Wasn’t Mr S A Dave the Chairman of UTI in the 1990’s when it subscribed to the controversial preferential allotment of Equity Shares of over Rs 700 crs made by Reliance Industries.
It was controversial for several reasons…striking reasons were that the shares were locked in and were subscribed to at higher than market price !…clearly the Investment decision was not based on Fundamental Analysis…clearly directions from Delhi !
I recall Mr Dave lamely defending the Investment in a media interview stating that Call rates were just 2 % to 3% and UTI had no other outlet at the time to deploy Large Funds !
Well isn’t it an Irony is that SEBI has just announced a 15 Member panel to be headed by Mr Dave which will advise it on issues related to the Mutual Fund Industry ?