finance and investment committee
TRANSCRIPT
EMPLOYEES' PROVIDENT FUND ORGANISATION
NEW DELHI
68th Meeting of the
FINANCE AND INVESTMENT COMMITTEE[CENTRAL BOARD OF TRUSTEES, EMPLOYEES' PROVIDENT FUND]
on
16th AUGUST, 2002 at 11.00 A.M.
VENUE:Conference RoomC.S.I.R. BuildingRaft MargNew Delhi - 110 001
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CONTENTS ~'" ~~\. ~~~ .
Item No. . Description Page No.
1. Confirmation of the Minutes of the 67th Meeting of the Finance 1and Investment Committee held at New Delhi.
2. Statement showing the action taken on the recommendations of ~'-52-the committee
3. . Review of Investments 53-8:t4. Status Report on 16% HMT Bonds, Face Value of Rs. 25crore- S3-S~
. Non payment of outstanding interest and prindpal
5. Audit Report (1.10.2000 to 31.032001 }of investment portfoHo of10-CjbCST, EPFby SRB & Associates.
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r b Any other item with the permission of the Chair
Item No.1: Confinnation of the minutes of the 6th meeting of the Finance &
Investment Committee held at New Delhi.
The draft minutes of the 67th meeting of Finance& InvestmentCommitteeheld at New Delhi
on 10.4.2002 were circulated to all members of the Committee vide letter No.
Invst.l/1{67th)02IMeeting/1015-250dated 02-05-2002. (Copy of the minutes of 6ih meeting is
enclosed}
No commentshave been receivedso far.
'Thecommitteem~ therefore, confirmthe minutesof the 67th meeting.
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DRAFJMINUTES OF THE 67th MEETINGOF THE FINANCE AND INVESTMENTCOMMITTEe. CENTRAL BOARD Of IRUSJEES,.fMPLQYEES· PROYIQENT FUND
HELD ON 10.04.2002 AT NEW DELHI
The 67th meeting of the Ftnance and Investment Comm~tteet Central Board
of Trustees, Employees' Proviaent Fund was held on 10th April 2002 in New Delhi
at 11. 30 a.m. The meeting was chaired by the Joint Secretary and Financial
Adviser (Labour).
The following were present:
Shri W.R. Varada Rajan, MemberShrl Alampalll Venkatram, MemberShri, J.P. Choudhury, MemberShri Suresh M. Deora, MemberShri Gaurav Dave, Convenor
Shri Lal Rawna Sailo, coutd not attend the meeting and sought leave ofabsence.
Shri Ajai Singh, Centrai : Provident Fund Commissioner, Shri A.
Viswanathan, Addl. CPFC (Pension) and Shri Hemant Contractor, Deputy Genera~
Manager, State Bank of India, Centra! Office, Mumbaj were also present in the
meeting as special invitees.
At the outset, the Chairperson welcomed the members and special invitees.
Thereafter, agenda items were taken up for discussion.
Item No.1: Confirmation of the minutes of 66th meeting of the Financeand Investment Committee "eld on 18-01.2002.
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The Committee approved the minutes as clrculated.
Item No.2: Statement showing the action I takenrecommendations of the Committee
on .m«
Item No. 2 (1):Liberalization of Investment Guidelines:
"The Committee noted the contents.
Item No. 2(2): Outstanding Interest and Maturity proceeds
The Committee noted the contents and directed the Portfolio
Manager to expedite the recovery of outstanding interest.
Item No. 2(3): Idle Funds
The Committee noted the contents.
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Item No. 2(4): Computation of notional loss
The Committee noted the contents.
Item No. 2(5}: Extracts of Audit Reports to be furnished by State Bank ofIndia
The Committee noted the contents,
Item NO.2(6) : Installation of Voice Recording System
The Committee' noted the contents.
Item NO.2(7) : Actuary's proposals regarding primary/secondary marketInvestments
The Committee noted the contents.
Item No.2(8} : Exit option to Portfofio Manager
The Committee noted the contents and desired that regular follow
up may be done in the matter till a suitable reply is' received from
Government or India. -
Item No.2(9) : Implications of reverse merger of ICICI Ltd. With'lCICIBank.
The Committee deckted to deliberate about merger petition only, and
not on the issues raised by members. While according approval for
filing intervention application against the reverse merger of ICICI
ltd. and lOCI Bank ~n response to the circulated item. The
Committee noted the contents and expressed satisfaction at the
undertaking given in the Court by the Counsel for ICICI Ltd. and
lCICI Bank that the liabitities of ICICr ltd. will be fully honoured by
the IeICI Bank.
Item No.2(10) : Study Report regarding dlsproportfonate tncrease of cashoutflows on account of claim settlements.
The Committee desired that the report may be forwarded to the
concerned wing for examination.
l' Item No.3: Review of InvestmentThe Committee noted the contents.
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The committee noted the contents and reiterated its recommendation
that the S8l may me an injunction application seeking interim stay on
Mis. HMT umtted from disposIng of their assets till all the
outstanding CBT,EPF dues are repaid by them. Alternatively a
Miscetlaneous Petition can be filed in Karnataka High Court requesting
that the Hon'ble High Court may issue suitable directions to the local
court for taking up the hearing of the case. The SBI informed that
advise of their counsel is contrary to the recommendations of the
Committee. The Committee then directed the SBI to direct their
counsel to Implement the recommendation of the Committee failing
which the S81 was advised to engage a new counsel as the matter
has been pending since long.
Item No.5: Declaration of rate of interest to EPFsubscribers for the year
2002-2003.
The Committee decided that the recommendations of the Finance &Investment Committee as contained- in the record of discussions of
its 56th meeting need no further elaboration and that the matter
may be' deHberated upon and decided in the ensuing meeting of
CBT, EPF.
Item No.6: Portfolio Management of EPF money - charges payable to
State Bank of India for the year 2002-2003
The Committee approved the continuance of the SBI as portfolio
managers for the year 2002'-2003 with the caveat that either the
transaction fee may be reduced to Rs 0.03 per Rs, 100 on face
value of investments or reduce the cap on an individual transaction
to Rs. 10,000/-. The 5B! may reconsider the portfolio management
charges and come back with their views on options listed above ..
Item No.7: Investments of CBT, EPF in IFCI.
A team of officials from the IFCl made a presentation before theI
Finance & Investment Committee regarding their request for roll
over of interest and maturity proceeds. During the discussions it
emerged that CBT, EPFhas total exposure of Rs. 1046.43 crores in
IFCI as on 31-03-2002. Interest payment aggregating Rs. 45
crores is outstanding since 30th November 2001 and maturity
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proceeds amounting Rs, 50.12 crores is outstanding since 15th
February 2002.
IFCI has sought roll over of interest and maturity proceeds
amounting to Rs. 338.91 crores which becomes due until 31-03-
2003 in its written communication due to short term asset-liability
mismatch and associated, cash flow problems in its written
communtcation to EPFO. However, in its presentation the IFCI
sought rot/over of all receivabtes accruing to CST, EPFupto 31-03-
2004. The total maturity proceeds due to CSr, EPFfrom IFCI upto
31-03-2004 is Rs. 394.85 crores.
IFCI made a presentation before the Finance and Investment
Committee on the above issue. The Committee was informed that
IFCI was meeting its payment obligations; so far as its foreign
currency borrowings are concerned. During the course of
detiberations it emerged that payment obligations to institutional
investors including CBT, EPF are proposed to be deferred in the
proposed rollover. It was indicat~d by them during the presentation
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c) of social security liabitities are lower in their priority.
Thereafter the [FC! team, withdrew. The Committee
discussed the issue ' and recommended as under
Low priority accorded to outstanding amounts of CBT, EP/=by IFCI
is not acceptable especially in view of the fact that the money
involved belongs to subscriber members of CBT, EPF. Apart from
1046.43 crores of CBT, EPF, IFC! is holding about Rs. 4499 crores
of other PF trusts (exempt) which are also low priority for payment
obligations.
Rolling over of investment is not possible as the new
instrument being offered by the IFCI for rollover does not qualify
for investment as per the extant guidelines for investment. Current
investment rating of [FC! is BBB+, which is below the Investment
grade prescribed by CBT, EPF. During discussions the [FCI officials
admitted that the rating is likely to be further lowered.
Ministry of Finance should be requested to provide for such
contingencies, as the possibility of default in other issuers where
CBT, EPF has exposure cannot be ruled out. In such cases a
mechanism must be put in place to safeguard the financial interests
of Centra! Board of Trustees, Employees' Provident Fund.
We may resolve to inittete legal action eqeinst [FC[ but
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before actually initiating legal action the matter may be referred to
Ministry of Finance for satisfactory resolution as Ministry of Finance
is involved in the restructuring package of [FCr. Apart from this the
CBr investments have been made according to the investment
pattern prescribed by the Government of India.
A holistic view requires to be taken to safeguard tinenciel
future of subscriber members of CBT, EPF keeping in view more
and more such instances likely to come up in future. It is
recommended that a high level meeting m~t:be held between both~ ...••Secretary, Department of Economic Affairs and Secretary, Labour
along witri members of the Finance and Investment Committee to
discuss new investment options for social security funds vis-a-vis-----macro economic situation in the country.
Item No 8: Procedure for transfer of Government Promissory Notes
Tile Committee approved the proposal as contained in the
memorandum.
Item No 9: Proposal for roll over of investment in PSIDC
The Committee concurred with the view of the portfolio managers
as contained in the memorandum and decided against the roll over
request. The Committee directed the SBI to take all possible steps
for recovery of the maturity proceeds atong with penal interest.
Item No 10: Audit Report (1.10.2000 to 31.03.2001) of investment
portfolio of CBT, EPF by SRB & Associates.
The item was deferred to the next meeting.
The meeting ended with a vote 'Ofthanks to the Chair.I
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No.G-27031/3/99-SS.11 .Government of India/Bharat SarkarMinistry of LabourlShram Manfralaya
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New Delhi, Dated 6.8.2002-""~.
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Subject: Agenda for meeting in connection with important issuesaffecting the management of investments of CentralBoard of Trustees.
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\ ~ J am directed to refer to your letter no. Invest. 1/1(Action
c tYb Take~l,J &1/02/ptl1143 dated 25.7.2002 on the subject mentioned
C /l ~ above}o say that the position of the files/matters mentioned at 51. No.
c /' ~ d\~""")/1,2,3 of ths aforesaid letter is as foHows: .
\ \~ 1. The recommendations of CST (EPF) for changing the
investment pattern has been taken up with Deptt. of'-. -(
V--W~)Economic Affairs.
2. Regarding default by IFCl, matter has been taken up with
the DepU. of Economic Affairs. Now, the issue is being taken
3.
up at the levet of Secretary Deptt. of Economc Affairs.
As regards, sale of securities are concerned this is beingI F D o+« r) c.-"- '1
examined in consultation wittihe Ministry of Labour.
Yours Faithfully
~.~(K.C. JAIN)
Director
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Item no. 2: Statement showing the action taken on the recommendations of the
Committee.
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1.
Portfolio Management of EPF money - chargespayable to State Bank of India for the year 2002-2003.
Action TakenRecommendations
Uberalisation of Investment Guidelines.
2. Outstanding interest and maturity proceeds.
The matter was been referred to Govemment of India videletter no. InvesU/Central Board of Trustees, Employees'Provident Fund/1742 dated 23-10-2001. The most recentcorrespondence to Govemment of India is dated 25th July .2002. :
Details of outstanding interest and maturity proceeds are !placed in Annexure' A'. i
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The requisite details of idle funds for the months of April -July 2002 are given in Annexure '8'.
3. Idle FundsIn accordance with the minutes of the meetingwith the representatives of the Central Boatd ofTrustees, EPF and SBI in Mumbai on 30.5.2001a signed fortnightly report in respect of IdleFunds will be furnished in the agreed format bythe SSI and the same would be placed beforethe Finance & Investment Committee ..
State Sank of India has)tIt'ilished the requisite report for theperiod January to Apri( 2002. A reference has been made tothe State Bank o/fndia vide letter dated 6111 August 2002 onthe obsefvations contained in the said report. <Copyenclosed as Annexure C lcollectively)}. ~ ,
Response of SBI is awaited; 1~~~~ ~ ~~\'f\. ,,~ \.t \\"'C.Ja... C\\,: \ ~'. %- <:::."').. , ~~ v....--~ \c...~ ~......,.. :r"'\-\...(.'(~ ~ ~~~~~ J. >t- .\ ~. ~. b "\.- (c.~ 'b""~ t"_' \l.-~0~~~l-<-A ~ ~-\. 'ca\,,'~'l- . .
CBT, EPF in itS meeting heId'on 24")9.2001 Matter was referred to Govemment of India for seekingmod'died the investment guidelines and the darification on the subject vide letter No. mvest.IIActionportfolio manager wa& granted switching opIon TakenlF&i2OOJPt.112218dated 13.12.2001. The most recentto exit from an existing irM!stlllenl, ·befDne correspondence to Government of India is dated 25111 Julymaturity, with the caveat thatswikHng cp1ion 2002.. "may be exerdsed only when there is capital gaininvolved in the transaction.
6 Reverse merger of IClClltd. with telCI Bank.
4 . SBI was to furnish the extracts of all AuditReports without editing along with theircomments as proYided in the portfolioManagement Agreement and agreed in themeeting held in Mumbai on 30.5.2001. TheCommittee desired that the Stale Bank d Indiamay confinn that the extracts furnished by thanwere the complete l.I1edited portions pertailqto Portfolio Management on behalf d CeI*alBoafdofTrustees, EPF.
5 .ExIt option to Portfolio Manager
Views of Government of India are to beascertained as to whether Central· Board ofTrustees, Employees' Provident Fund has thejurisdiction to decide about granting the exitOotion. .
CST, EPF may approach the Govt, of India forascertaining the safety of CST, EPF investmentsand to make prOYisions in the investment patternand guidelines regarding exit option from existinginvestments enabling CST, EPF to deat with allsuch contingencies which may arise in future.
Judgement of Hon'bte Mumbai High Court is enclosed asAnnexure D.
The matter was referred to Government of India vide leUerdated 23-10-2001. The most recent correspondence toGovernment of India is dated 25111 July 2002.
7 The SBI has ag,eed to reduce transaction fee to Rs 0.03 perRs. 100 on face value of investments subject to a cap of Rs.20,000 on each individual transaction. SBI will also recoverNOS and DP charges on actual basis. Copy of the SBI letterdated 9-:5-2002 is placed as Annexure E.
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8 Investments of CST, EPF in /Fel. The matter was ~ed to Government of India on 17-04-2002. The most recent correspondence to Government ofIndia is dated 25'11July 2002.
9 Investment of Central Board of Trustees, The matter has been taken up with S81 and PSIO;'::Employees' Provident Fund ;n bonds issued by rerovery ofouastanding dues. The most r tPSJDC. correspondence to PSIDC is dated s" August 2002.-:~~-;.
10 Declaration of rate of interest to EPF subscriber Recommendation of CST,EPF to declare the rate of interestfor the year 2002-03. @9.5% for the year 2002-03 for crediting interest in the
accounts of -EPFmembers was forwarded to the Govt. videletter dated 16.42002. Decision of the Government is
i awaited.i
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STATE .BANK OF INDIAOUTSTANDING INTEREST & MATURITY OF NON'-SGL SECURITY AS ON 3110712002 ~'f\'tW,XH./~,e. ' At
SR VAULT PARTICULARS OF !:PFAIC FACE VALU! OF AMOUJ'IT QF INT. QUE DATE REMARKjNO. NO. SECURITIES SECUR.ITJF£! QUEIACCRt,iED J
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1 5/85 12.50'16 IFCI2004 AlCNO.8 !!I;ooolooo.O() $2!!1,(lI)O.oo 30(11101 LEGAL NOTICE SERVED
2 SAl10 12.5O~ IFCI2004 MAINNC 100,000,000.00 12,!IOO,ooo.00 30111101 LEGAL NOTICE SERVED
3 5Ai91 12.50% IFCI2004 AlCNO.25 40,000,000.0() 15,000,000.00 30111101 LEGAL NOTICE SERVED
<4 7/82 12.~IFCI2004 AIC NO.11 !!IOO,OOO,OOO.OO 8UIXl,OCO.00 30111101 LEGAL NOTICE SERVED
5 5Ai11 12.715%IFCI2004 MAIN NO "100,000,000,.00 12,750,000.00 30111101 LEGAL NOTICE SERVED
6 7/83 12.715%IFCI2004 NONO.11 5OO,ooo,ooo.OQ 63,7150,0l:I0.00 30/11101 LEGAL NOTICE SERVED..
