UTI: bail plea rejected

MUMBAI, JULY 27. Rejecting the second bail plea of the former UTI chief, Mr. P.S. Subramanyam, and three others in the multi-crore UTI scam, a special court today directed the Central Bureau of Investigation (CBI) to come out with a white paper to ensure that all aspects and ramifications of the alleged fraudulent investment of Rs. 32 crores by the accused in the Lucknow-based Cyberspace Limited, were covered.

Extending the custody of Mr. Subramanyam, suspended UTI executive directors, Mr. M.M. Kapur, and Mr. S.K. Basu, besides stock broker, Mr. Rakesh Mehta, till August 3, the Special CBI Judge, Mr. S.R. Mehra, described the alleged cheating of the investors as a serious crime which had opened the Pandora's box.

- UNI

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