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UTI sacks top officials for Cyberspace Infosys scam
UTI had come under a cloud for its investment in shares of Lucknow-based Cyberspace Infosys. Six years later, UTI has sacked three top officials for their alleged involvement in the scam, reports CNBC-TV18.
UTI had come under a cloud for its investment in shares of Lucknow-based Cyberspace Infosys. Six years later, UTI has sacked three top officials for their alleged involvement in the scam, reports CNBC-TV18.
Last month UTI held three of its top officials guilty of conniving with Ketan Parekh in subscribing to preferential shares of Cyberspace Infosys.
CNBC-TV18 learns that SK Basu, the then Executive Director and Prema Madhu Prasad, General Manager have been dismissed. SK Sah, who has since retired, will not be given any retirement benefits. (Also read:SBI MF comes under CBI scanner)
Sources say an internal inquiry conducted by the fund house found these employees allegedly ignored the recommendation of their Equity Research Cell and purchased 3.45 lakh shares of Cyberspace Infosys at a price of Rs 930 per share in July 2000. Within a year, the share price crashed to Rs 6.65 causing a loss of Rs 32.09 crore to the AMC and its investors.
Last month UTI held three of its top officials guilty of conniving with Ketan Parekh in subscribing to preferential shares of Cyberspace Infosys. 