7 7A143 14.20% IFCI 200!5 NONO.11 2150,000,000.00 35,!IOO,OOO.00 30/'11101 LEGAL NOTICE SERVED
8 8/22 14.20% IFCI 200!5 MAINAIC !SO,OOO,ooo.oo 7,100,000.00 30/11101 LEGAL NOTICE SERVED
9 8/88 14.20% IFCI2005 AlCNO.25 25,000,000.00 3,550,000,00 30111/01 LEGAL NOTICE SERVEDI
10 7M1 14.25% IFCI 2005 AlCNO.11 100,000,000.00 14,250,000.00 31/12101 LEGAL NOTICE SERVEDI
11 8/28 14,25% IFCI200e MAINAIC 100,QOO,oao.OO 14,250,000.00 31/12101 LEGAL NOTICE SERVED ,
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12 7186 13.50% IFCI2005 AlCNO.11 500,000,000.00 87,500,000.00 2510112002 LEGAL NOTICE SERVED
13 5812 14.25% IFCI 2008 MAINAIC ~00,000,000.00 14,250,000.00 31/01/2002 LEGAL NOTICE SERVED
14 7A157 14.25% IFCI 2008 AlCNO.t1 100.000,000.00 14,250,000,00 3110112002 LEGAL NOTICE SERVEDI
15 7A/60 14.25% IFCI2008 AlCNO.11 .. . ~9-D,QQQhCIQQ·~ __.,_.2_8.•~,QC:lO.00 3110112002 LEGAL NOTICE SERVED i
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SR VAUl.T PARTICUI.ARS OF IPFAIC FACE VALVE OF AMOUItfr OF JNT, !QUE DATE REMARKNO. NO. SECURITIES neVAITIES DVelACMUID16 7M4 14°,",IFCI 2004 AlCNO.11 *,000,000.00 2',OOO,OOO,CO 01MW}. UClAl. NOTICE SERVED
17 2/2S 11.50% IFCI 2010 MAINAI(J 1»,383,000.00 7,1U,e72.~ 2~~' ~eJ.1'NJDiR (FAX) ~ENT 1612,2614,818,17/6,2811.117, aYT, 3IO$f2002
18 6/53 11.50% IFCI2010 MAINAIC 450,OCXl.OO 25,870.00 Z4I03I2002 REMINDER (FAX) SENT 1612,2614,816,1116,2Q16, 117, 2Qf1, 3IOfI2OO2
19 2131 13.50% IFCI2003 MAINAIC 175,440,000.00 11,842,200.00 24l03l2002 REMINDER (FAX) SENT 1612,2614,816,17/6,IfM.117, 2017, 310812002 I
20 817 14.50% IFCI2005 MAINAJC 200,OCXl,ooo.00 28,OCICI,dOO.OO21f103f2OO2 RIMINDER (FAX) SENT 1612,2614,816,1718, I
M.1fT, 2017, 3lO8l2OO2,
21 819 14.75% IFCI2Q03 MAINNC 100,000,000.00 14,7~.000.00 2510312002 ReMINDER (FAX) SENT 1612,2614,818,1718,2M, 117, 20/1, 3I08f20D2
22 8/64 14.75% IFCI2oo3 AleNO.11 200,000,000.00 28,000,000.00 ~CI02 RIMINOER (FAX) SENT 1612,2614,818,1718,M. 1fT, aon. 3ICW2002
23 5A119 1S% IFCI 2003 MAINAIC 5O,()(Xl,OOO.00 7,GOO,OOO.00 2et0312002 RIMINOER (FAX) SENT 1612,2614,818,1718,2M. 117, ~, 310812002
24 8/65 14.90% IFCI2oo3 AlCNO.11 250,000,000.00 37,25O,0CXl.QO 2510312002 RIMINOER (FAX) SENT 1612,2614,816,17/6,•• , 117,~, 310812002
25 58119 14.10°,(, IFCI 2006 MAINNC 150,000,000.00 21,150,000.00 31l03l2002 R!MINOIR'(FAX) SENT 1812,2614,816,1718,~., 117, 2011, 31Q812002
28 58120 14.10% IFCI 2006 MAINAlC 110,000,000.00 115,510,000.00 3110312002 R!MINOIR ('AX) SENT 1612,2614,816,1718,Z", 117, "JI)/f, 310812002
27 158121 14.10% IFCI 2006 MAINAIC 50,000,000.00 7.~,OOO.00 3110312Q()2 RlMINOIR (FAX) SENT 1612,2614,816,17/6,2.SI6, 117, aan'. 310812002
28 58124 14.10% IFCI 2006 MAIN AlC 27,500,000.00 3,877,501).00 311031aC02 RI •••.,NDER (Ft«) SENT 1812,2614,816,17/6,2M, 117, 20/7, atO&'2oo2
29 7A182 14.10% IFCI 2006 AlCNO.11 2eO,QQG,OOO.00 3I5,BO,OOO.OO S'ftm0Q2 RIMINcaR (F~ SENT 1&'%;2614,815,1716,2M, 117, 2qI7, 310812002
30 7A184 14.10% IFCI2006 AlCNO.11 1oo,@,00Q.OO 14,100,000.00 31l03l2002 .RIMINO!R(FAX) SENT 1612,2614,816,1718,2M, 111,20/7, 3I(l8I2002
31 7A185 14.10% IFCI200E1 AleNO.11 27,!lOO,oOo.00 3,877,!5flO.OO 31l03l2002 REMINPER (FAX) SENT 1612,2614,815,1716,2e/8, 117, 2017, 310812002
32 8A18 14.10% IFCI2006 AlCNO.2ll 8,!lOO,OOO.OO 1,198,500.00 3110312002 REMINDER (FAX) SENT 1812,26/4,816,17/6,2QI8. 117, 20/7, 310812002
33 8A19 14.10% IFCI2000 AlC NO.25 2,500,000;00 352,500.00 3110312002 REMINDER (FAX) SENT 1612.26/4,816,17/6,
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SR VAULT PARTICULARS OF EPFNC FACE VALUE OF AMOUNT OF INT. OUI£DATE REMARKNO. NO. SECURITIES SECURITIES OUil~I.I'D ". ""
34 8197 14.10% IFCI2006 AJC NO.8 8,000,000.00 ~ •• CO- " ~,~tt (FAA)ltHt f8fl,2e/4,MI,1716,29/6,;.0'
111,2Ctl1,.... "35 7A1181 14.10% IFCI2008 NCNO.11 2150,000,000.00 35;215O,aoo.oo 31103f2OC)2 ~!MIHOI" (FAX}"NT 181'2,2814,818,17/6,29/6,
\ 111,2011, t1OlII2tm36 API33 13.40% IFCI 2003 MAINAIC 200,000.00 28,800.00 2!W312002 Ftlh1INOEFt (FAX) SENT 1812,2814,816,1116,29/8,
il1,2Ot1,~37 5t.28 16% IFCI 2002 XII 97 " MAINAIC !5OO,ooO,ooo.OO 8O,CIOO,OOO.CX> 1&'212002 RIMINOEi!t (FAX) SENT 1812,2814,816,1716,29/8,
, 111,2011,3lO8l2OO238 AP121 1~ IFCr 2002 XII 97 MAINAIC 1,200,000.00 182,000.00 1&'212002 RI!MrNDl!f:It (FAX) SENT 1812,2814,816,1716,2918,
117,2017,~39 5A18 13" rFCI 2004 MAINAIC 200,ooo,ooo.(X) 13,QOo,ooo.00 1&'412002 RI!MtNPI!~ (FAX) SENT 1812,281.,818,1716,29/8,
111,2OI?,~40 7174 13% IFCI 2004 AlCNO.11 eoo,CXlQ,ooo.OO 32,.,000.00 1!14f2C02 ~!MINOER (FAX) SENT 1812,2814,8/8,1718,2918,
t 1n,20f7,~41 5AJ88 13% IFCI2004 AIC N02e 30,000,000.00 1,*,aoo.oo 181.w0Q2 REMINO!R (FAX) SM 1812,2814,816,1716,29/8,
"1fT,2Of1, ~42 6138 11" IFCr 2002 MAINNC Xl,ooo.OO 1,e!IO,OO 2~ REM/HOIR (FAX) SENT 1812,2814,818,1718,29/8,
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43 8140 11% IFel 2002 MAINAIC 30,000.00 1,S!O.OO 2~ REMINDER (FAX) SENT 1812,2814,818,1718,2918,III, 11.I0Il1,ill ••• il.WC
44 6/48 11% IFCI 2002 MAINAIC 800,000.00 aa,ooo.oo 2t~ R!MIND!Ft (tt~a!NT 1812,2614,818,1718,2918,ur, ~UIII MJOI .i.
45 8/37 11% IFCI2oo2 MAINAIC 13,000.00 11',00 t?~ r:t!MINO!~(jt.AX) IIN't 1812,2&'4,818,1118,29/8,117,2011, am&i2002
46 6197 11.50% IFCI 2009 MAINWC soo,ooo;oo '28Im,dO 3OIbei2OD2 ftIMlNO!" (FA1<) SINT 1812,2814i8l8,17I6,29/8,117, 20ft, ~OO2
47 6C12 18% IFCI2003 MAIN~C 300,000.00 24,OCIO.OO 31tO!12C'102 RI!MINO!~ (FAX) UHf 1812,2814,8ie,1716,29/6,117,20fT, 3t'Cl!f.2OO2
48 4Ai3 13.25% IFCI 2009 AIC NO. 8 3,!SOO,ooo.00 ..e',1eO.00 01J0M0d2 FAX SENT ON 1~, 23/8, 117, 1517, 3I8Ib2
49 8Al22, 13.25" IFCI2009 AlCNO.2e 14,5t*),OOO.00 1,921,250.00 01~ FAX seNt ON 1418,2318. 111, 1et7, 318102
23,24150 18113- 13.25% IFCI2009 NCNO.11 _,OCO,OOO.oa 1t,smernCG 01tU1!12D02 FAX SENt ON 1418, 2318, 117, 1!1T, 318102
16
51 58142· 13.25% IFCI2009 MAINAIC 490,000,000.00 84,925,000.00 071tJ812002 FAX SENT ON 14/8, 231e, 117, 1517, 3IBI02
45 ,-,,_ .. -.-.~ -- ~.- ..•---~-~--
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4
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. C· "( • I I . '. ~L L L L ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ - ~
SR VAULT PARTICULARS OF t!'PitAlO ~1'f\fiJVN!U! Q' ~~:u.:'QQe.;Jl4TJ· REMARK,--~~.----.~--~-~~
NO. NO. SECURITIES SiCIJRITI~~
52 58/41 12.75% IFCI 2004 MAINAlO 70,OOCI,OQO,go ~M(5,QQQ·OQ "7~ F~ leNT ON 1416,2316,1/7,1517,318102
53 78/12 12.75% IFCI2004 AlCNO.11 70,OQQ.QQQ.CQ W5,pOO.CIQ ro1~ fAX seNT ON 1416,23/6,1/7,15/7,318/02
54 68/58 11% IFCI 2008 51 SLR MAINA/C 70,QQQ,QQ. .4,~~,QO 1~2 FAX SENT ON 14I6,2316,117,1~,318/02
I55 3/64 11% IFCI 200851 SLR MAIN AlC 10,000·09 S,7oo.oo 1~ao; FAX 8eNT ON 141f3i23!e,117,1517,318/02 I
'. i
56 6/50 11% IFC1200851 SLR MAiNAIC 1,350,QQOJ)Q . .,,7,II2S.00 1~ FIIJ< lENT ON 1418,2318,117,1517,318102 II
57 3166 11.50% IFCI 2008 50 SLR MAINAJC 7C$,OCO·oq, .,312.eQ 1~ FAX lENT ON 14I6,2318,117,1M,3I8I02 I
I
58 6/51 11.50% IFCI 2009 (55 SLR) MAINA/C GaO,900·QQ :18,750.00 ~~ FAX eENT ON 1416,2318,117,1517,318102 ,
i
59 3/86 11.50% IFCI2oo9 (55 SLR) MAINAIC 3OO,lXlO.OO 17,215O.QO ~0Q2 FAX 'ENT ON 117,1517,20/7,3/QBJ02
60 BC/66 11.50°" IFCI 2009 (55 SLR) MAIN Ale. 1QO,O(p..00 Ci,T~.oq ~0Q2 FAX SENT QN 1/7,1517,2017,3J08I02
61 8152 11.50% IFCI 2009 (55 SLR) MAI~AlC 525,000·00 3O,t.,..,o ~ F~ seNTON1/7.1517,2017,3/08102
62 8/14 14% IFCI 2005 MAtNAIC 250,OOO,OQO.OO .,C\OO,QOQ,OQ 3CV06I2OQ2 FAX e!NT ON 117,1517,2017,3/08102
63 8172 14% IFCI 2005 AlCNO.11 3O,OClO,OOO.00. u,OOO,OOO.QQ~002 FAX nNT ON 117,1517,2017,3/08102
84 8129 12% CG IFCI 2012 MAf.N AlC .,OOO.&x) 5,100;00 1~712~ RIMINDeR ON 11517,FAX ON 318102
85 6/29 12% CG IFCI 2012 MAINAIC 4,1XIO.tlO 2~QO 11107~ RIMINOIItOH 1$f1, FAX ON 3/8/02-
66 AG/29 12% CG IFCI 2012 MAlNNC 15,000.00 •• 00 13'Ql1ZG ••1"'NDeRON 1517, FAX ON 318102
67 5A/37 14.25% IFCI2005 MA/NAIC 9O,QOO,OOO.OO 1~,825,OOO.OO 2W071Zocn FAXON~- - --
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/
!5
SR VAULT PARTICULARS OF EPF AlC FACE VALUe OF AMOUNt OF INt. DUE OAtE REMARKNO. NO. SECURITIES SECURItlU DUElAOCRUaD
ea !5A138 14.215% IFCI2OOl5 MAlNAJC 150,000,000.00 .11 ,2eo,OQ~),(x) 20107t'2ClIn FAX ON 3/8102
69. 816 14.215% .IFCI2005 MAINAJC 1eb,~,OOO.00 21,$15;000.00 2010712002 t:AX ON 3/8102
70 !5A199 14.2e% IFCI 200!5 AlC25 70,000,000.00 9,975,000.00 2010712.002 FAX ON 318102
71 7A113 14.215% IFCI2005 AJCNO.11 100,000,000.00 14,2!50,OOO.OD 2010112.002 FAX ON 31&'02
72 7A114 14.25% IFCI2005 AIONO.f1 . 100,000,000.00 7,12!1,1XIQ.0I) 2DI0112fm FAA ON 31&102
73 em 14.25% IFCI2CJ05 AlCNO.11' ~,OOO,ODO;OO 3U2/S,OOO.00 201'0712.rtJ2 FAX ON 318102
I
74 81'2.1 13'16IFCI2008 MAINAJC 31,000.00 2,015.00 2810712002 FAX ON 3/8102
75 5A139 14.45'16IFCI2005 MAINAIC 2!SO,000,000.00 36,1215,000.00 3110712002 FAX ON 318102
76 5A141 14.45'16 IFCI 2005 MAINAJC 250,000,000.00 36,125,000.00 . 31/0712.002 FAX ON 3/8102
77 7A11!5 14.45% IFCI2005 AJCNO.11 250,000,000.00 38,125,000.00 311011201)2 FAX ON 318102
78 7A117 14.45% IFCI2005 AlCNO.11 2!O,OOO,OOO.CI) 38,125,000.00 31107 !2.002 FAX ON 318102
- - __ "__ -"- _. __..•• __ ...c.. __
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c c C· C C C C eGO G v G G u u G '~J ,
8()
SR VAUI.T PARTICUI.ARS OF EPFNC IfAO~V~Ll1EOF AMOOHTOFINT. OUIC4TE REMARKNO. NO. SECURITIES sEcUflmES DUE/ACCRUEP
64 2/81 13% PSIOC 2001 MAINAIC 2!O,OOO,oo.o.00 8,1315,000.00 31l03l2002 FAX SENT 5IEI,117,3IS,talked on phone 200
65 6N55 17.50% SSNL 2003 MAINAIC 5e,OOO.oo ",S12.5O 31J0312OO2 ReMINDER 1/04102, letter lent on 1117,FAX SENT QH 'PJI7, 318102
66 78/96 12.50"" RICHARD & CRUD AlCNO.11 4O,IXIO,OOO.00 2.lOO,EIClO.QO 31~QOJ RQAINQER 11(14, FAA 2/5, 1515, 2016,117, 2017, ~, PHONED ON 200
67 5n9 12.15% PNIDC 2002 SR I AI NO. e 1,500,000.00 182,2!o.OO 31~002 MATTIR IS BEING POLLOWED UP.REMINDEDOVER PHONE ON 31106, FA)( 31~, 117,tIIktCI on phont 2017, 318102
66 48/2 12.15% PNIDC 2002 SR I AI NO. 8 1,500,000.00 162~260.00 3110312002 MATTeR IS BEINGPOI.LOWED UPReM1NOEDO\lER PHONE ON 31/OS, 1/7,taIkIcI on phQne200 fax lenl on 3/8
69 5C/156 12.15% PNIDC 2002 SR I MAINAIC 25,000,000.00 3,037,500.00 31l03l2002 MATTiR IS BEING POLLOWED UPRQlINOEQOVER PHONE ON 3tl5,117,2OO,3IS
70 7C/172 12.15% PNIOC 2002 SR I AlCNO.11 15,000,000.00 1,S22,!500.00 3110312002 MATTER IS IEING POI.LOWED UPRIUIHOEO OVER PHONE ON 31105/2002F.x Itnt on 117,2017,316
71 6130 11.60% UPSEB 2010 II 34,000.00 1,866.00 26f0612OO2 RUt/NOER ON 117, TELEX ON 1117,2017,318.-72 2181 13% PSIOC 2001 2CiO,OOO,ooo.00 ',125,000.00 3OIOeI2CI02 RIMfNDiR lENT ON 117,2017,318102
73 68118 13.75% APRDC 2004 200,000.00 13,750.00 30l06I2002 REMINDER SENT ON 117,TLX ON 1117,2017,318 i
-- - IFOR STATE BANK OF INOlA
CHIEF MANAGER EPFO. .-~"
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MATU'''TY
\
SR VAULT PARTICULARS OF EPFAIC FAeE VALUE OF OUECAtE REMARKNO. NO. SECURITIES ' SECUFtITlES
1 2188 18% HMT BONDS ,1999 MAINAJC 2!50,000,OCO.oa 20,000,000.00 1/111.. IN1'!RI!STOUTSTANDING FROM JAN 96AS. 1epo,oo,occv· OUT OF WHICH RS.2,2!5,OQ,0CI0I- RECD & TOTAL OUTSTANDINGANO TOTAL OUTSTANDING INTERESTIS FtS.'13,75,OO,OOO/·
2 2181 13,()0% PSIDC MAfN A/C 2!b,coo,ooo.oo 311112001 . AMT REIMSTED IN 11.40% PSIDC. ONRtcatlrr OF NEwSECURfTV TfiIS ENTRYWILL 5S REVERSED. REMINDED OVERPHON! ON 31105, 518,111,2M12002
, ' CONTACTED SHRI NARAYNAN EO ON 2017FAKSENTON 318102
3 781100 12.25% PSIDC AlCNO.11 . eo,CIOO,ClOO.oo 30/0312002 REQUESTED FOR INVESTMENT IN NEWSECURITY.REMINDED OVER PHONE ON3115, 5/8, 111, 201712002, FAX SENT ON 3/8 I
,
CONTACTED SHRI NARAYNAN EO ON 2017
4 5CJ156 12.15% PNIOC 2002 SR. I MAINAJO 25,000,000.00 3O!5I2oo2 IUMIND!~ (FAX) SENT ON 117,2017,3/8
5 4B12 12.15% PNIDC 2002 SR. I AlC8 1,!5CXl,OOO.00 3O/eI2OO2 REMINDER ON 215, 3115, 5/8, 117,2017,3181102oc)N1'ACTED SHRI NARAYNAN ED ON 2017FAK SENT ON 318102
8 5179 12.15" PNIDC 2002 SR. I AlC9 1,!5OD,OOO.CIO 3O!5f2oo2· REMINDER ON 215, 3115, 5/6, 1/7,2017, 3/81102CONTACTED SHRI NARAYNAN ED ON 20/7FAX SENT ON 318102
7 7c/172 12.15% PNIDC 2002 SR. I ArC 11 15,000,000.00 301512002 REMINDER ON 215, 31/5, 518, 1/7, 2017, 3/81102CONTACTED SHRI NARAYNAN ED ON 2017FAX SENT ON 3/8/02~._" ~-~~ ~~.
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2
MATURITY
SR VAULT PARTICULARS OF .PPM: i,," VA~IJ~OF OUlQATI REMARKNO. NO. SECURITIES UQUM'Jr;$ ,
1·";'- :1
1 5128 16°,4 IFCI2002 XII 97 MAI~NC ~QO,OOO,OOO·OO 1~ l.eQAJ. NOTice SI:RVED
I
2 AP/21 16% IFCI2002 XII 97 MAINAIC 1.200,000.00 1~2 ReMINDeR (FAX) SENT8I6,14I6,29/6,15J7, 318102
3 6/48 11% IFCI2OQ2 47 SLR MAINAIC 800,000.00 :m~ REMINOER (FAX) SENT 816,14/6,29/6,1517,318102
4 6137 11% IFCI2002 47 SLR MAINNC 13,000.00 a7/~cm ReMINDER (FAX> SENT 816,1416,28/8,1517,318102
5 3145 11% IFCI2002 47 SLR MAINAIC 200,000.01) a7~ RiMJtiPER (FA,.1()SENT 818.1416,2~8, 15J7, ~
_._--
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FOR STATE BANK OF INDIA
CHIEF MANAGER EPFO.
