Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel
August 2, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Wedding | Women Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report August 2, 2001 |
Feedback
|
|
|
All wrong decisions can't be termed mala fide: UTI chiefBS Markets Bureau Unit Trust of India chairman M Damodaran, stood strongly behind his people, clearly making the distinction between deals that have turned bad due to adverse market conditions and mala fide deals. In a press conference in Bombay, he said: "Decisions which have turned out to be wrong because of what has happened in the markets, cannot to be taken as being mala fide." Damodaran said the management is yet to take a decision as to whether external funding was required to meet the shortfall between the purchase price and the net asset value. He, however, added that a number of banks had approached UTI to be part of the "funding package". "We are not approaching the banks ourselves," he said. Commenting on the lack of investors flocking to redeem their holdings in the flagship scheme, Unit Scheme 64, Damodaran said that most investors seem to have adopted a wait and watch approach. However, he was quick to add that the response on the first day of redemption ought not to be taken as a trend. Damodaran said the Trust was committed to brining the US-64 under the purview of the Securities and Exchange Board of India within three months. Powered by YOU MAY ALSO WANT TO READ:
|
||||
