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BUSINESS: UTI
INTERVIEW: P.S. SUBRAMANYAM
"We Too Are Victims"
After over 50 phone calls and several fax
messages, UTI Chairman P.S. Subramanyam spoke to Associate Editor
V. Shankar Aiyar. Excerpts:
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IN THE DOCK: Subramanyam
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Q. There is a perception that UTI was part
of the scam and has been hit.
A.
This is based on the premise that there is a K-10 index. For a minute
forget the K part. Look at the companies and their financials. These scrips
had volume, were liquid and reporting profits.
Q. The market feels UTI was part of the bull
orchestra.
A.
Is UTI the only MF which has invested in these companies? Clearly not.
Besides, these investments have been backed by research reports.
Q. It is believed that UTI investments in
the tech sector was influenced by your proximity to Ketan Parekh and Vinay
Maloo.
A. This is totally wrong, mischievous
and baseless.
Q. Investors believe that UTI was swept by
the tech euphoria.
A.
It is easy to say so in hindsight. But wasn't the media building up all
the hype? Does this mean that the media misguided people?
Q. But surely UTI is not basing investments
on media reports alone.
A. The market is the same for you and
the UTI. Look at the build up around the tech sector: the NASSCOM and
the McKinsey reports suggesting $80 billion potential, a separate ministry
being formed for it. The tech sector did not fail overnight.
Q. Why did you make a placement at Rs 934
a share for Cyberspace?
A. We are as much a victim as
other investors. We also went by reports of merchant bankers and their
projections.
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