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IDLE FUNDS REPORT(Re. In ers.) Reason fQr non-inv,
Oat. PF Main Pon.slon -t:DLIO/Q Inv. CIS OIB Inv. CIB 018 tnv. (;/B
Mada Mad, Made01.Apr·02 42.26 25.61 16.65 69.64 38.16 33.418 0.33 0.33 0.00 ! Bank holiday
~-.o2-Apr.o2 42.26 42.96 -0.70 69.64 78.54 -6.90 0.33 0.33 0.00"'''3-Apr-02 66.08 65.89 0.19 107.01 121.50 -14.49 2.02 2.24 -0.22•.04-Apr.o2 32.67 32.70 -0.03 77.46 75.47 2.01 4.14 4.10 0.04 :Odd-Iot balance·'5-Apr.o2 0.00 0.00 0.00 32.87 32.58 0.29 1.23 1.22 0.01 low balance- c-Apr·02 6.75 5.61 3.14 12.22 8.41 3.61 0.52 0.00 0.52 'Odd-lot balancel3-Apr-Q2 29.88 26.92 2.96 28.83 26.76 2.05 1.32 1.~ 0.00 Odd-lot balance,)9-Apr-Q2 29.43 28.62 0.81 41.02 41.57 -0.55 0.90 0.89 0.01 lowbalanca,1IJ-Apr-<l2 17.11 17.10 0.01 31.63' 31.45 0.38 1.71 1.70 0.01 low balance1l-Apr.o2 3.10 3.10 0.00 7.77 17.11 -9.40 0.16 0.67 -0.5112·Apr-Q2 0.00 0.00 0.00 19.93 35.04 -15.11 0.56 0.51 0.05;15-Apr-02 5.19 5.13 0.06 16.66 15.24 1.64 1.72 0.07 1.65 Odd-lot balance16-Apr-02 15.89 0.00 15.89 29.93 0.00 29.93 2.53 0.00 2.53 aankslrike
117-Apr-02 15.69 14.03 1.86 29.93 20.42 9.S1 2.53 0.00 2.53.·18-Allr-02 11.48 14.56 -3.10 41.06 44.18 -3.12 2.86 1.29 1.57 Odd-lot balance19-Apt-02 7.40 '7~72 -0.32 6.45 10.29 -3.64 3.22 1.29 1.93 Odd-lot balance
• "O-Apr-02 6.64 7.72 ' 1.12 11.31 10.29 1.02 3.91 1.29 2.62 Odd-tot balance- 22-Apr-Q2 14.67 21.39 -6.52 30.02 30.91 -0.89 4.56 4.52 0.04_23·Apr-02 36.14 36.12 0.02 68.12 61.20 6.92 4.09 0.02 4.07 OdQ-lot balance· r4-Apr-OO! 11.67 1.62 10.05 27.60 46.06 -18.46 2.63 2.59 0.0426-Apr-Q2 11.67 11.62 0.05 128.15 112.01 ·HI.14 3.28 2.59 0.69 Non-availability of
if: PSU BondsL7-Apr-02 28.23 0.00 28.23 62.24 0.00 62.24 2.19 0.00 2.19 Qealer on leave
.29-Apr-02 28.87 2a.60 0.07 68.87 62.47 6.40 2.36 2.27 0.11 Odd-lot balanca· .~(l-Apr-02 33.96 33.21 0.77 113.02 109.0J 3.99 2.32 2.30 0.02 Odd-lot balance
.;1
"'.
,
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--.. ! 0", 04/01/2001 09:57 2818746 SB! PMS <1.... .• ~ PN?E. 01~ tOLE ~IIN~) .1fIt7~""~"'T•
PfMMl~T f\~'t\e.')(.\AA.L ~JrlDATE OIB INV91'IIENTS MADE CIS REA$ON8 FOR NON-INV
~ SECURITY AMY. VALOATE
".....", (i 01.Ju1-02 2A.08 1.38% EXIM 8.11 01..JuIo02. " . 11.55'Jt. sa,06 4.40 01..Jol.0210.18GS26 11.57 01~r~ 24-01 0.00
r". 02-Jul-02 ~.93 9.~ ORRISA 11 11.20 02..Jul-02"- 8.30 ORRISA 12 7.42 Q2..Ju1.02
,-" 13.25 HUDCO 5 5..87 03--JuI.02\ 8-45 03-JuI-02
r-l 9%IOFC06 5.50 Q3..JuI-02, ' KIOFC06 5.50 03-»02 0.00--
43.",-, 03-JuI-02 5.2.20 :13-25 HUOCO OS $.86 03-Jul-02"---_/1U:5HUOCO 06 8.~ 03..JuI.02
r KtOFc06 5.50 ()3..JuI.02...~IOFC06 5.50 03--.02
~ 25.31 28.88 Non IMIiIebIIIly (I PSU SewrIIieei.....:""_/
,,-.. 04-JuI.02 a8e 8JUOOM06. 5.42 0WuI-02'USOM06 5.42 0WuI-021o.taGS26 123.54 04-JuI.021o.18GS26 36.80 ()4...JuI.;02
nUl...-, ~ 1.73 . 1.73 Odd lot bIIanc:e
Q8.JtI.02 1.13 t.~GUJ 09 t.72 ~ G.01lQW••••••
Q8.JuI.02 0 0,00
~ 0.$.1 0.57 0.00
~... ' 1~ 0.s111.3Q Pfe 08 om 0.28.,~,-) 11~ 0 om
1~ 0 0.00
13-Ju&.02 0 0.0015oJu1..02 c 0.0016-Jut..02 23.44 8.15%NtW 7.00 11...Ju1.02 18.44Non~ofPSU~17~ 7 7.00 17....f11..02 0.0018-.Ju1..02 0 OJ)()
1~ 0 0.00~ 08.1~NtW 9.00 22~ 0.0022..Ju1.02 9.87 0.87~ ".35 11.35 K8Jl( for ~ investment In NHAl24-JuH)2 12.6& 8.15%NHAI 10.00 2$-.u.&2 2.8525-JuI-02 19.72 '9.72 Kept for ~ investment in NHAI~ 25.46 25.4627-JtJ1.02 ~.1i 35.1929-Ju1.C2 11.073O-JuI-02 61.0231..Ju1-02 91.5 8.15% Nt-W 17.00 31..Ju1.02
1O.18GS26 12.71 31-JtJ1..0210.18GS26 12.11 31-JuI-0210.25GS21 8.14 31-JuH)27.83MAH 12 25.17 31.Ju1..()2
78.33 15.19
84/61/28es. .• ,.a9:56
DATE
01-Jun-02
03-JurH)2
()4..Jun-02
05-Jun-02
07-Jun.02~Joo-0210-Jun.0211-Jun-0225-Jun-02.2e-Jun-0227-Joo-02
2818746
Pf MAIN ACCOUNT
INVESTMENTS MADeseCURITY AJn.
12.94
32.90 9.95% BPCL 0811~pfC0711.30% PFC 088.85% BHEL 08
37.50 9.95%BPCl 08U:89%PFC071'.3O%PFC088.85% BHEl. 08
36.49 11.10% HUDCO 0813% truOCO 05
3t5.5111.7O%~.Q613% t1UDCO()5
12.32 10.18% (';S 280.000.001.67 1.2.25W1fU.SOt. 097.28 9%-HUBC00712.30 KMUDCO'0726.93 12~0RSDl 09
8.38% exN 0711.85%()R.SOL 09
20.98 8.1O'Wtf(N.:SQL 118.38%ecu078%J &tc:SOL. 12
20.818~8ClM1J711~S8J06
CIBVALDATE
S.25 04-Jun-028.10 ~7.85 C)4.Juft.027.44 Q4.Jun.0228M5.25 ()4...Jun;()2
8.10 ~.
'7:85 ~7.44 ()4..Jun.02
21.14
11.31 06-.kn0025B4 ()f;Jun.02105
11.31 06-JurI.025.64 ~
16.M
12.33 07oJu1H)2
1.es 11...Jun.<J2UJ/j 26-Jun..027_ 2$..Iun.02&21 27~8.11 01.Ju1-0212.0 27~26:.75.4;315 28-.Jun.028.11 01-Jut.026.1~ ~u..••8;11 O1..Ju1.02.••..•• 01~
'1251
,~-"
12.94Nonav.;aiIabilltJ dPSU 'SeCUrities. Trades .in SOL seuritieisJtQpped'tly RBI15Ue tonon-intfoductIO OfHDS sy&lem
8.86 Nonava~bility:otPSU~. Trades'in SGl seuritiesstoppedby RBI due tol'IOIi-IIltroduction of NOS system
19:54Non~ OfPSU~. Tradesin SGlMUrities,~·by ~ ·Oue1Onon-inIroductio DftrIDS $ystaft1
19.56 Non availability _"., tI8CUriei8s. Tl8desia$GLaurities!$lGppadby_~to•••.• ~ortC)5ays1em
0.000.00O., 0:01 J.:ow~·7"~.Mptb'in¥.4n_~5.30~undst(ept_i,,!,. In_tftJI)C.O~
0.18 Low balance
11h-h(,Clrr()o(J'
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e4/81/2881 89:55
DATE
()
o(J
~
cCC«CCC
JO-May-0231-May-02
2818746 S8I PMS - -SlJt.r&~ rP.J ., A f-
PF •••• ACCOUNT
INVESTMENTS MADESECURItY AMT.
6.-45 12.30% 1(1..SOL 0743.02 9.30%. U8J 07
1225" GJ.SOL 09t.25%HAL06~IDFCce13.95% PN8 05
51.51 9..30%UBI 079~HAL0612.30% TN SOl 0'1ftlOFC0613.~PN805
3UiO Q.3O% UBt C1TKIDFC0613.~PNB05
10.0912.6811.1.~8080816.38 11.15% BOB 08
11~SBl08
4.43~GJ.sot.1011.9i09' S8I 08
10.29 11..,. SBJ0810.18%GS28
6.3tJ 11."'" SBI 08••••• HLCOI11.sow.sac 01
eo.,SI*MLl:gg11~"0812.30%651611~WB SOl. 10~PN8()811..90% S8I 0810SPNalll
21.31·'.flMilOI11~_081O'JiPNB081o.1ftGS26
8.668.~ NLC0910%PNBOB
0.517.84 11.431C.GS 1S.
23.51 10.82% OR SOl. 1112% OR SDL 10.10.~ GSJ SOL 1111.90% SiM oe
32.87 1'.~ sa oa"6.1"54.92 1(>,1-8%GS26 .
9.9O%REC0810.~ GJSOL10
49.53 lUIO% R£e 0810.52% GJSOl10
29.9157.1610.52% Kl. SOL 10
10.52% AP SOl. 109.45% MP SOL 111n 1ROl. ~ . .,.:: _
CIBVAL-DATI!
6.45 02-May-025.29 06-Mey-02
12.17 03-May-0210.95 0+May-0210.82 06-U8y-029.0& ()6.May-02
••••215.29 06-May-0210.95 04-MIIy-025.96 04-Ma)a.02
10.$2 Q6-May0<)29.06 08-May-02.2.01S.29 06-M8y-02
10.82 Q6.May-029.06 Q6.May-02
25.17
11.93 09-May-0211.83 09-M8y-024.331~1t.2t0.10 1~•••~ tDMa,Gil••.•435.tp'~4.31.~10.215.W 15-May-Q2~ 14_02·
11.91 18M11yD22S...5.20·.....,...11.91 ~2e..~15.86 ~5.42'20_021Hl3 11-Mer-023.5717~to.a75.42 2O-May-02
11.93 11-May-Q23.5717~5.81 11-Ma)&-0221."3.22 2O-Mey-O.25.42 26-May-021M .3.22 2O-May-025.42 .20-May-02
••••6.21 22-May-02&.90 2S-May-026.16 23--May-025.89 23-May-0211.88 24--May..0234.111U8 2LMay-02
1••.••. ~25.64 29-May..Q2
13.60 29-May-02••••00
~64 ~-0213.00 29-May-0211.2.-
11.48 3t.May.o25.74 31-May.025.49_.31~
?O AQ 'i Jr.",", n'J
'b"-r .F'V,,-/ J»)i--
0.00 ,\
\
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I9.49 Non ~1abIIIIy d PSu securifies
!
O.<tt Non +ilability 01PSU ~10.09 Non ~Of PSlJaecuritiesO.75low~ . .
0.10 low bIIIanceI
0.00
i0.01 Low baIjIaee
0.00
0.00
0.00
O.02l..ow~0.51 Low baI;an¢e1.37 Odd-klt ~
.>.0.00
20.9946.74
I8.92 Non availability of secufilies at COt
yield due to poiitic;:al~ties\II
30.2929;97
PAGE 01
-- -::;4/811'2881,,' I
DATE
01-.k11-Q2
03-Jul'()2
05-J~2
1o-Jo1-0211..JaJJ-0212-Ju1-0213-Jut-0215-JuI-0216-..IU-0217~1fh.k1l;Ol19-JuI.02
23-JuI-0224-JuH)225.Jut-0226-JtJI..02
27-Ju1-0229-JuI-023().Jul-Q231.JuI-02
18:83
018
2818746~FUHO
INVEII11IIEN1'8I1ADESECUIaTY NIT.
54.08 8.38 % EXIM8.90 " S8I 088% J&K SOL 1210.53 " KER SOL 1110.18GS2610.18"GS2610.18%GS268.75%REC
58.69 8.75REC08a.~0RR1SA118.3~1212.25GUJ09
KtoFC08
64.1 12.25 HUOCO 06fttlOFC88
:SO.0811.55_088..95SOM0610:18GS2611.sGS15
8.24 12.25GW 09
3.629AOW093.22 10.70 GSaO
-sue 1'.3PFQJ811..3PR:0811.89PFC7l1.aPFC111.flf'C711•• PFC 711.80f'FC l'11.88 fife 7
4.28SA
1a.8328•• NtW BONDS 8.""29.9118.~a .•••••• BONoS19.092.1717.52 8.1SNMMIIONDS
8.15 "·NfoW IIONDS7.88 8.15" NtW 8ONOS
8.15" NfW1IONDS29.97
8.15" NtW8ONDS-8.15" NHAf1K)NOS
38.98 8.15" NHAfBONOs18.85 8.1SSNHAl8ONOS14.9639.82 8.15'% NtW 80NDS
10.52RAJ 1022.8737.27
110.3613-1.2 8.15% NHAt BONDS-
8.05 % NTPC BONDS10.18GS2610.18GS2610.2SGS 217.83MAH 12
15.214.11aes.$,823.228.139.$10.11au10.1111.205.306.2011.5311.<1055.3411.5211.0022.525.81
10;9612.7t19.30A77
s.sa1."5.75
21~11.5;JI15.915.48USSAO••••25.00
17.25&.006.0016.006.0016.0022..(1025.0015.00
25.005.00
25.003.00
151.0819.069.99
22.6398.74
\ -CI8
VAl-DATE
01..Jut.0201..J\j.Q2O1-Ju1-02O1..JuJ.02O~014u1-0201~O1.,Ju1-Q2
02...Ju102-Ju102.,JuS02..Ju1O3-Jul03-JU
03-JuI-03-JuJ
()4.JuI~CM-JUt1M-.kf
05.JuI.
.06-JuI()8..JU1o-J1j1o..hA1O..Jti.~
~'fO..JaI'I0-JuIlO-JuI
1~~22~22-Ju122~22-JUI
2$.JuI- 26-Jul
31~01-Aug31-JuI31-Ju/31.,JuI31-Jut
0.00
SBI PMS" ,_ ." - , --. ~.\.~. - ,--1---
3.29
41.56
121
2.89
0.()41.38
0..00
13JDFundl1iIept __ 1ftNtW 8or1dI.3.392U1 FUftdI_ _. IdNtW80ndIo,ezt.Dw ••••••1.08
oo
7.87 ~ for IrMiIStn'Jent in NHAI- 8ond611.98 KePt for i in NIW Bonds1.85
9.8222.87
32.48 Non availabi . of PSU Securi1ies
PAGE 81(i
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DATE
27..Jun.02
2818746PaSION fUND
58! PMS'
63.5111·5O%.¥SDl1011.80SAPSDL 101z,.OR.SQL 1112% WltSoL 1012% TN SOL 1012%~n108.9O%NLC098.38% EXIM 0711.85% ORSDL. 09
55,37 8.90% NlC 098.38% 100M 0710.~ W8 SOl.. 1012.~ HRSDL 0912.25" I<N.SOl 0912.25-. MH.SOL 089.10')f,J~ SOL,118%J &K$OL 12
33.88 803ft exiM aT8.9O%SBl08
CJ8VALDATE
PAGE 81
17.00 26-JW1-0232.'M 36.07 N(jrl-ohlil' WI' ty of PSU bonds8.04 27-Jun.42
10.1!S 2T-Jun.022.'7 27.Jun.022.12 27.Jw1..022.80 27-Jun.026.:67 27-Jun-02
10.55 ~15.2101 •.••ut-028.16 27-Jun-02IU7 0.0010.55 ,28-Jun.c215;21 01~1.05 2&J\n.023.74 3-Jun..025.17 2&Jun..o22.99 2.8..Jun.025-43 2B-Jun.0210.00 3hJun..o25l.U 1.231521 01-JuI.024:22 .01..Ju1.G2
U.. 14.5$Daa~ c:bIeddue 10RBIholiday
.r
64/61/2001 18:66 2818746 SBI PHS
PENSION FlNfI) t)L~ ~\J,JI}
OATE 018 INVESTMENTS MADE CIaSECURITY AIIT. VALDATE
01..Jun-02 28.10 8.8.5% 8HeL OS8.85% 8He. 088.BS04 BHEl 08
03-Jun-02 113.60 8.85% BHEl 068.s1O%Nl.C 0911.35% NPC089.4O%PNB0711.89% PFC 079.20% PGC 0411.30% PFC 089.85" 8PCL 0811.89% PFC 0711.JOIK.PFC 088.15% 8HB.. '06
04-.u.-o2 129.04 8.90% NlC 09. l'.~NPCOS•••• PIi$.11""1'FC 01t..2O%PGC0411.30% PfC 089.95% BPCL 0811.89% PFC 0711.30% 'PFC088.~9foEL0811.30%f'FC_
~Jun.02 87.39 11.30% PFC 0811.30'1' HUOCO 0813%HUOC005
07.Jun..02
11.Jun..02
12-Jun.0214-Jun-0215-JurW>217~218-Jun-0219-Jun.02
2O-Jun-02
21-Jun-0222-Jun-0224-Jun-02
79.95 H.3O%KUOa>Cl81J111t HUDCOas11.1'ft+tlMXX>_1'."ft*, tUlCO:CI
60.53 10.18% GS 2611.70% HOOCO 0811.10% HUOCO 08
10.56 120/0J & K 1012.25% OR.SOL 09
16.99 10.52% OR.SOL 1011.50% ORSDL 1012.50% ORSOL 0812.25% RJ.SDL 09
3.383.46 10.18% GS 262.52 10.52% ORSOl 104.865.78
23.14 10.18% GS 2611.3O%GS16
22.89 12.30% GS 1612.30% GS16
21.41 10.18% GS 2621.1333.88 9% Huoeo 07
5.29 03-Jun-025.29 01.JuMJ2S..29 01.Jun.a2
15..17
5.28 03-Jun.025.22 04-Jun...0Z5.87 04-Jun.025.44 04-Jun..025.79 04-Jun-024.25 O4.-Jun-02
11.21 04-Jun-025.25 04.Jun.0213.34 00hI4Jn.028Jl1 ()4.Jun.028:.50 ~
7aSJ
5.22~5.5)" ~5.44~5..79 04-Jun..024.25 04-Jun.02
11.21 04-Jun.02s..25 .(14.Jun.4213.34 ~a.sR ()4..Jun-028.50 04--JIMHlZ11.22 os..JurH)2••••••11.22 Q5..Jun.0216JI8 .Q6.Jun.Q211;28 ~31M
18.96 08-Jun.0211.29 •••••5.. 07..Ju0.025.66 07-Jun.D2.3U7
••••.27 07-Jun.025..66 07-Jun.025.66 07-Jun.02SUI~.OO 08-JurH)25.31 08-Jun-02
10.115.76 11-Jun-0.22.51 11-Jun-026.17 11-Jun-021.44 11.Jun-02
'fSM
3.26 14-Jun.022.31 15.Jun-02
11.94 19-Jun-0212.98 2G-Jun-0224.826.17 2O-Jun-0212.98 20-Jun-02ii.1S11.94 21-Jun-02
.22.00 25-JurHl2.._
FORNON-INV
12.83 : ~4: :: of PSU aec:uritIes. Tradesin SGl. : ~ ~ ABJ due to
. of NOS system
I
'f,
\II
34.87 Non~dPSU~ T,.,..inSGt.!•••••• ·..., byfBduetct~of"HDS""
I
40.38 ••••••• aiIIItIiIityCMCI. HiIIIe. T18des.,.SGl..... __ due1D
~rHDS ..,.aemI
4.94 0dd-k:Il balance
0.26 Low balance
1.11 0dd-10t balance3.38 Odd-Iatbatance0.20 lAw balance0.21 lowbalance4.86 Odd-Iot balance5.78 Odd-Iotbalance
0.00
3.74 Odd-Iot balance9.47 FundS kept for inv.i" 9% HUOCO 07
21.73 FundS kept for inv.1ft 9% HUDCQ 07
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DATE
18-May-02('
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2818746PI!H8IOH FUND
~"A1If.
