Panel indicts ex-UTI chairman
New Delhi: The Tarapore committee, inquiring into the activities of the Unit Trust of India, has indicted UTIs former chairman P S Subramanyan for exceeding his authority by sanctioning 76 additional transactions worth Rs 1,920 crore between July 1998 and June 2001 with certain investments having gone into default within a short period of their sanction.

Subramanyan was sacked after the board decision to freeze its US-64 flagship scheme with an investment of Rs 60,000 crore.

In its report to government, the Tarapore committee said during the three year period ending June 2001 as many as 378 investments in debt instruments by way of private placement involving Rs 12,152.31 crore had taken place.

Of these, the executive committee of UTI sanctioned 103 such investments amounting to Rs 6,470.12 crore, with the chairman sanctioning the remaining proposals and in the process exceeding his authority.
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Ketan Parekh, Hiten Dalal sold Harshad's shares
Mumbai: Stock Brokers Ketan Parekh and Hiten Dalal figure in CBI's list of persons who allegedly disposed of some of the shares held by Harshad Mehta group, claimed to be stolen or missing by the Big Bull.

The CBI revealed this in its remand application filed before a special court which remanded Harshad Mehta and his brothers, Sudhir and Ashwin, to judicial custody till January 4 on the charge of illegally selling in the market shares, which had already been attached by the court receiver.

According to CBI, Sameer Jani and Manish Shah, who believed to have disposed of shares belonging to Harshad Mehta group, have been traced and questioned.
Their statements have also been recorded and steps taken to procure from police records showing their involvement in the crime.
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