Financial Daily
from THE HINDU group of publications

Tuesday, July 17, 2001





Chennai Petroleum clarifies
This is with reference to ``CPCL to seek nod for raising board strength'' (Business Line, July 11). The statement that ``The three IOC representatives recently replaced the three nominees of the Union Government after the Government sold its holding in C PCL to IOC'' is incorrect. The three IOC representatives were nominated to the CPCL board by IOC, and not in replacement of the Government Directors. Government Directors, two in number, (not three as reported) continue to be on the CPCL board. Also the nominees of National Iranian Oil Company are ``two'' and not ``three'', as reported.

Mutual Funds
UTI investors
The UTI must consider the loss to individual investors who invested a large part of their savings and have stayed invested. If the UTI decides to convert the US-64 to an NAV-based, the units in the new scheme should be calculated on the basis of the numb er of new units (number of old units x the last repurchase price) divided by the declared NAV of the new scheme.

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