12.53 11.85% CB 0111.90% REC 078.90% NLC 09
15.68 11.95% CO 0711~REC078.9O%NLC09
6.37 11.43% GS 155..38 10.50% GJ.SOL 11
11.90% SBIOS8.3S%GS221UI()% SOl 08
56.80 11.90% 001 088.35%GS2211.90% SBI08
44.54 8.85%BHa 0866.08 10.18% GS 28
.a85% 8HEl 0811.tO% sal 089.WltREC081O.5'a OS SOL 10
SO.5& 11.90% S8I 089.9O%REe0810.52% GS SOl. 10
31~ 120.8410~ ORSDL10~APSOl.11=~~".,..to-35Y. MP SOl 1110.45%65t8a.-sAa.OI8..85% 8HEL 08.8.85% BHEL 081o.18%GS261OA5"SG18~flN.SDl11
/
./
CISYAL.DATE
3UO4.91 2O-Ma1-023.46. 2O-May-028.75~
15.12".91 ~3.48 2O-M3y-.026.75 2O-May-0215.128.27 22-Moly-025.38 ~-02'5.~~25.06 24oMay-025.942~G.lZ5..91 24-May-02
25.06 24-May-025.94 ~~23U410.5S~"()2.17.G2&oMay-0210.56'··~10.23 28-May.;025.04'~9.01~--
SBl PMS
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0.00
19.8633.98
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II
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84/81/2881 89:58
DATE
11-May-021J0.May-0214-May-02
2818746PENSION PUND
018
38.17 11% R.I.SDL 1010.35" /tP SOL 118.31% AP SO 1112.30% teN SOl 0712.30% PN.sOt... 078.5O%S8Hog12..:10%Id..SDL 07
57.50 8.5O%SBHOIl11.95% PN8 069.30% UBI 079.BO%PGC05S1.8O%PGC 068.25% HAl 06~IOFC0613.95% PNB 05
82.05 11.08% PN8 069.30% UBI or9.~PGC059.l'II'$ PGC 069.2ft.tW.0612.3D'I. GJ.SOL 0712.30S MP $Ol. (fI~_"079l5UC0613.95%PHS 05
68.40 11.95-4 PM! 069.30%081079%1DFC08t3~'PH806
36.02 9.2ftJ 801 f1110.~GS20
50.01 8.2D"tt 801071O.7O%GS20~Nl..C09
29.08~N.C09'tQ.ISK, aoa«J6".-.S8I0811..90% SIN 081~8OB08
18.34 10.86% BOB 0611.GO%S8I 0811.90% SRI 08'O.~8OB0810.52% GJ SOL 108.85% BHa. 08
5.02 8.SS% BHEl 0829.72 8.85% BHEl.. 0847.66 9% IOFC 06
1'.~S8'0811.90% sa, 0811.15% BOB 0810.18%GS26
45.99 9% IOFC 0611.90% S8t 0811.90% SOl 0811.15% 808088.85% BHEL 0811.90% SB' 08
113.33 6.65% BHEl 0611.90% SBt 0812.30%GS 1811.80%W8SDL 10
CI8VAL.OATE
5.1102-May-025.98·~
10.31 Q2~2.86 Q2..May-022.~ 02U., 025.18,~8.89 02-May-023US5.18~~.66 08-May-02G.29·~2.16~2.18~2
. 18.43 04-May-0210.12 .Q6,MaY-0210.45~51.15~.66~5.29 .o&-May-G22.16 1M • ...,. Cl22.1e 041 •••• 021&.~04_023.24 04Ma,mD.48~2.37 04-IIay-0210.82 GIS~ 0210.45, 06-May-02••••5.t6 08May-02521.•• ....,0210.82_.021OA5,~_0232.22,U1.···u.s..~_!f~02Q;i
25.'fS~~3It3I
5.2108_0225.15~15.61 (J9 Ney 02
••••••15.80 0NiIay-Q2s;18~un ~21.~~.,O 1O-May-02aM5.76 10-May-026.01 10-May-021.681~23.10 10-May-021.79 10-May-025.30 13-May-OZ
23.&45.30 13-May-025.30 13-May-0218.21 1~"()25.97 15-MaY-02
17.91 15-May-025.94 15-May-025.82 , ••..May-02
51."18.21 15-May-025.97 1S-May-0217.91 15-Nay-025.94 1~y-02
12.69 16-May-0217.86 16-May-0211.5812.69 16-May-0217.86 16-May-0238.97 16-May-0214,7l 16 Uay 02
SBI PMS\ :I,",," • -. - U)
R£MON$ ~ NOtHNVII
\!
0.00
5.66 ••••• '1'1",_ aec:unties of CO!)1ieId
0.000.00
24.<42 Nonoavailabilily of PSU securities
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r-' . OATE OIB INVESTMENTS MADE CISSECURITY AIIf. VALDATe
01-JuI-02 3.11 8.38% EXlM 07 1.01 O,.JuI-0210.18GS 26 2.09 01.JUI-02
3.1002..Ju1-02 2.86 2.65 02~..o203-JuI-02 4.14 12.25 HUOCO 06 2.65 ~04-JuI-02 1.81 10.18 GS26 1.80 04-JuI-0205-JuI-02 0.24()6.JuI.02 0.31 9.4 GW 09 0.3008-JuI-02 0.10~JUI-02 0.33 0.33 1o.Ju1.02'10-J~2 0.0011-JuI-02 0.0012-Jui-02 0.3413-JuI-02 0.4715-Jul-02 0.:561&-Ju1-02 0.7817-JuI-02 0.8618-JuI-02 0.9519-Ju1-02 1.45 1.45zo..JuI..02 0.4222...-.02 0.9323-JuJ.02 1.75~ 1.992,5.Ju&.02 2.30_Ju6..G2 3.5521..•••••• 4.24~ 4.91~ 5.63
I, 31~ 8.36 7.83 MAH 12 1.36
• NHAJ8.1S% 5.00
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0.000.011.490.010.240.01
0.000.000.000.340.470.580.760.860.950.000.420;931.751.992.303.564.2.44.915.630.00
4.\'7~·»,
-04/81/2881 89: 52 2818746 SB! PHS
DATE OIB INVESTMEHTS MADE CJB REASONS FOR r--wvSECUR\TY NIT. VAL.DATE
02-May-02 0.73 12.30% KL SOl. 07 0.73 02-May..Q2 0.0003-May-02 1.7" 13.95% PNB 06 1.74 O6-May-OZ 0.0004-May.02 3.29 12.30% TN SOL 07 1.55 04-May-02.
13.95% PHS 06 1.74 ~~3..a 0.0000-May--02 1.88 13.95% PNB06 1.74 06-May-02 0.1"01-May-02 0.14 0.1408-May-02 0.95 0.9509-May-02 1.19 fO.85%BOB 06 1.19 10-May-02 0.00
~~
10-Mey-02 1.51 10-52% GJ.SOL 10 0.32 10-May~210.85% B08 06 1.19 10-May-02
1.51 0.0011-May-02 0.66 0.6614-May-02 1.55 10.18% GS 26 1.55 14-May-02 0.00 Y16-May~ 1.35 12.3O%GS 16 1.34 16-May-02 0.0117-May-02 0.10 0.10
I
1~ 0.24 8.90% NlC 09 D.G 2fl.May-G2 0.00 ,
2O-May-02 0.43 8.~ Ht.cog 0.42 20 "May-0:2 0.0122-May-02 0.22 0.2223-Ua)<-02 0.3010~ GJ.SOL11 o.a~ 0j)1 :,2"Ma)l02 1.58 use ¥27-May-02 2.71 2.7128-May-{)2 3."7 10.18% GS2!6 1.75 28-May-02
1'.~S8IQ8 1.67~142 0.05
29-May-02 2.121'.~SBl08 1.67~ 0A531-May-02 3;34 10."""GS 18 3.311 31..f111ay-02 0.40
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PAGE 81
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(: • ~r-Nt. . l.\" - j)kiI:. _
r:0 ~ATE 0I1iI 1NVDTMENTS JIIADE CIS I FORNON-INV
} SECUIVTY AMT_ VAL.DATE
n 01••.•un-()2 0.27 02703-Jun-02 1.34 11.~ PfC 07 1.J4 04-Jun-02 0.00c: 04-Jun.02 2.13 11.89% PFC 07 1.34 04-Jun-02 0.790$-Jun.02 1.02 1.02
r 06-JuI.02 1.02 1.0207-Jun..02 1.4510.18% GS26 1.44 07..Jun-02 Q01
CQ8.Jun-02 0.8312"" OR SOL Oi 0.82 08-Jun..02 0.0110-Jun..02 0.40 0.4011..Jwt.()2 0.45 12.25% RJ.SOL 09 0.44 l1-Jun-02 0.01
C 12...Jun-02 0;10 0.1013-Ju1H)2 0.19 0.19 :
C 14..Jun-02 0.28 10.18% GS 26 0.27 14-Jun.02 0.01 , ,.) ~15-Jun002 021 0.21 .~~C17..Jun.02 0.37 0.3718-Jun.02 0.38 0.3819-Jun.02 0.74 12.30% GS 16 0.73 2O-Jun..Q2 0.01r . 2O-Jua.02 1.14 12.~ GS 16 0.13 ~ 0.4121....Jun002 1.75 1.75
r 22..Jun.m 1.78 1.78l 2~ 3.10 9"JfI HUDCO fR 3.00 2,5-Juno02 0.10r· 25-Jun.02 4.15ftHUDCOOi 3.00 ~'-~ ftHUOCOf11 1.00 2&Jun.m4... 0.15
26-Jun..02 2.09K HUOCOot 1.00 ~ 1.0927.Jun..Q2 2.19 8.3fttEXlllO'1 1.01 ~~
1.85'1. ORSOt.oa 1.24US 0.00
~ 2.01' 8..38'1. EXIMfR Utl O'I~
C 8.10% ICN sa... 11 1.09 ~2.~O 0.00
29-JUQCI2 2.22 8.385 SQM at 1:.01 Q1..Jd.02
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FUNDS: .u>RlL-200210Il
-Interest on applicaticm m.0t1&)' is due in respect of investments wde ht. 9.2()ot1o saT Bon. 2009 durlna ~brch 2002-2·BW_0i~~AllQNS : ' . ..,,'
I-Branch c;ordirmationaftotreceiV6d: OT 1066 to 7074,7144 to 7171,7174,1173,7177,7178,
, -The bond$wbj.ch aro ~.p. ~od tram ~cbiy.marktt(J>~ .=,)n0t4tQ.bttcatster.smfavourot I! CBTEPF'iiit·~F.~li1lii'aliiiifbo:cauoa'flii'~_n"With·,I iS$l1Cl'lflRiCfl to __ ma'ttft;01i noC1aiY~~·itr~]sttBmp:,·1trtt';(/()utd tnsutf:. reec1pt Mice_flY asWctrulni«c'i£"fom~· . .' .. . ..., . J
i-The computer generated conflimations need to be ftcc from mantal correctionsl 3dditions.·a1tcratio~ ere-, NoIO\oerwritings arc permitted. In case there are any correctioN to th. computer out put it tteed$ to be c.tti.tltd ·'1h.at the.records have been correct~ accordinglY. .., .-Iftbe cordinnation exceed. one page all the pages need to be authemicated ~; 11\e'\ithorlsedofficiAl~(e,"t In 11(0 to7201). .·DT6713.6114,68S6,691S,7218, 7219:-Ac:crucd intcrcsticontr~tcd amount paid to the COunlttpi.t't)' c1i.fttt'Sftom theamount mentioned in the DT.
3.INXESIMENl NQTES: Coaections in the Investment Notes may be avoided u ft would be debal&blc.t a later Uteas to \\;'bcn cxa.ctJ.y the corrections were carried out ie. beftn or after tholn",.tment riotc,,·as appr~ (t.i,:~"_tnotcs-7.30y24ctcJnApril-02). - ----Issuer based cx~surc limits may be fixed to ensure adcqua1C divenlfie':liOtl of portfoUo.
-Countaparty exposure limits need to be £}xed, at least in rcsp'ect of" physical'scrip8 piJi"b.ited ffolif~ctai)· ~¢t:
-It is to be foDowcd up that an the tclIDS IUld conditions stipula1e.d in the sanction hive been ~ with to 6Jl bacl: upcm in 0iIS4 of ~11111tin repfl)~ON as. non- ~t«~ iINhIt. ...~ ....
- I -11is obscIwd 1UUheh1Wi1~~d~~'d,i1Io •• e.dbytbo I4mO om"IPMtIom!lcgotiatiD&1b1faan~mUIi.·~'" a doater: JIWiia_t Nolt No.220. tomIt.l!.04.Cn~ltct.22I to 21.dl17.04.02; No.230 &.231dt. 18.04.02. .
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Sind .-.celyed.
Slntl received
Security Servftes Branch (SSB) advisedSUltably IA tbe matter.
Stturlty Service Branch(SSB) has been.ldVlstd suitably.
SSB advised.
D1 6856 rectified. Others relate totClllndlna-ofT for global deals in thestrIblls System. SSB advised to getthese reettRed.
Ntlted to tlvOid cuttings,
Iq)osur. Omits for p~'Us have beenbed .
..LDWs _f. Dot geiierally"ci6n'ein phjlSiealscrip. Deuat se~ulitlesare beingptttnred.Nbted tor eempllance,
It btcotMIlleceutry when CM,FO itnoflvaJ.llbt..· "
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l.!NTEmt~DUE:. I ,.Jnttret m arPfia,1ion rIk."If'It!y is doe '!It~ (\fu,vettllne"tsmax in 9.~!l°. Hl'IlCO B(lnds t HtDCO: R~h-fd (IIi 2J1Oo4I02,2037 in Feb:uwy 2002 and ',20% seT Bmch :&09 dwing the tnMIth teId.:· rtpCltl 1 181" I ,It to •• t~ .'2.B8.-\NCHcam.PJ:dtJl~ : . I' '; .;,·TIIt b.."ftCls ,..:1idlarc be~ puc.iued town sect'ttdaf). nl3tke! (p1\)"sh.-aJs..::riilSJ nllild t" be slC".rtrt~tt tl'llllth tUb)regislatd in fh"tW "CCSTEPF and c:on&IttitM &om tJte branch ml)' be C'J!!ed((I:, .! .lMttd NlUb". ConftrinlltiaaNeeessaty fc.'ll"*up need to be mad.!. iss\l\!':S/braneb to ensure tIt.t tl-~ it no ~t in I obtained 1M 1$1 thtt tlMJ .r~uceipt l'ltet.;s nns~«r~ is! fa.n-ar (oC~1]er. ,Thiswollld Wln[~"f~~~ 0 t~t."1dtb •••rs:ror -1he_lIfill'~nt. J ~flIt"otbc"uli.u,. ••••• or.Tht~p:I\G'.lIfd~Med tcbe ~f!'dmm~'!I1CWll1t~'. '. • '.l.Q1'ttQ." ".; ..;',.ad-.iiticnftltc:abmll eIC. Nt' O\'CIWritinp ate pmnined, fit cuetltdiarie ~' cor.t:i:.~fI,t6l!:i';' !SM1ltfl)' S"~1(fSnNt~iI (S~)compatl!S' 0017011it mecl." to be ccnirled :t.At Il:: tec.:-rdsha\'e hem ~rr~!e'~t~·t,:::,~I~·:ltt~'&··..:n." Ist'd rultibtrl"thfll~IIU:~t'.CO':I.6tm;dion aceedsMe pap: aD the,.es nee~ 10be authenticated by tI~e tut".('ri~l (.t1id:l~ .·DT o;J~o.J",aS6/69J 5:·AC'CrIIed iElI.::n:st.'c{'ntraeted nm.:>l.nt paid to ~.e "o1.ll'l:e~~' ditl't:t " . . . . ,ucm the II~ menticned in the Dual Ticket. T,.. tlllTt1'tnri en jJ1lff .fttt4t'h
~~f h:l" (lft.j, iH!\'kfd to 1J~fll)lt. Jf.OMUnd (1,)104;'01.rlit-It
3.IX·"EID~NT..N.O:~ C«~"I1$i!l the investment N,~teul1lYbe a\,'d:ied U l: 'T,'o:lldt<! ft;p.oru:.1t :a"'lIII'd.deba'.ablc: at a:i:1k:rdah! lIS 10 '·~,.'1 ~). Ih~ c::tr«tic'llS WeT: carried .~:;: i.e, ~::~al~t"".~. :........ .Im"e5llllGlt r•.."'c ':II'~ flppIt"\~. ,.'!'t6ttd rOtt(~npllal1~,·1'~T15N.q,j(3J'.':!\IF: limilS m;.y be fLud I';) e:l~'Ure iId.:quaie .ii"et~:1clti. n.,~iKr..:'"l», .·C~! e.q'lO~re lifrIil~r.«:d,~hefi."(~ ~11.:a~tinres~c:I of' ph-:,!i.:'3!"s.:r.~! ;\If(!I.,s,t! tl,*t~ IIndit ht\<t b~ft h:t.d fnrucm ~·marl:et. PSt. n.~tl4"'.\'tr.'lit
i ttto1ltfll#ld:tt'lOiI to tPrO to Oxt%ptStlrtl\t,.tltrul' 5f:ttt 9~ h:IS. nfliltt~utljftlln.ur"Jlh ilK·I'"
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·Itis 10 (Ie fr:kcd II? thaI a!l1he k:mUn:lI:',,':l.iiriens 5tipt!bt~ in("l~:!t.:;i(:n ;:l':~~~rlcompW \ri:h 10ensure pt«npt ~~1lI!:1'U~ •.i:mptions3Swcllasre~pty:t::r.: ~rp.!riX:~ ,inta'tsl '. ,••...4.[)EAL1lCl£TS: [lea) Txhtsneed 10beisrued wilho~t arirtoJ~s.ld t:t~tions.:r.·atIy~a'eto benllriedoai:a6eD!a~«~tisiss~d.~~~t(»te#1.~=tfa1llbdcaticn oCbolh tl'.eFmn oftce,1!IIdc Office officials ana the Cl!c: t!iat the Dr i$ 01lce·. .•• tied 10\he branch need to be aead=i or 8tIl11nendmeritktt« ~ be issutd. DealThldswiT11C:1C!II~C!ions: DT 6-OCB.69J~913:0 691S.69~8. ,.-.signlllllre pCBII!:kome: ~ mpIired hthe DeaI·Ti~Qt~~.:., ' .,;;'.:{:'·t,~..:·t,~~,,·J;i!$&.,\,:~ijE.68S1.61S4,615I,6860,6S70.6876.700s. .·DT68Si:. The «:Olltll~' \W HIS I:trcr ::c-.6387 dt.O~.O~.Ol was t::\":"~dt.'1a: ;i-.t d.!.!l :sc:mczII«lw'.1h mutual am!Clt asl1lcre is Cif"erencein the amount of trJl! UClIrit}· nd~d.
