Custodian To Seek Crb Mutual Fund Valuation

AK Menon, the custodian of CRB Mutual Fund assets, will shortly seek permission from the high court to appoint a chartered accountant firm for valuation of the fund.

He said that only on the basis of the valuation would payment of unitholders be decided.

Menon yesterday met the top brass from stock exchanges along with Sebi officials to discuss the investigations into the CRB fiasco.

He said: "Fresh staff will be hired to take charge of the day-to-day functioning of the fund. The high court will decide on the appointment of the CA firm for valuation. Permission will also be sought to decide on payment to unitholders."

 

Menon also added that a list of unitholders will be prepared by next week.

"There is no clue on investors in the mutual fund. We will prepare a list of unitholders and then follow the directions given by the court," he said.

The Securities and Exchange Board of India has apprised AK Menon, the administrator of the CRB assets, to look into queries forwarded by stock exchanges on CRB Mutual Fund.

The inter-exchange co-ordination group, comprising representatives of seven stock exchanges, met Menon and a team of officials from the Reserve Bank of India and the Central Bureau of Investigation and apprised them of problems encountered by bourses in dealing with deliveries or payment that have to be made concerning the CRB group.

In case of CRB Mutual Fund, transactions entered into by the mutual fund which are pending delivery or for which delivery has not been received or given by the custodian on or after June 3, 1997, shall be treated as bad delivery.