UTI investors taken for a ride

  THE editorial “UTI forfeits its trust” (Oct 7) represents the sentiments of many an investor who depended on the capacity of the Unit Trust of India to help him multiply his money rather than try his luck in the stock market. But the investors were taken for a ride by the trust.

A few years ago some shady deal had taken place between the UTI and the Reliance group when Reliance had sold its right offer to the UTI at a price much higher than the market rate, resulting in a considerable erosion of the net asset value of the UTI’s various schemes, and making a dent in the hard-earned income of investors. Barring one or two schemes, the UTI has not given fixed deposit interest to its investors.

It is time the working of the UTI was closely watched by the Finance Ministry and SEBI, as the trust has acquired enough wealth to shake the stock markets as also the Indian economy as and when wanted by it.

JAGVIR GOYAL
Bathinda

* * * *

Best paper on the web

The Tribune is the best paper on the web that is easily accessed here in Washington DC. As a Chandigarhian I am proud to be able to read my paper every morning. Keep up the good work, please.

TRILOCHAN BHAMRAH
Washington DC

CHB and builders

I was dismayed by the news-item “Builders want CHB chief shifted” in The Tribune of October 10.

First, to put the facts straight, the Chandigarh Housing Board cannot build any housing complex without being allotted land for it by the Chandigarh Administration. During the past two years only seven acres of land, for which the Governor announced an EWS/LIG housing scheme on August 15, 1997 had been allocated to the board. As such, to allege that the Chairperson has not taken up additional schemes is incorrect.

A major reason for the delay in putting the EWS/LIG scheme to tender was that although land was assigned on 30.7.97, the rate to be charged for it was communicated by Chandigarh Administration 13 months later, on 30.9.98. As a consequence, the cost of the dwellings could not be finalised. Within 10 days of receiving the land price communication, not only has the scheme been got approved by the board but also tenders are being called.

However, the period of delay has not been wasted. Much effort has been put into exploring a variety of design options for EWS and LIG houses so as to reduce dwelling unit costs without compromising on the quality of life for poorer sections of society.

More importantly, and this may be the real reason why the builders association is unhappy with Ms Ghosh, she has left no stone unturned to streamline the internal functioning of the board to increase its transparency and accountability. Ordinary residents will be shocked to learn that till Ms Ghosh put her foot down, the engineering wing of the board had been withdrawing money for all earlier schemes without submitting rough cost estimates as per CPWD requirements. No previous chairperson demanded rough cost estimates, because of which the final cost of construction could not be monitored properly.

For the first time, a utilisation certificate is being demanded from the engineering wing which may have affected an unhindered flow of funds to the builders. Since1982 no administrative approval for any scheme had been obtained despite its being a statutory requirement. Public grievances received scant attention with little accountability of the board.

Another scandalous practice in the CHB was that although it was building houses for different income groups, there was no procedure requiring that only the lower income groups were eligible for the cheaper units. As a consequence, any Tom, Dick and Harry could obtain the cheaper units for speculative purposes. This has also been brought to an end now.

Rather than demand Ms Ghosh’s removal, the builders association should applaud her efforts to make the CHB an effective, transparent and accountable public agency. After all, the CHB has not been created only for keeping the builders happy.

MADHU SARIN,
Member, CHB
Chandigarh

* * * *

Crippling price rise

I must thank you for the timely editorial “Dear onions” (Oct 9), highlighting the unspeakable agony of the disadvantaged sections of the people reeling under the sky-rocketing prices of vegetables. Indeed, how nice on your part to spare a thought for the harried poor, and take up the cudgels on their behalf!

Agreed, a part of the blame for the gloomy development may be laid at the door of Nature which, acting malignantly, helped damage the vital crop. However, the powers that be cannot escape responsibility for the obtaining mess as they seem to have acted in the matter painfully lackadaisically.

It is indeed shameful that the aggrieved people have to knock at the door of the higher judiciary to seek relief even in those matters which fall entirely within the domain of the executive authority.

The worst part of the story is that the political parties — irrespective of their hue — have developed a reputation for ignoring the interests of the common man. How sad!

TARA CHAND
Ambota (Una)

* * * *

True social life

The middle “In defence of bachelors” (Oct 8) prompt me to ask: “why does no one write in defence of bachelor-girls?”

Recipe for happiness in social life: “liberty”, said Burke, “must be limited in order to be possessed”. Social life, too, must be limited in order to be enjoyed. No man can be happy who is perpetually dependent on others for his happiness. A man who has not got sources of happiness within himself, and cannot feel happy in solitude even for long stretches of time, will neither be happy nor make others happy.

True social life can be had only with those whose character we respect, whose tastes and in some measure temperament we share or sympathise with, and whose personality is attractive to us. Social life is just communication between like minds.

Who taught Indians to exploit friendship for advancing one’s interest, which is the worst feature of social life among us? And who made this motive’s cropping up in every social relationship? This is the cause of aversion, distressfulness, dithery. To achieve happiness with others is to be more ready to give than to receive. To be unselfish is essential for it.

AVTAR NARAIN CHOPRA
Kurukshetra

* * * *

Indifferent civic body

As usual, while going for a stroll in the morning, I am very much disappointed to find cowdung spreading on the roads. The uncovered dustbins at some places are full of garbage and plastic bags scattered near them.

Early in the morning one gets free fresh air mixed with fowl smell. City roads are broken. Shallow and deep pockets are seen in the middle of the roads in sectors 46-A and 46-D. This may be one reason for a high rate of accidents in the city. There is no footpath for pedestrians.

The public has much expectations from the municipal corporation. People believe that things would be better in the near future. But the continuous infighting among the councillors make the public feel that at least the City Beautiful does not require a municipal corporation. Things were much better without it.

The municipal corporation has a lot of work to do. Having beautiful mini parks in every sector, development of playgrounds, removal of congress grass, carpeting of roads, construction of community centres and removal of ugly spots require urgent attention.

The present Mayor has only three months to go. Such a huge workload can be finished only if all the councillors extend their support to him and thus honour the promises made by the municipal corporation.

JASWANT SINGH
Chandigarh

* * * *