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-lnterest en application money is Qut i;l Tes:;:e:t or invclItrncnt.l rr.aCebl9.Sf)IIiH\JtX'O Bon<lllC(16~tl'~ ..~Car;,arltw.k 8ood$ 201)7 durinJ De\~nM 1001; 11.25%0$10(: SN l309.9.30% union lvi. Bon~ lQ01.9 20 Ear~.; :>f111dia Eond s 2:>07,9.5% State Sa.ik of Hydel'abad 2009 duri.nll<U\'W')'.200~ ~"1) U",ilUDCO
-B",ndi 2':'j7 s: 8.95~gm S;)n4s lOO4.·lnc.enti\'~ @0.09% on Rs. 50 c:n.)nws\mtn't made in REC BClnd5.1OO8 is'\.It from SB! C1pMl MN'bti lokl.-Ineentive @,O1';)% on Rs. 25 C:l$.)nves1.mentmade in R..EC Bond5.~8 is ClM 6'om AX C,pital$ttvictt{.1d2.BWCH GQl!lFIRb.V,TION~ :Cor..D.rmatit'ns not f~civccJ.DT68IiC',6S7~ to cl811. 6jQ 10'.'. '·Tht bonds which are \)eing pl!Jchase<l nom ~ market (Physi~ s;rips) need to OfnPtf;td lJl ~ '! ' .
ofCBTEPF and c.:>nfirmttic-n UMl tt.c 1:m~!'\ehmay be c:<IIled fo::'. Nec~ toUow lip n.iit·t"lJji1lt:ij~,issuers.1:~'1ch to ensure that there is no dt:a:; b receipt of scrips twferrcci. in tiIVOUl'oreaTEPf.· 'f'bij -.v.·(.\wdensure receipt ofiJltcrtst fsom lh: Cate ofinvestlnent.·The-Cl)lTojlllter gcneroate-<i O:lY.'lfiJmations need to be free 5'om manual c~Qc.JW acSditi~'1l~m~,_,. .... .No twerp.Tiling." are ?endned. In tas: 1he~eare any corrections te Il',eccm.p.Uet out put it _ftQ~ ~ ,that the records have been c(lr.ected t(,CN:!:Zlg;y. 1f the con fimHti~n e~:cellc..on .• page illl tho: PJ.iC$ nctd 10 beauthenticeted by lle 31:lh.:-ri:,!:i officill.
i -lithe C0::r::-:tlation is more then \'r.~P38t ell tr.e sheets need to be amhell!ieitcd by the Jlui\C'rlsed F.gru\tw,r.\ e g .•DT ::"~~6 106863,I -dt f':Bi::: 14i68~:·Accme,j int~C!St':cc'nt:~c:edamornt p&id IC'\i'.r: cC'HlI:npa~' differs from t:.: ane:;r:t: 1l\~,tiC'n;:i;n the De 11Tid:c!.I ·ct ¢tiS5 -:-015 'C'3: A-:Y1(IUlH :'''l\';!sted b 8.::':':' ~DL. 2012: .A.S~pS1t:tle ter slating \he ar.1ount IClIJal\)' l::"tf~~1I a.~also ;;.:-::I~~:l1t1~fllr.dcd t y R31 neell \0 l::! ::-t.ii:1Cd and };efl (·n ;e~·~~l.i. , ,~); ,i .In b.nc·,. t:l'lIfinu.::ticm the :"Ia."llt cftof:l (~il:ec!gc hl\'~stmen~E::.r:;:~~ ~~!\'ielts!..td (Ct'unter:;~~'fc·~ J;tt4.slJ ItI 6575.6710 i and Gilledge ~: ~':\4:ement Services Ltd( CC\.IT;tr. PWi for CT 1.iS64·'O)is slated U "O:\.. TEOtl2".UitI necessary l::al th~ name ,'f:!:e ('.:owrterp3!:·Y need rc be r:le:lti'~r:~dcc'"!c'~y,Mc,~.:fields ill t:\C tte"'r :nay Na\·ttoiw. p~~·;;c~.:Jr. DT \~. ?!:'j.j :;:' :~(,!tthe n~r::'! (,f (>:.:.:::.:;4)";'; :•.t:,::i"::-:l:;'~ (;iII.iF.DC E ,\\"l";!i! ::;1~,·.:.a!~Ij)~·is
G1LTE[0E \1.'\:';.~.GF.~,~E'\'TSER·\l(,ES Lt:l.·DTf635: ::: branch continnuticn full description ('If:h~s.!curi:yis ~~IbtUl¥ .r:p<l:teO, lll$lua otm"\U<!l\~n$;~"-dl:y~Trec31'::Y bil.ls(!\·lat\U'i:yc~.;d 2olQl..100~·":t iH'fUY Imr:tor.ed·u-·~i).t}:rt1lEAS1,,;~Y 811,.1"~•.).Hust ~$ ..~e~.mbellYen1l5nean.s··~36·q"8l4010l". '·DT 67-14: ~:ame of CI,\\l.:"ltcrpll,}' notmcnti.:-~edin the bt"'cJ'I¢-b ~on6ntl~tion.3.D!\lS:~lENT NQTE~:C(lt'!'ectiQnsin tl..~Investment Notu mI(~n\'«~e-~II$jt ~·o·Jld.\ltd.*bltab!t.atl_;';(date as tc when exactly the (:.('rrtc1icms were carried out i.e. before'tIt all" It.. lnveitment note was flpprc\'cct e,, .•
549/2001·02 dt. 25.02.02. ',. "~~.",u..Uwu~m,*,,~~enbo . the~TIl~l"«;ilh the COUllt6pal1y :!J !Idnler: Jnv-esUhdt !~"ie : ..• . ...';, .:.•••based exposure limits may 00 fixed to ensure adequate dj','eJsiikllion o[portfolio.
ANNEXURE C1I3FEB-Ol)
$Alcr,""yt' e);w,t '.l$~-.nTpCOl007.Btl~C foUo, .•d up b11bt Braucb.
Slllctnctiv,tf •. Slactnct\vtcl,IbIct~4.'1SnuKt.~ I1ttll ~l)l1,"IM$'d ~qd~JJoQ'o"~""'. . .,. ' ..••.••. ,'... ", >,.'
II'QCb 1au)eeD lultably advised. Noted forC'OfDpua.c..
Rronelt acMlfd tea eGnlJltr.
Bronell ll,q. "«'fD ach1led to rectify and repClrt.
UnJnch bas confirmed lilt same In Fund$ta1,nwRt.
Ur.aneh 1l1Ub.u adv1$t'd to vl"lmg" acc:orclmcly.
nf£lll\nl betQ IlcMsfd 10:srr3nge IIlXGrdluGly.
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~oC'd.
This Is uDnvoldable when ChiefManager lJ away.
.uuer ba¥ed upolure 11m,,, lire lu plafe for PSUs.Ftxln& cxpOliur.lbulu for State Covts. Is not --acteptablll to El'FO.
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r PORTTOUO hW!.lGEl!IC>l-CBWF~'l<':J'''i~2 •..• • ~C )- rIFlCAnON F EAL TICKETS FRO)! 564 of. , .. . r VATioBs ...
IJNIERESIIlNce.m'ESJM: . .. .... . .. .ltetest on applicaticnm-."IJley is due for inves:::ments ma4ein Bends is5ue<l byU':I1JKB1NL, ~of s-rod,
. KCltPB. SSNL, HUDCO,sAlL, REC,HDFC Bonds 2006 and HUDeO SondslOOf. ...".._.·Interest on applicaation.a"llq' is due ~ Tespe<:t of investment$ made in 9..s~'lit.1'X:OJon~ ~~.~ 9040%Canara bar.k Bc:mcIs20)i durinJ Deoeernber 2001.·1nterest00 appliQticr. ~"<S\CY isalso due in ;e$~t of iswestments~,.de inl t.l~'iGS~ Bon.s. ,ooj,9.3~~twon bank Bonck It'oY'. 9.)0 Bank c·nne. S.,nds lCO()7. 9.S~'Sta~ a~.koni~~~410)t cluMI the~~md:~ .;lncentive @O.em-.en:ts. ~ ers. lnv~~n: ::nade in REC Bt'nds·2oo8 is due tom sat c.pi"l M~ets Ltd. ,-·Incentive @;O.l~ en:u. 2~en. lnvestmen:made in REC Bonds·2008 is cue t~ AK Cas:ital $tl'\ictS~ -.J" _. _RWCH CONDB...,\!;\TIQNS :Ccr.finnlti~~s not r~~y~d~~~1~~'i't.--~.-- .. ----J'b~_~ds.~~~rtt\m~ricl8ry matke1 (ph)'sical ~rips) need to ~ reajs.terod in !avowofCBTEPF anC ~f:::nl1ion from fr.e bnmc:!': r:lay be C"cilled for. ~ec~$$iU')' foUow lip need to bt made withissum'braJlC:h to erl!l::e that there is no de-lay :"1 receipt of scrips !:'a."l.Sferred in c..YcW' oCCBTEPF. TIlis"'O\lld et\SlJtt ~ecipt ~::r.:erest from the dale ,·finvestment.·lht computer ,entTa'~i .:on6nnttiClls need te be free D-ommanual c~tJt~ti(lNo',ddi~l'1t03~IQ"" _tll.1\0 overwritings are pe::titttd. In cu: there a:e any cOn'ec~ionstc It.e CCll'11put.r out fQt it "'t\k.••be~'4that the recorda ""e been C(\rrecte~tccordir:,t:y. If the eon1inn.lti~ e,'tec.d$Q"t N.lIll lb. 'PI'f.0$noodlo totauthenticated by t!le ~~~"'ri$edoifcial (c.g.,!::T 6588 to 6!-9CJ, 5593 to 6'SH). .. ..Iithe confirmation i!=:ilrC l'la.'1eee page all ::-.e sheets need to be authentic_ted b}' tll4l,,~qn.tOty.e.1..DT 6e9~to 671(. . .- ... ..-dt6713i6il.:·AomIeCimerC!\1.·cOl\'J1sC~~C ;;:1".C'\'ult paid to the t'~r:~erparry<Wl't:'s frc·m the IUiIOtntmentioned in the ~ Tl'Cktt.-<it 66SS TO 6'7(3: •.I..:!:.t1mt :Jwe!tedb 8.3:)0: SDL 20J 2: J.. sepa..~te le-:terstati.-w l"-leanount actually allottedl$ also attW\1nt :e1Ut:.!.....-!~ R51 n~ed to be ~::.ained :md kept ~~nreeord.-ln branch conll"TNtk:: tl\e.::a."TIC of"t".,.,:"(j:::~dgeInvestment Ba.'lki"lg SCt\'icl!s t.toj (C",untO:fpa.'1)' fbr OT 6~1l te6575,6710) and GUt~:i~~:i1J13£err.ent Ser::;:s Ltd(Ccur.tcr pany for C·T6'64.1:l)iJ JottWQ II "OlL'f'EOOE".lt i.Jn:ce$~' that 111tru:: -:~f:.il!CC'Jrntrparly ;.~'!d tc b~ nC1tiC'r.ed cl'indy. ~!~~.tic!1oI1n tit i.elm :'lIlly ha,.• to bepto',idcc:..·016635: In b!anch c~::::mnti(lntl.JlJdescription C'f~.hesecuri;:y is :'lot beiJlI fcpo:ttcS. wtead ofm,ntiC'niJtg "364<UsY" Trl!{I~1..!)' 'bi!},i).::;-::.::iry C:lld ~: 01 2Cr:: ":t is (·nly mentioned as "O.QO""I.\$\.-~ Y nn.V'...\1 lUll thesame ean be mel\ti~n:: lS ~3054TI3 2-l0l02··.3.1NV&ST~·lEi'-il ~iQ::;S: Corrections b the ~;".vesanent N.~le$may be ayoi·~cdt.t It T,'OJldbe dobatQ~l.at • .laterdate as to whe-n ex.scll;::,1orecorrections were (·;.rried Out ie. before or aftl'lT the !rw_rm'n! not.• WP IJpprc-ved f.r·,
4~O,456,45:,~6~,~-;',.\Si.~9;r)OOl·C·: : -F.razexshouJ.:l:"N~ beust4 ple-ou).obse'tVcd that tlle :m·~lment.s2.!~r~cop:~"p.mded:;\:'e!fect.!t~GitIM.~ ~.~I~v.;tp.m~Cr(.m~:
negotiatitlg iliecea1 ","'.;..'1the ct'llI'lte1'p8rl9ns a ·dealer:'ffi\~'S~~"1JA.4'J~;'f.101ttl)r-tn .••.based exp<Rn Cci"o.S may be fixed to ensure adequate divem:)cation of p:mtt'uo.
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Sbtee~ed .Be~& roUo~'eclllp b,tbe branc:b.
SlD4:. ~lYfli.BelDg rolio~'ed up by the branch.
66091s,-e1 ~ be l"IC!l\-ed.BI'2.RCb ad\1sed.
Branc:b ~s been suitably a(Mud and~~tloD oblnlDed.
I"UI~bach1sec:1swlably. Noted for~mpU3nee.
Branch ad\'lsed to redtIy.
BnlDcb h'ls conf\nntd 11If'I3roe In thefW:1C16I'lDent.· .
Brruu:b sultabl,- ad\1sed to amngea~ordln&l",
Bnuu:b alh1std to amangt' aCt1lrdlngly.
Noled
.Tbls ..ls I,In~voldable~'henCblef ~al1fJerh .",,"y.''''''1' based ,tposW" llii\\fI; are in pln(efor pst's. FIxtDa exposure lltnlts for SUIte00'V't. Is 1I0t acceptable 10 £PFO.
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A~~\r~\)It E" J c.EMPLOYEES'PROVIDENT FUN ORGANISAnON
(Ministry of Labour, Go • of India) -(Head Office)
Bhavishya Nidbi Bbawan, 14, Bhi iji Cama Place,New Delhi - 1 0066.
No.Invst.I/l(3S)O=¥Conc.Audl~% ~ L ,Dated: 30.07.2002To
*By name to:-Shri Hemant Contractor,General Manager,
*The General Manager,State B~nlcof India,5.S. Branch, 2nd Floot,Mumbai Mains Branch Building,Mumbai Samachar Marg,Mumbai - 400023.
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Sub: Observations of the Auditors in the concurrent audit report from January, 2002 toApril, 2002 - Regarding. I
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Please recall that abstract from conwrrent audit report relating to the Portfolio ofCBT, EPFare to be placed before the finance and InveStment Qommittee and it is consideredto place the same in its forthcoming meeting. You are, requ~ed to furnish the foHowing..-equisite information/details.
The bonds which are being purchasedfmm - It was requ~ted to fumish the report ofsecondary market (Physical scrips) need to be the Auditors~arding pbysicalverificationjregistered in favour of CBT, EPf andofsecurities~ ISBI, sse iOformed.v.ide letterconfirmation from the branch may be called No. PMS1764 ~ 10.07.2002 that Adukiafor. Necessary follow up need to be made With &. Co. Charterec:tAa::ountants bas beenisSuers Ibranch to ensure that there is no completed * work. Kindly ensure todelay in receipt of scrips transferred in favour forward their ~rt inwnedlate1y.of CBTfEPf. This-would ensuR!~ ofsecurity as well as Interest from the date ofimrestment.It is observed that the Investments arerecommended, vetted as also sanctioned bYthe same official apart from negotiating thedeal with oounterparty as a dealer: Note No.220 to 222 dated 15.04.2002 No.226 to 22'8dated 17.04.2002, No. 230 a 231 dated18.04.2002. __ INote No.463, 478A, 419, 4~ 2001-2002.Note No. 463, 478A, 479,48012001-2002-.
Internal Conupl System is the backbone ofany finandati. system particutarty thetreasury/portfi 110 management functions,Sustained upk, of internal control system~ 9n 1eawi/teY-r is considered veryimportant ev~n if any officer is on leave/tour. To avoId Idling of funds also, it wasrequested : .. vide letterNo.Invst.I/MOt.!/IF/2002/ dated 11.07.2002to make t~ necessary arrangementswhenever anyloffldal is on leave/tour butthe response lis still awaited. A suitable
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system about! the leave arrangement maykindly be d~'vised and internal control.system be st engthened so as to avoidrecommendati n/vetti ng and sanction ofthe investmen by the same official apartfrom l ,... the deal.
A:\I ~I'" lllly..(l) tInr
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Kindly make it convenient to furnish the requisite Audit report nd intimate this officeabou t prevalent leave arrangement and steps taken to strengthen the ntemal control.,systemby 08.08.2002.
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REGIONAL PROVIDENT FUND COMfIS!qQilRR
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Date: '''I ~, Ct"1..--.. No. MH I PF/Legal/GVD/~1,
By Nameto: ToShrl' K.L. Central P.F. CommissionerTaneja NewDelhi.RPFC (F & A) ,
~ . Encl: As above.
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SUb: Companype'tition No.1' 2000 :filed by rcrcr Ltd.(Merge Aatlgamation of scheme with ICIeI Bank.)regg.
1tlncU,. 're1'er to the above subject.
In thJ.s connect1o.n.' thJ.s is to ird'o that aba_saidmatter bas been ~1nal1J disposed on 11/ 2002'. Unce••ti1Jed
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COPJ o~ J. orde •• dtd: 11/4/2002 is forwa ed herewith for1Ur't:her _ce~·' action.
As per the saJ.d'order sn-ayers o'f sa. petition clause(a) to (g)baw been 'madea'bso:tu1:e by the HonlbleHJgb Coort~& be1ICe i:he copje.a. 01 #le
your ready re terence •en enclosed tor
Pleaseacknowl.edse the.rece i.pt.
your~rullY'
,ltnP• KR OOR'lWl)
••....•••.VPU"JISSIONER (II)
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IN THE HIGH COURT 'Of JUDICATUR£ AT BOMBAY
ORIGINAL ORDINARY CIVIL JURISOICTlON
(;OMPAWY ;':'ET ITIOW NO. 132 (IF 200:2
Cot~NtCn,D WIl H:-,
COMPA~V APPLICATIOI'+ NO.606 OF 20101
IA the matt~r of Scheme ofAataloamation of ICJiCl limited.ICrCl Capital Serv1ces
Liait.ed, ana Ir;::ICl P~S<1f4al
Fi.nanci.al~rvices limited'with lCleI BanI< t.1•.1ted
ICIer LilIIit:ed
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\IIk". VirenQr& v; l'ulzatJ.lU(".ar:wi.-th R. "". Kadaat,a, S. H.
Parikh lIb Ama-rchand&-til8~t--das &: Sur~sn A. Shrcf·f
& Co. for Petitioner.Sl\ri T.R. A.ndb~u~ina •. Se$.i.or Counsel ~i/b Udwadia
Udesh1 & 8erjis for Reserve &an~ of In4i6.~\l~
II
St~ri c. J. .Joy vith M.M• Gosvtuli, Panel ICounsel i/b
R.P. Singh, Company Prosecutor f.~r RegionalI
Director, Oepartme-nt of company affiaris,
Maharashtra. KuMbai..Shri B.!. Haena, Official LiQUidator present.
Shri M.S. Karnik for Provide~t Fund CO'llI'IIissioiter.
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Shri G.S. Reddy~ Intervenor In person.Shri Hiren Vyas. Intervenor In person.Shri JanaK Mathuradas. Intervenor in pers?n.Shri Aspi Bhesania, Intervenor in person. '
• c .'_0 _ .
