INDIA BUSINESS WORLD - FEBRUARY 2007
The Month that was ...
SUPREME COURT ADMITS UNIVERSITY'S APPEAL AGAINST MUTUAL FUND
THE Punjab University has moved the Supreme Court seeking recovery of Rs 22.53 crore from a PSU MF in lieu of its investments made in 1998. While hearing the special leave petition challenging the National Consumer Disputes, the SC bench admitted the university's appeal. The university stated that it had invested Rs 9.6 crore from the provident fund contributions of its employees under an open-ended scheme of the fund with the option of reinvestment of dividends in 1993. However, the scheme was unilaterally terminated by the mutual fund which allotted 1,90,00,000 units of Rs 10 each (totalling Rs 19 crore) to the university in lieu of the conversion of Rs 19 crore from the old scheme to the new one.
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