Search the Internet          Tips  Sites: Finance, Investment

UTI decision on Reliance audit report on April 11

The Unit Trust of India board will meet on April 11 to decide whether to refer the independent auditors' report on the controversial investments made by UTI in Reliance in 1995 to the Central Vigilance Commission.

The select independent auditors have already submitted their report on Reliance in which UTI is alleged to have made over Rs 10-billion investments on a private placement basis in 1995.

Announcing this, JPC Chairman Prakash Mani Tripathi said, "The board will have to decide whether the auditors' report of UTI investments in Reliance is a fit case for referring it to the pre-investigative body, that is, the CVC."

In response to a query on whether it meant prima facie doubts have been expressed on these investments that had warranted referring the issue to the UTI board for scrutiny, Tripathi said, "In a way you can say that."

Tripathi who was speaking to reporters after the meeting of the JPC inquiring into the stock scam, said if the pre-investigating board felt so it could push the issue to the second stage where it would be looked into by the Central Bureau of Investigation.

The JPC Chairman said it was with great difficulty that the UTI had selected about nine auditors to prepare reports on investments in various corporate bodies.

He, however, refused to mention the names of other companies and said it depended on the timely submission of these reports to be able to be discussed at the forthcoming UTI board meeting.

ALSO READ:
The UTI Crisis
The Rediff Budget Special
Money

Tell us what you think of this report