Rediff Logo
Money
Line
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Wedding | Women
Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel
Line
Home > Money > Business Headlines > Report
July 30, 2001
Feedback  
  Money Matters

 -  Business Special
 -  Business Headlines
 -  Corporate Headlines
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff

    
      



 
 Search the Internet
         Tips
 Sites: Finance, Investment
E-Mail this report to a friend
Print this page

CBI plans to probe UTI investments in 21 firms

Sangita Shah

The Central Bureau of Investigation plans to probe Unit Trust of India's investments in shares and non-convertible debentures issued by 21 corporates. This includes unlisted, de-listed and even closed companies. Incidentally, the Joint Parliamentary Committee probing the stock market scam is also looking into these investment decisions.

The stocks under the CBI glare include that of Sun Infoway, Soundcraft Industries, JK Industries, Mobile Telecom, Shonkh Technologies, Padmini Polymers, Sriven Multitech, Adani Exports, ITIL, Hygrade Pellets, Malvika Steel, Elbee Services besides unlisted companies Numero Uno, Baron International, Meta Strips and Ambika Agarbatti, de-listed firm Palace High Hotel and Emtek (closed).

According to sources, UTI had bought 100,000 shares of Sun Infoway at Rs 450 each and 500,000 shares of JK Industries at Rs 375 each from the secondary market. Both the scrips are currently trading at very low prices. Vinay Rai's ITIL shares were bought at Rs 2,000 a share.

The JPC plans to quiz UTI on its purchase of Hygrade Pellets NCDs for Rs 2.90 billion, Malvika Steel NCDs for Rs 1.88 billion as well as optionally convertible preference shares of Meta Strips issued in July 1999, sources said.

Powered by

YOU MAY ALSO WANT TO READ:
The UTI Crisis
The Rediff-Business Standard Special
The Budget 2001-2002 Special
Money
Business News

Tell us what you think of this report