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HIGH LEVEL COMMITTEE TO LOOK INTO UTI'S ACTIVITIES
New Delhi ~ July 20, 2001
Government has appointed a three-member High Level Committee to look into UTI's activities and submit its report within three months of the constitution of the Committee.
The terms of Reference of the High Level Committee will be:
1. To ascertain whether investment/disinvestment decisions taken by UTI and in particular in the US-64 Scheme in the last 10 years or so were based on commercial or extraneous considerations.
2. To look into the level at which investment decisions were taken as also the appropriateness and transparency with which these were executed.
3. The reasons if these were other than commercial for the high level of dividends declared by UTI for the US-64 Scheme in the past and the decision to dip into reserves to fund the same.
4. UTI's involvement if any in the Calcutta Stock Exchange payout crisis in February-March 2001 and
5. Redemptions of US-64 units in April-May 2001 and if there was any breach of confidentiality.
The Chairman of the Committee is Shri S.S. Tarapore and the members are Shri M.G. Bhide and Shri R.K. Raghavan. Shri S.S. Tarapore joined RBI in 1961 and was seconded to the International Monetary Fund in the 1970s. He was Deputy Governor RBI from 1992-1996 and was Chairman
Advisory Board on Bank Frauds from February 1997 till June 30 2001. Shri M.G. Bhide was Managing Director State Bank of India
and subsequently Chairman and Managing Director Bank of India Shri Bhide is currently Chairman National Institute of Bank Management and is also a member of RBI committees. Shri R.K. Raghavan was Director of Vigilance and Anti corruption in Tamil Nadu and was Director Central Bureau of Investigation New Delhi.
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