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April 6, 2001
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Money > Business Headlines > Report April 6, 2001 |
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UTI, GTB chiefs trade chargesBS Banking Bureau The spat between Ramesh Gelli, chairman of Global Trust Bank, and UTI chairman P S Subramanyam is out in the open now. The UTI chief says while doing the valuation report, SBI Caps had written to Gelli asking him about Parekh's involvement in the bank. Gelli had reportedly told SBI Caps that Parekh's stake was around 4.5 per cent, which subsequently came down to 1.5 per cent. Gelli categorically denies having received any letter from SBI Caps asking him to explain stockbroker Ketan Parekh's holding in the bank. "We were never asked about Parekh's stake," he said. However, merchant banking sources say SBI Caps did not ask GTB chief about Parekh's stake. "While doing the valuation, SBI Caps dealt with the financials of the bank and had asked for the promoters' stake etc., but did not focus on individual holdings," said a source. SBI Caps managing director Birendra Kumar refused to comment on the issue. According to sources, the two chiefs fell apart on the KP factor and UTI was desperately looking for an escape route. Before UTI Bank could call it off, GTB walked out of the merger in a classic case of one-upmanship. The first sign of the rift came to the fore when UTI decided to appoint a second valuer. Gelli was in a mood to walk out at that point but he was persuaded to stay back. The valuation report kept the swap ratio unchanged but still Subramanyam was under tremendous pressure to call off the merger.
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