Shri Tushar- Bhavsar lIb" Ramesh Makhi ja & co, ,forAsean Deve-lopmerit Sank.
o.RAl. ORDER:
Thisliaited under:
of " tb.e,
rcrcr
t~an.sferee
2 ,3\
Investment corPorationI
of Illdia Limited,*:no :~,~rname was changed to ICIel Limited on 1l.th
September. 199.8. jThe ReQis tared office of the
Petitioner Company is situate at ICIC! :Towers,Bandra Kurla Complex. Mumbai 400 OSt. The "present
authorisedshare capital of the Petitioner-Compan~
is Rs.6950,OO.,OO;Ol)O divided into 1,600,000,000
equity shal7,BS of Rs. 10/- each. 5,OOOjOOO,OOO
preference of Rs.tO/-· eacn and ·350snarespreference Sflarers. of b •.IG.OOO,OO&/- each.· .Tbe
issued capital is I(s.785,34.54.480 .divi#d-into785,345,448·.-equi.ty sha.res of ks.•.•O/~~h arad
Rs. ~SD,00, 00.. oDe di.~1ded into3SU_ o•.O'-on. PNtT~r~noe
~are of Rs•.l.Dn.ot), ooo/-/ each. ,n. 'sut,S«ibedcapi tal is,~~i.j~;8'924 .•-~t$$fl~tl\:~f.~,'~1'$:' .'."illarrears .~~:~'W;;~~ity"'~~~~ij_':~~¥li~~~Si~th;.Rs. 48, zs, 648~1i,9:
~:,:L.Zth;',. " ~-.!.
originally
:YC1~tCa1>ii~{ was·";F{\;_:':"f":;<.·~~ -' ', _ I~7,.~~~::-f~.::·~;t;4.T'·'': ~:;':",!\L- .- - ,:"-~~'"aWbolly-owned"subsi~iary ,PI'; : ~erstwhile
."--
SCICI Limited. con-seQuent; to ttle amalgamation of
t=;;rstwhileSCICI Limited with the Petitioner Companyin 1~~1, IeleI Capital became the WOOlly-owneds.ubsidiary ()f the Petitton~r Company. The
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R.::gistered office of 1(:1<;1Capital ~s situate at
ICIel To~ers. Sandra Kurla Complex, Mumbai 400 051.
The present authorised, i$sued1 $ubs~ribed and paid
up shar e caplt.al of ICICI Capital is iRs.5,OO,OO,ouO
divid9d into 5,000.000 equity shares of Rs.IOi-
ec;.ch ICICI.;~E.~.i'''''~~!jj:.Jloorporated .on .._Z~th March. 1997• ~::-: -::'::- __",""~'_:'; ~. _ •••. __ " • _ :'_'-- ••-~"04'_~:.~-.:
as-a, gU~~KwJ.~~~.~~.,oompCtny,-.ufl~et~.., ·theC9,,!~nie~. '. - ..... "--"'' . '.- -.' .:".- .. ::¢~.-~ -.... :.._~._.~.'.-;;i.,~.~;.;;t.-:.:.~" _
Act.--,19S~_;;;';~"O-~OI;;:P:f$wasorig~TlallY. _inoorporated. --., ." -- --~ ...- ~-- ..•--, . :.•-,·-::::",:,:,~•...,j.~:-~(.l~;:~f~';i-._,*.•--~,...--(;,,:l:b>.:~:i...~t:..~' ... 'fIi
as ICICICredlt~r.,pqcation-",Limite-d'~nd_-~:-·it.s'-name--. ...' -~. --.-""" ",,;r,-.-.~... - -.-> ," -.- ~ -, -··-·-·~"';t,'..£i:..i.:.·~'_'~~£.~'.!.~"'~~t':;;';:-_·;·:;:<-''sf::,.i::~""_';'',,;,,,,~~~. - .,
was chan~~~~~~$f,!:1~f'~~;~~_~a.~/~:s _. reol~tered ' offioe
of ICleI' PfS- iss.1tuat9 at lCICI 'Tbwers;." Sandra
Kurla complex., Mwabai 400 OS1• presentThe
aut.horised' snarecapit.al -,of ICICl .: PFS isRs. 1SQ,. oo~OO·",()O()":-?'-diVid9d;1!,~<~15{),.Oi9,0;O~P~!?~,qUitY
, • .' c. " -. . . ,.:;. . ' ." . "- -~:,'jx::,;' _: .-snar-es of' Rs;J-O':....·:ieaoti~ "Tne';,lssues.:·- $ubscribed(and
. - ,- '.- ',~..~~~,-:~o~~:f.;:':"=';:,;
paid up. caP:ltal"<>f IcIC1:"PfSa: ),s' ,Rs. 5;'0-0.•00,060-. -- '--', ~. '- .--~-J-?:~''"7
each.
2.
.iCor:"pq.r;itloi\fJ.1M 1.ted:_anl1j{~V~~~,!:{~>,to I.: .-.--,~.;,;;.a;~:-"'--t;"~ _ ~",,,,"-;..,;p,;~~~"'4._•• ,,: ....••. l.t:.:~.~~"'~'!.~:!~-...·.-r-~s_,._ .•
ICl,~.~;:_,.~ri~~~·~:.L~.1~it:edon J (t!-!!·S$r?~t.~.~~I,Il~ijlThe'. - ."-'iI. .. , ~ ...."'''''''~1O.~-f~:ttO-~~~~ •.",~,.•. ./'.:.! ':l'<-~':-'-""". __ ~-- .. ~'. I
Registered office of the ·Transferee Company is
situate at Landmark. Raoe Course Circle, Vadodara-
4 .'~.-
390 007. Gujarat.
The present author~'S.ed share capl tal .of I.theTransferee Company is Rs.3(;O,OO.OO.OOO divided ~nto
301), f}Of), 000 equity shar-esof RS4. 0/- eacn, I TheI _
issued, subscribed and pai.d up capital I 1.SI
Hs.220,35.86,.aOO divided into 220,35&,680 e~itYII
she.r es of Rs. lO{- eaOh. I,II'
II
:
the- petiition, I'reasons :that
iadvantageS: of
I
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3. the Petitioner: ha'S~$'pecified in
have necessitated t.be Schetl'leend thethe amalgamation scheme.
, II
,4. It is pointed out by '"UleP,etitj.on~r. tha~.~hen, , I,
the transferee COOII><I'ny""" ill,eo, rporated i,n "tbe~cly~ar',
199.4. tn.e Petitioner vas holding 15't of the e ulty~ - .' - '. -'-.
shares capital of! t.het.ril'ftSfere& baS;l~ and! the, ,', '" .. II
balance ,251. ,of, the equi.ty shar~ capital of i 'the'
trans·fe.ree ,bank was he1.dby the erstwhile ScICIII
limited.. -t0l.low~oo:7,:c':t.he·'~·amaloa-a tl-OIl"'~Of,7:;,l1:h~liI-~'~.'~~-"'~~~.;~.~;'~~:::._ ::.-~:-:",__.~-·'·;.J:·'·,;",4;.;,·~~-~rMC::~-~'-
,~~~lU~i~;Iq~I,~~j'" I(;~,y:,~
B~~t:i?!t~r£>}!~ii~e.J1!.~~i~ary1:'-o.!:~~1:'I-' -.'~e~~)I'e·<'7-'8ahK~·;,'pf,1:I:nd,ia·1.lIl$lOSed... a oortdi·~'i(;m':*.ft;1lat.~,·-
_J.~~:.,_.,. ,;.:.~..,.,." ..-~t:,>,. __-,"-'- .•';o.',__ :_, •..••.. '..,- -_~" .',.. '., "'-'i.--i:.;,,,,~~-.'~~>'~1~.k~
~IC!~,I::~ r~d"'Qes;~tts., shareholdin9in lC1Cl;"~':aa"'f~1l>;jsta.g~s,· firstt() not more :than 15. O~OT l't'S-,'~~!~~;.'..Ishare oapi,tal and ultimately .to not morethan.·;40'~.o~
'-' - - --~-'"-. ~ . . -. ,.-- "' '-"". -,.',,~'.,;~... -'... -~.~ -
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/ !.~,'t!I';-Ciuity sl\are ca~i,tal. TheJeal't..er. in line
wi t.h the fceser ve 8ahk directi ve s the F'eti tit)ner
reduced it share holding in the trahsf,ree bank toapproximately 46.4% of its eQulty s~are capitalthr'oug,/1 sa l e of equi ty shares of transferee company
in the Indian secondar-v market. As a r esu Lt , the
transferee bank ceased to be the subsidiary of thePetitIoner. As on 30th Se'Ptember. ,200 I, thePetitioner/company
__ .-~.- ,--, -"-- --,... ";_ T·· •.
held 46.0-' of,'1:heeQuity' share
capital of tne~-~~~~'>;~---.j:~;,- ~'-' .....
transTereebank.The,scheme oT·.:_"_;":~~.~.:-,:·-.~l:"----,'}-:::;;;~/.-i.: ~'-;-<" _
amalgaraation provides for-':,the -':.Pet! tioner- - ,- . . -' .. 'J
. ~""." .
to
transfer' on the a'ppoirtted date':all' the snar-es
the tra{lsfe-t'ee'C'i)tnPany held,by it,. to 'an individual" .
trustee or a board aT
__~tc-~es,i~ttru,S ~o t.Qoelh!&{:.
aoqrJJU9nsbe;nef.i t .of, the'
sUooeSsor. Tl'tescfteiBe '_~91f)O·~$.,i[t;1
the' ICICI
the
and 'its
na period
shall be transfered or and sale
proceeds are to
Petitlonericompany or its
~!~lQg4,";,.the,
",••••n.•••'1: In ,
6
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. .·Y,~.<t:issue and a~lgJ.~o;:~h?',:..~Hg:!..t)'stlareholders of .•,.
whose names ,·ar.'e r~or.,~d .•iin thG Register ofICICI.:.-.'!.~~:.~:-:..Members of lCICI con a·date-~p,;;be,fixed by t:he Board. .,.•. "0 •.•. '" . . 'I
of Directors 0'1 .cthe· Trah;sferf!9 ;COillPany or a if
committee of such Board of Directors, equity shares
of the face' value. of Rsi'IOF- each. credited as
- fully paid up; in the ratio'of, LeQui t~ share of..r. -/~';...;.-,.
the face value of Rs. IO/..;.;~each-'in the Transferee
Company for every 2~eQuit~tg~~~~·Of the face value
of Rs.•H~/- each' lMld' 1n Iti6i;~-~i;,~'
5. The scheme further order of;
the- Court -sanct.ioning be lftade
Batik ,- of.subject ,to.. t~e!
-., ~- tndia~ t~ ,company under
. .
6. Peti tlOI'le-r anfi.l<&dThe
applicat:ion in this CoUrt
no. 606':'~;.-.-~-,..~..."
of 200t for r~uislt. dire-otions.;.~'~:~::~\~ - -r- - I
conveninQ meeting.-·of the E'qulty,-:Shareholdersof t.h~~.~ij:d/~~·;:'~,~~- ~
Peti t ioner Company.- By or'at'rJS~1:Jated December
200 I passed by this court ~lr'-:the' said Company
Application, the Peti tioner"Company was directed to
convene a meeting of the Equity Shareholders of t.he
Peti tione; Company for the ..purpose of considerlng
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and 1f thought fi tap~roving with .or without
modification, the arrangement embodied in the
Scheme. The sald Order further dir"ected Shri N.
Vaghul, the Chairman of the Petitioner Gompany, inhis. absence Shri Ashok Gangulys a Direotor of the
Peti troner Company and in his absence Shri R.
Sashasayee, . a Director of the Petltion~r Company,to act as the Chairman of the said meeting and :.torepor t : the- resu.lt thereof to this cour t , By anorder .dated.:.20th December. 2001. rneeti,lgof ··the
- .
creditors·· of.cthe Petitioner Company to :Seek their
approval to the Scl)eAle was. di:s.pensed wi.th·by this
Court."'-'., .~: - ~
7.·~t~~~ ..,;~ft'h6 ••• ~9~¥aS "Sent it'~~Y-iduallY, '. ""\ C 1:i:~;j:iJ·:.~·:;-':~:.::,~·•. ._ _.' .,.' >: _ :~- --. __.~ ~,,~ . ",- , .. i~.. ~~~:~,-~,~-r , • _' __ •
to - the· :£qutt{ .Shareholder:s {s ,p;f, . the ·.l~iJ"~~i.ti~ner. .. . ~) - _. .;"-.
cOfQPany~'~' 'directed andr~red,Qy· the •<>-rde.l'"dated·r·l" ..·· .. - ...,.."",.. .
.....December 20.- 2001'." t()~her',withia cop), )~a9tt" -of the
Scheme,-the Companies':Act, 19S6a.n-d the form·, of proxy.
Along wi th the said notice, the·Peti tioner Companyf'
also sent to i,ts Equity Shareholders and! holders of
ADRs, an Information statement·dated December 20,2601 setting out additional information
connection with the· Scheme. The noti¢e of the
meeting was also advertised as. directed by the saidOrder in Business Standard (Mumbai Edition) and
8
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mara t h i. translati6n thereof in Sakal 1)1\ .JanLl~ry 1,I
2002. :;hl~iV. Vaghlll, the Chairmah of th9m~eting.has
I
af-fidavitl underalready filed the requisite
Rule 76 of the Companies (cour t.) Rules 19i59tI,
11. 2002 in respect of the servi~e and.January .
appecu-ance of adver tisement of the said notrice in,,
the said news papers.
8-. It is stated that Oft 30-.-t-200Z. mee\ing of,,
the equity shareholders of ihe Petltloner(COMpany
..,as duly cx>nvened and hel-d..-:-:I~ .was attended either•.. 1,
pecsonallY Gr by l)rox'l by L,195 EQui1;y Stlar&ttolders
Petitioner/company :holding 591~056.382shares of the value· of· Rs_S.910.S8~.•820i-.
I.,Upol'l the resolutioo belA01:~~ f«~~Jt~. 898
shareholders >o#:.,'i~::· Pe-ti.ti~/oo"p;l.lQY,.:~ .'. ".;, ·_~i..;
. _,i
holding 590.Itll, 518 EQ\l3.t.yj;;:S~rbS .res;r:-esentlo9'. • I
_ "t ~ :
77. 7\ in number of EQuit~,~T~l~s a-ndf9"9;-9't. in, .. ". _ ... ~~__ .' __' • ...r
i ,value of the Equi.ty'-~~ar.es. pt:"-&$enta~d voted
of the
eQUity
equity
the"favour of the - re-solutiOil and 2;8: eQui.t~
shareholders eQUity : shares,
r~presentinfJ 22. 3~ in nuaber..Qf Equity Shareholders
31'1d O. I'%. of tilevalue of the Equity Shares~ presentand voted against the resolution. it 739 votes ",ere.
declared- as invalid. . . iThus. too Scto.&me ",as: approved
and aforesaid· Resolutiorl passed by anthe
overwhelming majority, which is in exces.s· of the
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~~ed
~OOi, a meeting of the jpref~renceShar-ohc·lde,-s of the Petitioner compa~y,_,seeking
-I ,•. ,'
appr ova I of the scheme was dispensed Wi~h subje,::tI '"I
to the Cl)r.-dition that the Petitioner eOf\f)any will!
obt a i.n consent in wr-itiftg from F(Us$~l
~ ~.~.--.---- '- ------ .----....
s tatutory r e ou i r emen t. order 20thBy
credit,I
Limi ted. the sole hol~r of the entire! pr ef'er ence1
• I
share capital of: tne."Peti tioner/.compan~.:,,~.prior to .•• '.__ pl"- "
the dateof :the". fi 1~-n~:}4'~~~!~t~:i~~;N~g~:ition., 'Accordingly. the saidPrefer.eincti;~'~Qa:f.~~ql.d~~"-ha$ .by
1"tter eta ted 3-1- 2002!11V;~~i"!~~~';~t~~J~'tolhe
scheme , Two other transferor -·colQpanias •.>,' ICICI• . --':. . ;1 ••• ' '::" -'-",
Capital and ICICI Pf:S· ',had
appropriate' appli~&ti~s
dispensing' ,witt'!,~ the,'"••...•••n•.•
meetino -: of ·':fhei.t"'~",$h_e..tl9.,l;~
-shareholders -of both""m$.""~~~Elll,lj
coneent 'to the~sC~' .the r-
two Tbetransferee
by filing Gujaiat
High Court.
the Gajarat Hi-gh Court.
by
a";'"
by
"
to ~~---
-' --
--./
-'- --- .•... ---
'the scheme ofamalgaR:ation of :,;;,the ";'-·_·1.'-""'\'0"
company with the tran s'f'ereepeti ti,<>n; thus; if, substance th~ Pe-titl.olneir:;:PdoIllOahY
.seeks sanction of this'Court.::'to::'· the·;'S<:~nlltf8e;;::'..of.•
't;··. "
. -..~.
9. To thi~ peti t i on, four shareholders".r
the
petitioner/company nave ..·· in
accordancewitt\ the provi'Si,?!,~£~T~tJie~'-":"-"~-=-4"=.,~•.-- ' ..",
are (1),SllriG. s; Re-ddY'i;"<2):-S'\r'l.,:- Hiren~ . - ;--.-,.--...•-:..~.:.~.::;;..--..•~-...- '. - '."C'';C·=«'
;-" "-:.:-?' . ~. :·<·i~~,;~._:_.,,,~., _Shr i .}\5P1..Shesania and '( 3 ):.~Shr;l,iJana«' ,
.~, .;~(3): ,
Apart from
Pet.itioner,.;"---;;-,
and Stiri,Tamal K~.' ";'_::'{"':",,;.'~ , -'ii',
But\<, t~_'".jeet.-or S haVe ,,·nc~~f;;/C~OfII@,l·~~'?':<".~~~':~~;~~~)~~~hf~:.;~~~~:.·:~:~~~~-: _ .. -.::~-~;:.;'.provi:sljon'S:<~,of.the RuftS",_Idi~"t'~·.,;·:C;:~. ".~ .1;", " 1.!;'.j;1.s; r-
,.,_as, riotserY«l oa- t~, """C.:I...LI,Ul'Jef'·",,;;~;~Lk~~,..~g.,
not~.:'; +i .~t:·~·:.;.~i.:o.~··- ~
object.ions ~an,fl<)t he ·t.a.ke,n
after... !':..:.;. : - ;.. -.~:.~.
oomplying witll' tlre
the objections raise-d is that- the ,approval of t.he
•.••RBI has not been s-ecuredas. reQu1red thebyprovisions of the 8anking'Regulatioo Bare
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"-perusal of the provisions of Section 44-~ vT
Regulation Act, however, shows khat thisthe
Bankingobjection has no substance, in as much as. the·provisions of that section come into Plar only in
case the. transferee ahd transferor. roth. thecompanies-are Bar,king Companies. In thle present
. I .I
la bankingf
f . I -company, . none 0 thet;ransterol~.co~qan.l.~s are. -- ,- i . -.. ' .• -:~.'_:~ ,:.e-'~'~:~~:"::'--.,.
- , _"I. :::::~g <>OIIlp<>ni't~"'.,The ?~lec~l"n.·~,,,s.+thus , ;~t1~.~:T':". '. '""·-tir -~ ~~~~~~_:'_~~; ·~~~-Z._:-~i r ::~ -.-'" • ..;....frJ;'£i~~1i.:.·~-·-'"~'~.." .."~,":r.·:j;~'~Wi.I-'~::
Though th~<t~~j~to~:·t.k-~i~~r'"r~CObjectron~'~/',''..- ,"-. . .; - '-..-.; .. - "..:-..••.•.-:' •.•..:.-..~-..~..:.- ~-.;-..,;.•~~-..'..:.~-::----~-~.-~, _._ ..• , "-":" '."... '.-~:'-. '. ~
the manner",in ',-,hiel' ~tbe; of ::the':"<'~~.', \':""-~-'-"~'-:'"" .,,-.-,--
"
case,
10.
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was.
i,.manner. .ir~~~
. . - :~-)
or that
law or
been di.sclosed
clear fromwiththescheme.
'. ,
principal'ob'}eCtiOTlThe
been fixed 1n' the scheme. For. thearriving' at this~' share":eX9tlanoe .: the
objectors was 'to share-exchange-ratio which has
purpose . of· .
. 12.
., .L _
Petitioner/company appointed JM Morganexternal valuer. The transferee bank apPbin~
asDSP
Merr.ill externalLynch valuer. Theas
petitioner/company a~d the transferee bank
appointed .accounting firmOeloitte H.':ts1<irls
to recommend the final snar-e e>:change ratio theBoard ofOirectors of the:'Petitioner and
"
the transferee bank:.
byOeloitt.e .Haskins & Sells has-. --
record.' ,.The saidfina has arriv.Q.~at .:;Jtj~¥ - - - ~
. ExohangeRateby.'appJ;y i.n~ \f).ve me~!'!.Ods.~..H:.:report it. -bes:'()~d~ta.S.; •... ..
