Panel to look into UTI investments in 9 firms

The committee has been asked to submit its report in 14 days. Their findings will be discussed at the next UTI board meeting at the end of April.

The nine companies are among the 18 identified by the Tarapore Committee for investigations relating to UTI's investments in their scrips. They include Reliance Industries, Global Telesystems, HFCL, DSQ Software and Cyberspace.

Today's meeting also discussed the shortfall in the monthly income plans and the various options to bridge this gap. The options are dipping into the development reserve fund, asking the sponsors to chip in or applying to the central government for assistance. The board also discussed the issues raised at the meeting on April 8 in New Delhi, where the restructuring of UTI was discussed.

The recent performance of UTI's bond schemes, in the light of the overall market performance and administrative issues, was also discussed, said K Madhav Kumar, UTI spokesman.