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August 21, 2001 		Feedback  
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Cong hails govt announcement about UTI probe

The Congress on Tuesday hailed the government's announcement about a probe into all the UTI deals during the past ten years and said such inquiry should cover other financial institutions, as well, which had made such negotiated placements.

"We welcome a full-fledged probe into all such negotiated placements," party spokesman S Jaipal Reddy told reporters when asked about Finance Minister Yashwant Sinha's announcement in the Lok Sabha Tuesday.

Sinha's statement was in response to concern voiced by former Prime Minister Chandra Shekhar over the "stranglehold" of a Bombay-based industrial house on various state organs including the executive.

He said that this was necessary as when UTI made such investments in Reliance, GIC and LIC also did it.

"Placements made through negotiations by other financial institutions will also have to be looked into", he added.

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