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Money > Business Headlines > Report April 20, 2002 | 0800 IST |
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UTI revises MIP shortfall to Rs 33.88 bnBS Economy Bureau UTI has said the shortfall in its assured returns schemes has mounted to Rs 33.88 billion at the end of January 2002. This is Rs 7.56 billion more than the shortfall of Rs 26.32 billion in the monthly income plans till the end of December 2001, which UTI had informed financial institutions, including IDBI, State Bank of India and the Life Insurance Corporation. UTI informed the joint parliamentary committee on last year's stock scam that the shortfall of Rs 33.88 crore was in 11 schemes that mature between April 2002 and May 2004. The shortfall compounds UTI's financial woes. The mutual fund anticipates considerable redemption pressure on the US-64 scheme in May 2003. UTI has, however, said the exact value of the shortfall in each scheme will be known only when they mature. According to Sebi regulations, investors have to redeem within 10 days of the maturity of a scheme. While MIP 97 has a shortfall of Rs 4.61 billion, the next scheme that will mature on June 30 has a projected shortfall of Rs 5.34 billion. The finance ministry has said the government is not planning to bail out UTI "as of now", while the FIs holding stakes in UTI have also said they cannot be termed sponsors of schemes and so cannot be held responsible for them. ALSO READ:
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