.A-rriving. ·,at' /·,:U,•.~.:~rair
~"£~f~~~i7;,..~~ 7_-.:::~~::-·
. - --::',t"'-
"-41i.t&' ;of;,~,:~~I~('. .' . .:... '.:;.•.' . ;'. 4 ..
·'fheie{a"'e~iMvWal··~~ly.,;~\and,.{o: ~.~~. .~'." .;;~~.,.-' : - .;....,. :-: -:~·~';;:j":-_~1;t_-:'T~.>
met.ttods·:for~:d&teraifting;U~.:~.iai.r';,"l.. ".'- .--,- "'--1 r
shares o"'a~y su.<m~.S:
i) "t·',A'$~ valU$/ _or; Bre.atc:
assets and liabilities._
Cbl based on the intrinsicassets and liabilities.
li) Yield: Value or Pn>fi t Earnlno
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, value:' '
-(a) based on the past workir.(b) based,on POt~ntial eanti
results
- ,with ref~r:enceto,lJro~4:)¢ted worki g resultsresults-iii)-,Basedon_ttte projected work fig
• _4 • ~. - "4 ,. -. .-:_._ . .- •
under : the Method
the ,company
Ratio
&xistin,geaoh
\t. The emphasis of tne objector- that thedonevaluation-, .:of,t.he, share has
and fairo_ exon,angeratio arrived at -the valuers
14
to
f';,.: :
which ,has been ·propos~dtln!'the scheme not
/ ..proper • Ther-efor,e. it was also suggested the."t; { .. ;,-.'
objector that t.ne 'RBI has.·~_~}ed for a
. as-se-s-s thefa~i -~xChan~,":;~ti(, 'for- the merg:
to
,and. . -....• .,..--...-'.- ~-...I..~.
therefore. -this Court"should;cal1 for that- -. . • ~._C'>'r"~ '." ,'.' ,." .
- .: - -'.; ;:;., ..~:":;:,~-: ., -,
Accordin91y~ by tltis to
the RBI. RBI~ has
that
as
. i'$_~":;r-at:l'O'. ; - .. : c.,... ''';''~,b~'3~"~CICI,'''nk
" • __ . -'f- . ".. . _ ~ •,- " "'..approval. i'tlte
the 'i~ternal
, Bank.Mjs. A. Ferou-sOn'& Co. submltt d
their report on 9th:;January. 20'02.
swap ratio arrived' by?ttte.1IIas based n•
15
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worked
thre~ methods viz.j market value, ba$i$,
asset value basis and main inableprofit basis. In its Reportcomputing. the fair exchange ratioon the tR-l"'eemethods,·the·~ firm
after.
based
out four scenariosw&1ght~ge for the
. CORl,pUte.' , the'
~O~'Olud:ed:"tnat···ui::l-:;~e(QL'rP~!~~~~!l:t~I~Ir-~jlrt~J~~~·!;,r,
the 'sWaJfratio'
2001· Would be
11ve
fuU.Y-'~all-up; .:::~:;>t~~':'~~:~~:;~-," '~;,!Y';c
....• ;~.~,~: -: .• '-""";.,. ofle:IC!,~·:-ll,-,.~", ',"
-,i.;. ~-...~ ;IClClIiur ther • the
",', -. ~'J..~;:~:_: ~ ",:. ~_
to make the $oheM more·friendly.'-~- "ocordlngly, ratio'
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range would
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o·the- .aforesaid be
appropriate.
12. So far as jurisdicti6n of the Court 1 far
as sanction to the scheme of is
concerned. following ob~er'li,-,tionsfrom-;of the sucreme Court in
·:'c "-,.'4J.f:-~j;;; '-'--I-:-~~;:Y;:7"
udgment
has
•••tate,
.:~_". -: ~_: • " ,.' -.- L
.not as- ,-,~ .r-, ' \- "'" •.. , •• ~../: -~:
a.nother· .suoh
de termi.nati,on should- not-~.~~~:~~~,:::~~~):.
law: and.that itbeen
contrary to
unfair for
not~~----v..~...., _t~·~"r.:~r·tbeshareholders of the
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Court's obligation is to be tis'fied
that valuat~on""a'S in ~ooordanoe ith law
and it ""a'$ carried outby_~'an in penden t
body_I
I
•I
~e{":;~:·~;~:.~'.: " -~- 13.'~_""In. my: op~~ion, the;'~b~~iya~]~:J _ from,' the
ti~~.~;:.'f',<;.te' ~:~~; &P::a::~:M::::t iot· PiramalF' ',.' '->{~;;- <L:e: < • ":'" ~ t. -;:;:~ .:: -
~
' -':~:;~:/:-~.':-~'-."~':':::..~--.
~
_.:..:.:.T .•..
r~,
given case.,:,it 0e!Inr,01t?
valuatiQn, which/,
1s -'''.
.• .'unfair •. What 1s...1
,.\ ~-~ .
by the audltor$ of the and
18-~----,-,-----
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i----~--:-.•..•,---- -- -.-.....-...--.- -----.•••
oompanies.tran-sfere.
".i"
oir:oumstances. the applioation oannot
r"&jeot6d on th&'ground that. , ,
of "shares .;ls unfair to the
of:' t.h.,trans"feror-oompaftY. In faot_
of the shareholders have oomplainedany"suo'h 'unfairness.
-'. .: .~~~'::~>':-:'.'C-~.--.."':
'; In' this oonnection Mr.Cooper,.
'-;';"'ia~r$:C:"for the transferor-.company, "'::"';:';";'-"'-=--=-_:--- ~--·~·""F~::-;:--~ - .
:C':'
, dr:~"aJ--ey, attea.Uon;b);u.. ~case~-.::,.._._:"-..:..--",_'- . -~_ ~'.' _". c .'__..:.,. .,c _. __ ..: ~ •
In
'''-.-~
the court .i"t :tb.' :valuaii•. ' . ...,~::;..,. .. ,~- - r·.
~rrlved at i$orossly·unfalrr.ttte 'j --: "J"~ .:
,.,~'. - ,,' ..'- -
'·';.:.'w111 .. not. '-", -'-.: ".;-'.-
; &Rlalp._tlon whioh has
. t~esh$rehol:ders of the tvo oompanies.
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14. In the pr~sel)t ca se., it is oLe I'
vGl'Jer~ appointed by the compa!iie~ havegiven their d<?--tailed repOrt and adopted
various methods for arriving at the exchangeratio. Ti'tl) Reserve Bank of Irldia, is anindependent body even. without Ule kno of thePEtti tionar Com~ailY and Bank, ,called for
and- i_~~~~~~<?_~~~~'.~ro!!!-_~~!'.P~~~!'~~;t$pf tfl affidavit r.',
QUO ted '.. above:,. .~' . that ·therepott_'··;·'.~::.:.L.;..:i.··' :..::..:.:.._.•;,_~_.••.:~.,.;;.~.;.l:""_,~__'
the
lines•• ' ;~: •• .-! - , ••••
by~- - . '- .'
the t\K) companics~ Consideriog the jur sdict.ion of-:r-, ;-;; . . t
.this cour:.i:,inC?1\si~lA9 t.h!,qt£estion_:~ , '_ . ; s: ;_: ;., ,~~_, .: • .
sanction
luntil. _-_-ttl$~'Object~s::+\tt1fi:"Jar~ ·chall,ltj,.:~.-:: .:'.' . --.-" .; '. t--'-?;'"~'~- ~r;·~::.,-<·!<y,,~luatio~..;,.._-1I,••• ,: produce _i.r~ill:;~f'or1J the,. ~ ....:...~_:"t -;..;.:_: :11--;' ,
. ~ ,"
the valuation arrl~:.~t:ls·vrossly, .~ ~- ~":- .::::~.~,,:~ , ..
Court .owi11 ldino
sanction. '. In th& present-~". no such a teaot, . - -' . .;:' . . - .. ,-;, ~- --',: ~ .:./~..)::::;.
15. In this view of the matter ~ therer in my-opinion, the objections have no substanc. Onenot lose.sigl:Jt of the fact that the
majority of the Shareholders of the Petitioner
company have voted in favour. of the and
considering toe rule of corporate majority, in my
20
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r
ooim on, wi thholdingof the sanction will not be in
the interest of. just1oe • The object flS a.i'e..'
therefore, disposed of.
16.' Perused the petit1on:,as wel~:asAmalgamat.ion and Exhi'hits annexed 'to tbe
. '
, , .Regional Director has nO'objeoti'on:
'E:m~1~:~~ti6W·.._,~',"," ", ._,, .,_. __ ,_o+,·...:;;..••..••.~~.-.-.'~-~.,._,_.;"-~
of
'L:iqUiaator';-f?On" ',"E~',6haf-~;;~~-)"A~oUft,
the'
.-_.~:::: _-"-=:-:.:,-::: -.~_ :"z.~'.' ~_~_-._.
'T'Jh~;~fI'he of the.in a
Oir~tor a'$ we11.&$" to to'
be paid by
'today~
from
If ofthe objectors for stay of the order.' I .do notf1nd
," ,
any justificati.on for granting any stay~ Requestis. therefore, rejected.
21
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Certified COpy exosdited.
to &ct on simple copy of the order8uth&nticated by
Per sona I Sacretary or the Court as a
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'11(611:4 ~ qState Bank of India
A~..tf=:~ -.. . .-mlti . ~ t.ft tr. 12.~-_OI). .T,...,~Cor~ Ita. No!12. MUmIlll-4W~ :20464t81 12M8220~:APEX
A.~ 0"y"r) /.c,.;>t,~ ~ ~ interest if any
~ J:~ Custodial Fee Waived
• ~ Transac\ions in Treasury Bills No charges
~. ~ ~ Acceptance & Withdrawa! of No charges'~.::vsecurities on behalf of C8TEP/' ~~v NDS and-DP charges On actual basis
The FlnanciaJ Advisor &Chief ACCOUDtsOfficer,Employeea ProvideDt Fund OrpaisatioD,HUDCO VISHALA.14, Bltikaji Cama Place,L:WDelbi 110066
-;;no ~ I No .. A'l'T. SBIU lU.. TANEJA ~ IDal.
TrlP_ / ~ '1 ~ 9"'M. 2002
Dear Sir.
Centra) Board ofTrastees, ElPploYeeI Provident Fuel,Proposal for restracturinl the feesPayable to the Bank daring 2001-lOO3
Please refer to your letter DO No. InvslV2(10}96lPt 11/14678datecl21'*
Transaction Fee:
2"..In this connection, the Bank is agreeable to revise the fee structure ~investment management of C8'TEPF funds during 20024003 as under.
Income Collection Fee
Re. 0.03 per Rs. 100 on tac:e valueInvestment other than in Special DeIn addition. a cap of RI. Twenty
. Placed on the traniaCtlon fee recxlYft!KJ
individual Face Value of investment (Wise) Irrespective of the amount JnVAllMati
This deal ticketa} Income collected on SGL
No charges
b)Rs. 0.05 per Ra. fOOl- on Incoon Non-SGL securities Indud/
Dy. e ra nager
(PMS ~ Custodlat Service)
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Item No. 3: Review of.lnvestrnents;, .--:
and the current yields ~~. inthe·mCll'ket are below the comm'
payment of interest to its subacribers:
liability of CST. EPF ~d$
With the consistent hili in the yields on current investmen • it is required to broaden the
iIlvestmenroptions as wetl as suitable modifications in inveslme t guidelines. Here it may be
pertinent to inform thal the CBT, EPF has recommended for odifiCatioOs in the' pattern of
investment. The response of the Government is stiH ~aited. Vi to ensure Optimu~ Yield with
ma~imum security on its investments, issue regarding strategy for in estment of furlds bei0n9ing to
Central Boat<lof Tru~, Employees' Provident Fund was taken up with SBI. The'sal h8s given a
detailed response vide their Ieiter.dated 14-06-2002 which is plac::ed as ~nekyre •• for
consideration.
" IH,'h,,"lII(oIidt1\:53
_________ J•..__~. _ _L ._L. __~__ _ _
;
j-lt>.~}It.3. 'V\
rThe Reglonal PF-Comm18sIoner (Inv.)
En,p1oyees ProvIdent Fund OrganIsatIonCentnlt0ffJ~
HUDeO Vishala:~~rlac. ~ fe.te:·
Strategy for Investment of funds beIong1ngto ee.-. Board 01 ru••••••£mpIoyees' PnwId •• FaDd,EPF
Investments ••••• _ ••• CUll :vtJq
- With .flfaanoetoJeler No.Itwst.1IUDn.IDII2OO1l585.- dated,,,. AprI2002 add_adCNefGeneral·Manager, T~aIQr1.•••.•••• toacMle~ _
Asper thewill. in ••••••• leIttpatlem. tam '· •.• 1_.•..•.•..•.. _for the residual Callgalyam· •• n.ted1n.anyGf •• ..,.,.." r1e",,_GcM.S8CUII!'SS(CGS). ·SIate GeM. .•••••• (SOLl."" ~ ·".Ieedseades (lSGS) and Pstr PSFI•• 1ritIeI-{P8U). lJI· ••• 2OIa1at _ •••• In
thel"ellidua cateoOlYwas cantad out moeIyln lie PSUIPSFI bondi_ .~"'1I8d
securi6es, wI*b W8ftt vWng the hIgheet)'feld. HDwINIr. flailApd 2080 -en." 1heresidueIim's__ *~GiIIried -outin •• big tlrmGawl. a'~ 810_.foIIowingreasons
a) The large lrweslrMnts In PSW PSR bondI ••••.•••••• ,....-·CCIR •••• raIohSresulted in V8fJhtgh expos&na tithe •••• Al1ndia flnatdal "_!II1&.
tetel, ID8t andfFCI. As a result. the tataleMpOSln cI C8TEPFinstitutions amounted to ~ d the taieall,weslmenllln PSUIPSR _UriIiI=-
March 2000b} Large scale issue d high coupon guaranteed bonds by state Jewt
infrasIrucIure projects without proper COIJt..benefit~ ~lIUIlQ in
defaults by many of them.c) Since oYer coocenbation of investments in few PSUI PSFt InsII1tuti01~
entities issuing guaranteed securities canresutt in payment defaufts
severely aWed the long term stability of EPF funds. it was cfecided that
i)
elEpOsure levels (at present kept at 25% of the net worth of the
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ii} Among the three types of investmentscovered und 8GS c:a~, Viz..
State Deve~t Loans (SDI,.~ Cerytral G .~,(CGL) andState Gu~,Loans(SGL). first prioOtywiJl begiVentl,) investments-
, •.. -, . - '. ,-',. ,-- "
in SDL. next to investments in.,CGl a,nd least . _ tQ SGI,. securities.·
Also, 'wiUlinSDl. investments, it will beeosu', ..
distribution .:~ all ~ Wll beeamed out. .- - - -.- - - .
in selected states will be gradually brought down~
jjj) Inves~,in'iresidqal C$gOIy,wi~ be ~j' . 1',- '_ • . -, ".' ',.
securities of reSidualmaturity of 15 years and above.,~..
The changes that have takeI1l)1ace in the investment portfolio of C.to the above investment stcale9;Y,are.givenbelow.
1.) 15%~ThefocuSd~"uts -were~frtm guaranteed tvVIIIrte
'r, - .'
loansas0de1ai1ed,.~COII~OF 15%CA:l'JEGCJlnr*-
.~ , :; • ,'_ .~ ""l:_~_~ -_.~.:-
-~J;
, )~).l•• 'StateDev. t~,\,; v,~.
CentIaI GJft.loaDl 4flt14State;G\mt. ~,: '5fiI\.S&
719~85 -
_~i2""
10.D4••
1-2AtS;11.16%
1<f~AThus. ··IllCQ'·CQI·.nue'~ 8I18·cariedout .,SIate: •••• -Wbere·_~"d~JaRd~.of~',~,~~ ••• {~:.~~itl~,
shiftJrominv~-in.-" ~sJate$,to bigh:a«)dI1'leCIIUJTIT, ',,'. ' •• ' - '.- _. _,'
detailedbelow.-STATE~OISTRIBUTK>NOF SOLSECURITIES
STATE
Hfgh Income States-
Face Value
1999.;()() 2001-02 2001..02
550.72 987.47 19.51%
1,154.78 1.936.97 38.26%
1,613.93 1,929.94 38.13%
238.77 207.74 4.10%
Middle Income States
Low Income States
Special States
TOTAl 3,556.20 5,062.12 100'<~0% 100.00%IIII,
.~
55
2) 40%Category, '
In case ofPSUI PSFt 'category also the portfolio was diu' DNi"-i
more investinents ill 'other Psul #SR umertaJdngs. t-f(W1IB\1!!f
organisations, theseinst1tutions come' to the market only C!~riItV1ilu
not possible to c8rry out klvestments rNeraoo, above the sfiPI_:Ki
non-avaitabl!y of adequaE secuities. The fable below gives
holdings in PSUJ PSFI categoryISSUER.J/lISE DISTRIBUTIoN OF PsU SECU
ISSUER, Fac:eVaIue
4.350.913.405.48 2325%3,,967.00 3,442.56·2l51t.,1.•11~l 1,O"S.~4 7.14'" ,f.'
0.00 888.38 6.07%OJ)() 753.80 '5.15%
~~>q~, "j.",. 4.53%15.60 52$..80 a" 3.62%120.00 466.86 1_ 3.19%0.00 ',., :4 ~,."~"'.'"",,;., -',' - -- -
30..00. 138%Thus, ~~'dMegy~.:4h8;~~ , •.JDBI andlFCIhas been;~downflUriA'Wtin _ ••. iOOOto54",WM, •••. '2G112.
ICICIlOBIIfQPfCS8I
To sum up, the Shift in 1he ·fOt:Usof ~1n the relidua1 caI"ry' fmm"htgh,yielding PR andguarameed'seeUrifie:s' .metItm·yie1dingGcWtIlf~DevelopmentlOans weAfto;iAr:feaSe_'8SSIet'-.- d;me'fttitds we",&rI!IFwith satisfadory yield JelIJeJS.~ Qf __ ll_'i.'l'CdJ'.Q1Ngtryitlti' •.• It'dit'IQthe
viability of the'.investmen1s ~#te :fif __ $I"'~ont'l6$Chl9ltteiSL
opinion, a shift back to investments of. residual category funds in
guaranteed securities may net bea:Msabtefor'the foIIoWing'~a) While furtherimtestments in 1CtC1,lOB1andlFCI are not possible
turned into a corporate entity. the aedit rating of lOBI has
•AAA·, JFCI has already started defautting in its investment ~gations
regards o1her major PSU issuers. we fla\eatready reached (U' e••••, ~I
in case of other regular issuerstike IRFC, PFC, EXIMBank and M::RPR
the investment ceiling is roug.hly about Rs. 100-150 crores only.
investments in bonds issued by public sedor banks and PSU
units who come to the market omy once or twice-a-year, avenues for investments
in other PSU bonds are rather res.tricted i
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b) Incase of securities issued by state guaranteed nisations, large scale
defaults in hdnouring the investment obligations have started and secUrities
carrying guarantees of· even high income states like' M harashtraand Punjab
have started defaulting. Even in case of issues carrying ntraJGovt. guarantee,
such as SLR bOnds of .Fel and bonds of Hindustan r Lld.And Richardson. r. ,,' t-'
& Cruddas Ltd., non-paymentOfiriterest and principal has been experienced. In. ;. . " . . - . .
