. He also wanted to know what the finance minister was doing during the last three years to set things right in the UTI. Singh said that if the finance minister had any evidence against him on the Reliance controversy, he should give make it public. Sinha had reportedly alleged that Singh had a nexus with Reliance group companies. "I do not hold a brief for any corporate house," Singh pointed out amid cheers from the opposition benches. Singh added that the finance minister has brought disgrace to the UTI and he must decide whether he should continue in office. YOU MAY ALSO WANT TO READ:
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