(a) whether in pursuit of finding new sponsors for UTI,
the Government propose to compensate the losses under
various schemes incurred by the sponsors:
(b) if so, the details thereof ;
(c)other incentives being planned for the sponsors
under the proposed restructuring plan for the UTI;
(d) whether the newly formed Assets Reconstruction
Corporation is likely to ease the problems of UTI`s
liability: and
(e) if so, the details thereof ?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI ANANT G. GEETE)
(a), (b) & (c): A Group of Minister consisting of Minister
of Finance and Company Affairs, Minister of Disinvestment
and Deputy Chairman, Planning Commission has been set up
to look into the financial restructuring of IFCI, IDBI
and UTI. Appropriate action have been initiated in this
regard.
(d)&(e) UTI has intimated that it has decided to set up
the Asset Reconstruction Fund to acquire the Non-Performing
Assets of the open-ended schemes of UTI in order to attempt
the recovery of the amounts owed to various schemes of
the Trust, in a more focused manner. The amount recovered
would, after deduction of expenses incurred by the ARF
for realization, be transferred to the Schemes from which
the assets were originally transferred to the ARF.