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July 30, 2001
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CBI plans to probe UTI investments in 21 firms

Sangita Shah

The Central Bureau of Investigation plans to probe Unit Trust of India's investments in shares and non-convertible debentures issued by 21 corporates. This includes unlisted, de-listed and even closed companies. Incidentally, the Joint Parliamentary Committee probing the stock market scam is also looking into these investment decisions.

The stocks under the CBI glare include that of Sun Infoway, Soundcraft Industries, JK Industries, Mobile Telecom, Shonkh Technologies, Padmini Polymers, Sriven Multitech, Adani Exports, ITIL, Hygrade Pellets, Malvika Steel, Elbee Services besides unlisted companies Numero Uno, Baron International, Meta Strips and Ambika Agarbatti, de-listed firm Palace High Hotel and Emtek (closed).

According to sources, UTI had bought 100,000 shares of Sun Infoway at Rs 450 each and 500,000 shares of JK Industries at Rs 375 each from the secondary market. Both the scrips are currently trading at very low prices. Vinay Rai's ITIL shares were bought at Rs 2,000 a share.

The JPC plans to quiz UTI on its purchase of Hygrade Pellets NCDs for Rs 2.90 billion, Malvika Steel NCDs for Rs 1.88 billion as well as optionally convertible preference shares of Meta Strips issued in July 1999, sources said.

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