It was 6 pm on Saturday, June 30. The corridors of the finance ministry were deserted. Peons in the ministry were packing up to go home for the weekend. It was on such an evening that the UTI bombshell landed in North Block.
The letter was simple. It was addressed to finance secretary Ajit Kumar and informed him of the disastrous performance of the UTI. It further let him know that UTI was planning to freeze sale and repurchase of its flagship, US-64.
Because of the weekend, the ministry could not have officially acknowledged receipt of the letter, or intervened in any way, even if it had wanted to. Technically it did not know of Subramanyam
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