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HC seeks CBI status report on UTI investment in RIL

The Delhi High Court on Thursday asked the CBI to file a status report on its probe into the UTI, LIC and GIC investments to the tune of Rs 9.45 billion in Reliance Industry Ltd dismissing its contention that the finance ministry had given its opinion for closure of the investigation in 1996.

"There was no direction for closure of the probe by the finance ministry in its letter to the CBI in reply to its May 24, 1996 letter," a division Bench comprising Chief Justice Arijit Passayat and Justice D K Jain said after perusing the CBI records, which were placed before the court.

Directing CBI to file a status report in a 'sealed cover' on October 29, the next date of hearing, Bench said since the finance ministry had not opined for closure of the probe, the agency should have come with facts on follow up action.

CBI counsel K N Bhat told the court that a preliminary enquiry was registered in the case by the agency after the ministry's letter but it was closed after nothing was found in investigation.

The court was hearing a public interest litigation by Janata Party president Subramanian Swamy, seeking probe by CBI and Enforcement Directorate against various alleged irregularities committed by RIL over the years.

The court had sought CBI documents after Swamy during the previous hearing on August 24 had pointed out that the agency in an earlier affidavit had said that the ministry's letter of December 24, 1996 had categorically said that registration of a case for further probe with regard to placement of Rs 9.45-billion funds by UTI, LIC and GIC in Reliance equities 'did not seem to be warranted'.

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