. .this~, the Reserve Bank.()fIQd~~hasalso i~ . nt restrictions. on
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banks and financial institutions fI"ominvestme.nts instalEt-g teed bQnds
At present the annualised $eCIOIldaIy'maFket yield of a ~R~ MAAA- rated'·PSU. .
bond is ~. 8.SOOkwhile that d a MM- rated IlOndis . As against tbi$~the. t 8.60% - 8.75% ..annualised yield of a GOI security of 15-20 yeat' f'l1atUrity is
Since we waritedto ·observethe trends in'1he sectaitieS market dIlH'inO' -the Curnmt yearbefore ~,~. ~ anile .~ to be adapIed'forcarrying out' •••• ats;irl.1heR!llidUalaJtegOty • .,. ~_ to tfte';1e1Ier'd¢A&
CAOearIeI ...Qw·~ oaJb&oIier .•1iisues raised in the,'., . -: ,
due CCllIISe. ,
Yours faithfi.juy
01· M•••••.(PMS&~~)
_____ ~'.' _-L.-~.~.~~.~.._.~ . _._. ~~~
,J'141.,947,""
----.....,----~--.~ --- ". ,- -.1.--.---
Item No. 3A: Review of Investments In respect of Prov dent Fund
ffiguJ!S iAByp.e@ Crores} \)
Source -~I~FLOW
T~"'.Mailar,SO$~Yai~,,:
!25.17,94714.40Opening,BaJane8 42,26.09823.15~$TMeNl$,MADE
., ~!99.71,70Z00.t10
MATURITtES' 409,41).38875.00&~te,.GoVtIGuarariteed
409.40.3$&75_00483.,48~
flSLJIPSFfCurrent AcCount ~
,~7626.P397~.50 ,15.14,64571.29
Others~tHTeRe;T'
•••. '8iIIISStateGovtJGuaranteed Atcrued InterestStatle;':"1>$U1PSF( ,,"
,~, 11l? 'H U?l.2.Mi..•.•.• ' .• 1i9O.1$
80SR4fund of fnc:orne. Tax.'in<:enti~es -,
m:AlJlll. ,,:a
,.-·1~".,'.:
BANK'"TransadlonFees~·Q.U""·v,.
SeMce Tax lIMed w.e.t 16.7.2W1 @5% on 1heporttolio-_r-'-- dlarge,s being paid toState Bank dlndia).
> The cumlfative pictln r:I holding t:I CST EPF is,indicated below-
Refund of Sank""
Total:
(x)
,..,
31.G3.aI 31••••.•
Central GoYl. Securities ZM7.D1 3801.46
2(a} Sta!eGovt. 1738.12 2068.86
(b) Govt. Guaranteed Securities 6X7.-40 841.79
3. Special Deposit Scheme 38n3.06 43145.65
4 Public Sector FiruJncia&. 3820.46 4540.90Institutions
Total 47706.13 54404.66
31.~3.02 31.07.2002
4374.12 4542.96
2456.65 2677.60
730.46 730.17
~7441.14 47474.31
4986.07 5015.68
~.44 60440.72
}.> Details above irwestments made in various scripts pertaining to each l:ategory i.e. Central Govt.
Securities. State Govt. Securities and PSU I PSFI during April-July 2002 re enclosed- as Annexure
I· 111\ 1110:'11110101\10.11:
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Item No. 38: Review of Investments in respect of P~nsionFund
The details of funds inflow and investments made by 581 are as follows: -
PENSION FUND ~PR-JUL 2002l(Rupees in Crores)
INFLOW OUT~O W~ource Amount Cat~ry Amount
INVESTMENTSO~ning Balance 69,-63,89527.19 MAOE 2115,30,58305.80Fresh Accretions 910,01,60000.00 Central Govt. 696,94.84580.00
StateMATURITIES 594,58,90000.00 Govt/GuaranteedTreasul)C BiDs State -Develop. loans 428,44 19578.30Others 594.58,90000.00 PSUIPSFI 989,91 •.54147.50INTEREST 656,37,28791.23 Current Account 53,89,71958.57Central Govt. 267,46,12146.75 Treasury SillsStateGoVlJGuaranteed 24,96 40272.50 Accrued Interest 57,04,m45.05State Oev~_ loans 126,40,15552.35 Transfer to Main Br.PSUJPSA 23754,00819.63 SDS~_sit50S Withdrawal Income Tax Deducted &.n.73748.00Refund of Income Tax 2,86,21797.00 BANK CtiARGES ~B1-9.00Inc:entlves 165,000.00 T~Fees 3.928.624.00Refund of AppI. Money tncome CoIection 1~.195,OO~-OfBank
296:7es.oo Service Tax 2$1.344~OO
•••••••• . ,..Misc .TdaI:: 2233.52.51820.42 2233.~1820.42 ,,
)- The c:anuIatiYe .piclwed holding of CST EPF is indicated below: -_ .•..- ....--~fFtauIuinRvaeesCrQ!!!l
AsOn~ 3UO.•• ,3U'3.01 3103.G2 31.117.2002
1. Centr:aI Governmert 3223.72 4753.45 6386.14 6907.20Seadies
2(a) StatoGo¥t. 144iS.07 1887.68 2503.71 2877.44
(b) Government Guaranteed 346.50 551.36 622.98 618.98Securities
3. Special Deposit Scheme 1003.65 1117.09 1227.34 1227.34
4 Public Sector Financial 6226.84 7842.62 9290.26 9687.72Institutions
5 Public Account 15160.35 17064.19 19019.38 19019.38
Total 27410.13 33216.39 39049.81 40338.06
~ Details about investments made in various scripts pertaining to ea h category i.e. Central Goo.
Securities, State Govt. Securities and PSU I PSFI during ApriJ-Juty200 are enclosed as Annexure&
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Item No. 3C: Review of Investments in respect of EI)U Fund
The details of fund inflow & investments made by SBI in respect of In urance Fund are as follows:-
(Figures in Rupees Crores)
EDU RJNDJAPB-JUL 20021
INFLOW OUTFLOW
MATURITIesState
~,OO,OOOOO.OO GovtIG.uaranteed
Source Category )~ountAmount
INVESTMENTS3.376,286.93 MADE e 4,39,23400.50Opening Balance
Fresh Accretions 39,21,75000.00 Central Govt. 2~ ,99,68590.00
State Develop. LoansTreasury Bills 1 ,69,25991.60OtherS 9.00.00000.00 PSU/PSFI 2! .70,28818.90INTEREST Current Account 1, 0.40254.8918 23,083441.30Central Govt. 7.02,18668.00 Treasury BiMsStateGovt./Guaranteed Accrued Interest 1.~1.49019.841,17,36541.00State Develop. LoansPSUlPSFt
3.08.59352.306.94.93785.00
Transfer to Main Br.80S .
40202
240.317.00~t)f Income Tax-.1Meatittes 200,115.00
.--RdJad·OfBank.
OfherredotsTotal:
-(F!QU!!!Sfn:RuneS C1"Of!,Sl
AsOn~ 31.03.2IJ0D 31.1'12001 t1.03.02 31.07.2002
r. Central GoYernment Securities 68.80 116.76 111.53 189,51
2(a) StateGoVt. 33.21 48.90 69.18 80.30
(b) Gov.ernment Guaranteed 12.75 20.86 23.04 . 23.04.Securities
3. Special DePosit Scheme 1.85 2.08 2.29 2.29
4 Public Sector Fmancial 143.85 197.20' 251.84 277.45Institutions
5 PublicA~t 2205.42 2397.16 2600.92 2600.92
Total 2465.88 2782.96 3124.80 3173.51
Details above investments made in various scripts pertaining to each ~ i.e. ~entral Govt. Securities.
State Govt. Securities and PSU I PSFI during April- July 2002 are enclosed as Ann xure ~ I
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! ", " __ , ..' _c _,~. ,.:.: :, ~ ~f ". :.~:::.• _ • ~~~L~~.;, _.lteQJ No. 4:~WS~Paper on Jfro HMY ~:~~'~.? ••.•.pfR.sr~ crores Non
~ of ~ing interest'~ prl.d' ,
were,CJlIbbed~er.
Innlatrya 'civl1suit aQain~ MIs. H~r ltd 'for recovery of
afong withi'~ was :filed in the CQIJItof ,CIty QitiI Judge at Sanga
evil revlSton ~. before Hon'bla Hi.9h. Court P~Kamataka against
and regufar '.~. wa$ under process, S~fly a Sf!COI1d civilthirdarilOURt:aiohg:With over due intarest was file9 on 23.10.2000.
third of the outstanding dues
. The defendant company's
it for recovery of balance one
th the above mentioned suits
It ~ decided in the 63rd meeting of Finance and Investm t Committee ~~ •..~Id
immediately fil~"the petition for getting the injunction order from 1he rt against sale of properties by
MIs. HMT limited without making repayment of duesto~~ TfifSlee~;:ePF. ·As.fn~ed.' '," '< rnr'"";l,;' .....,.,:... .
earlier petition to get the desired injunction orders has been file(fin the " ;
On 24.62002. the advocate of HMT sought adjot.lm~Jby
proposed'~,~~,~ of Heavy Industry&Mlnisfly of r for the HMTcase. Our
~,-~~J~'~ lhe'case wasadjoumedto 10-67-2002.s. HMT Ltd. again soughtan
~_."~Grounds. The casewasadjotJfnGdto22.1 . MIs. HMTUd once again
plaided 1Oradjoummenl, ·wtriCh·was opposedby our ciJunIel. Our OCl1lRSeil requeSIeIt "'~;for
.~ hearing of Injunction ApplicaIion therederihe ca$6''W3$.1IIdjcu:lrte!d
"'t$~r 1lia~m_it.aI"iiII~iII!ll~~fM •• "''''~', .. : . 1"r~
.." t .-){:.. '>·tt has resUtted into ~of",~ .:7M,.~_ i;
52,55,30,334)over the calcwfation made by EPFO.
t.is
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\ 1f' 1pf i\' [email protected]~""" ..~-::'!o~.:3S30s33.•..:~tiMr :C)845.2311
~ ~: •• ~_, ~. __ ...._:91-.3&38111RegjstlledOfb: st. .....,AIId,S •• lIara__ ••• f-a:cho. twregI.ftLift
.L-~_ ....
EDFJEPFO " ~5, 2002
The~~~~.F~~(Ministry ofL8bour~oUndia)BhavishyaNidhI'~' ..0,., .
# 14, BhikajIc.na Place;·New Q!lbtj.1g.W
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Dear Sir,
','•.lbia·.IIIiIf8ta •. JIIDIIIf" ••••••••• 1tAG••• _~ •••• It·~... ~ -- ~~ ,:,,~~ 't;,,': ;--~-:-,~ 'i;'i ·'if." ,'.-
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The claim of Rs.6QQ§,12.Q§9.B3 made by you vide y ur aforesaid letter is notacceptable to HMT as~ same is not feasible. As per the d liberation of the meetingheld at New Delhi, we propose the following :
r 0
1. &nce company has not redeemed the principal portthree equal instalments, the redemption date canyear tenor of the investment i.e., 2ndAugust, 2redeemed portion cannot be clubbed to over dueperiodlcal interest.
n of the Bond amount inconsidered after the 5
2. Consequently non-nterest for calculation of
2. HMT has agreed to pay simple interest at the contrcted interest rate at 16% 0
for the period upto the date of maturity of-Bond i.e., 2ndAugust; 1999.Accordingly, after considering the interest payrne already madeby HMTamounting to Rs.6,04,50,6851- the baJance amount payable isRs.14,08,42,466/- as per annexure II.
3. HMT has agreed to calculate interest on overd e Bonds Principal andInterest amount for the period from the date of matu 'ty of Bonds i:e. from 2ndAugust, 1999 to 30th June, 2002 at the rate applic Ie to Special Depositsplaced by PF Trusts with RBI. Accordingly, interes·o payable by HMT worksout to Rs.13,46,87.8681-as per annexLlreIll.
4. With the above calculations, the total amount o payable by HMT isRs.52,5~3Q.334/-.
5. HMT will redeem the Principal amount of RS.25crol'i on priority against saleof surplus Land and Buildings over a period of 1 to 1 years.
6. EPFO can consider to convert interest portion Rs.27.50 crore intoSecured Bonds for a period of 3 years carrying erest at 9% payableannuaHy(as per Special Deposit Scheme applicable t PF Trusts).
7. The balance amount of Rs.5,30,334/- wiN be paid-by HMT on receipt ofacceptance letter from EPFO.
With regard to. your clarifications regarding. Escrow Ma anism and Securities,we have afready replied vide our letter dated 8th July. 2002.
Under the circumstances, we request you to place t e proposal before theFinance & Investment Committee of Central Board of Trustee , Employees ProvidentFund for their approval and confirm to us for taking nece approval from thecompetent Authority.
Encl: As above.
(K.V. Ramanamurty)Exe utive Director, Finance
IUTI IAIIK OF INDlA - e" MAIN Ale DET"'I.I \PTO '0.0'.10112~~u.jU-r
______________________________________________________-:. 4- • _
'L Prt""fpal Rat• .., IIIIt. of 0..••.•• 'nt ..w •. turft, IP, Prf""fpal NO.. In':. IIPf : Inl:enl.t , •••• _turft,. 11" I'rl""tpal NO.Of Int ••••• ' 110.01' Int. IIPfNO Moult Int M.t,.rft, ------------------------------------- UTI +1nt (IP, DAVI ,lat. 1--------------------- II,o\n .Int (E"" DAYI •••• DAVS ••••
P.... To -.t c---..:',.. To Rat. ~ ~"'"...11, ~11,.
I/pIID 11.01.l1li:",-11,
, •.• 1.4.01 to10.01.02
---------_ ..._------------------------------- .._----------------- ..---------------------------------------------------------~--------~--------------~-------5. 100,000,000 II. lOX 02-A"v-1I 01-Jen-1I .,..•.-.. 1•• ~,OOO 11.001 100.000,000 III 11.000,000 I 02--,-" .,-tC11r-41O 12.001 lH,,1I1,141 141 11,110,."
01-.1.,.-17 '.1-0-,;17 . 1'.000.000 12•• 112,000,000 ••• 11,440,000·1 01-~ .......-00 12.001 1'2,z'I,n. .1 ,..,"',41101-.1•••-" .I-o.a-1I 1',CIGO,ooo 12•• 125,440,CIOP ••• 1.,012,100 I 01-Jul-OO •.1....,-..01 11.001 1I2,Z",7 •• 174 11,401,'"01-Jen-" OI-Al/r" 1.'11,011 12.0011 HO,412,'00 211 ',11.,'41 I 01-Apr-Ol '1~2 •• IOK 1&0,141,447 II. 17,III,i02
I 01-Apr-02 '0-"",,-02 •• 001 1'7,TOO,1I0 .1 4.411,071
-------------- ------------1 -------------- ----------18,171.012 10.111,141 1 4T,''',404 4.,411,071
••••••••••••••• -:-.,~..-..-.., .........._ .. ....._...._..10 lGO,CIOP.ClOO11.0lIK 02-Auv-" 01-J.,,-1I .1-0.0-1. 1•• QOjI.OOO'''~ 100 .000.000 .11 12,000.000 I 02-Aut-l1 11-Mv-GO 12.00II 'H.'.',141 '41 11,,".,,,
01-Jen-J7 11~17 1',000,000 11•._ 111.000,. .11 1'.440,000 1 01-Apr-OO 10-.1.-00 12.001 ,.I.211,7U . .1 4,'11,41101-Jen-" 1''''''-11 1'.oqo,CIOP 12•• 12',440,080 .11 1'.012 .•100 1 01·Jul-OO It-I..,-ell 11.001 112,•• ,.71. 274 1',401,'"01-J.".. •• Ol-Aurll ',"',71' II•• 140.412.100 21. 1••••• 1•• I 01-Apr-OI 1.1.....,.... 1••• '110,141,447 II. 17,112,102
I 'OI __ r-oz 1D-JUn-O. •• 001 117,700,110 .1 4,"',071---_ ....--_ ...•. -.-.----1 ------ -------11·,"',71' 10,111.14. 1 47',••• ,404 4,411,071.•.....•.•.....• • •• ··_· •• • •. 1 _..._ .._- .•.-.....-.
" 10.000.000 11.001 02-Autr-1I 01-J.,,-1I '1..••.-•• 1,000,000 12.'" 10,000 .000 III .,000.000 I 01•••••••••• I'..•••r-oo 12.00II ·71.11S.571 242 .,IIO.U701-J...-'7 11-0.0-17 ',100.000 12.II1II ",000.000 .11 1,720.000 I 01·Apr-oo 10~".-oo 12.001 11,14 ••••• 11 2,427,70701-J.,,-" .1 •.••••.•• .,000',000 12•• 12,720,000 .11 7.IZ',4ClO : 01-Jul-OO 1,.....,.-01 11.001 .1.141,'" 274 '.700.'4'01-J.,,-1I 02·,....- •• 2,442,4" 12.00II 70,241.400 211 4.'11,17' I 01-~1 11-t1er-02 I. lOll 10.174,224 •• 5 1,'71,0", 01-Ap,.-02 ao-"",,-02 •• 00II 11,110.275 .1 2.11 •• 011,------------ ---------- : -------- ---------
2'.442.4'" 2I.III,i71 1 1'.'14,701 2,211.01 •.•.--- ........ __ ....--- ............ _ ....•..•..•. --- .•.--------.:.- .._------------------------------- .•---_ ..-------~....------------------------------------_ •..._--------,;.--------------------------------- ..---- ---.-------
250,000.000 1•••• U,.OI i.1.,.27.U. tI •• m,ll0 11,010.1"•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• ".~ ••••• iI.iuI ••••••• ~••••••••••••••••••••.•• _ •• __ ••••••••••••• _ ••••••••• _ •• _ .•• _. __ ••• __ ._._~ ••• _. ••
TOTAL0'18 UPTO DATI· 01 MA'NIJTY 121.127,11'
'_DATE Of MATUIRITY TILL 11.'.1002 111,42.,110
'lION 1.4.2002 TOIO.De.IOOZ 11,010,111-------------.-2• 1••41,1.1
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I CE!TBaL6QABI2 Sf IRUSTEES- see ..HMT BONDi 1!99INTEREST[)~t8tLS lIPTO THiS DAtE. OFMa'll1RITI
,.
(Value In Rs.).-,I Folio INTERESTPAYABLE INTERESTPAID Balance
INo. Principal f=rom To No. of ~•. Inte.test Cheque Cheque Amount payabled8IYS (%t Amount No. Date Paid "':.- -
59 100000000 19.J u1-94 31-Dec-94 166 16.00 7276712 54720 27.J.n-95 727671260 100000000 21.Jul-94 31-Dec-94 164 16.00 7189041 64721 27.Jari-95 718904163 60000000 26.J u1...94 31-Dec-94. 159 16.00 3484932 ~724 27.Jan-95 3484932
59 to 63 260000000 1·..Jan-96 30..Jun-95 6.months 16.00 20000000 815676 13-Apr-96 2000000069 to 63 260000000 1..Jul-95 31-Dec-95 6 months 18.00 20000000 40654 5-Feb-97 2500000 17600000
815859 4...Mar-97 2500000 15000000816860 14-M.r-97 2500000 12500000
: .i 56882 . 11-Apr-97 2500000 10000000I 815866 19-Apr-97 2500000 7600000
815929 5..Ju1-97 4000000 3600000816997 30-Sep-97 3600000 0
59 to 63 250000000 1..J8n-96 30..Jun-96 8 month. 16.00 20000000 815997 30-Sep-97 600000 19600000720507 29-Apr-98 2000000 17600000
69 to 63 260000000 1..Jul-96 31-Dec-96 6 months 16.00 20000000 3760000059 to 63 260000000 1..J8n-97 30..Jun-97 6 months 16.00 20000000 6760000059 to 63 250000000 1..Jul-97 31-Dec-97 6 months 16.00 20000000 7750000069 to 63 250000000 1..J.n-98 30..Jun-98 6 months 16.00 . 20000000 9760000059 to 63 250000000 1.Jul-98 31-Dec-98 8 months 16.00 20000000 117600000
ii 59 to 63 260000000 1..J.n-99 30..Jun-99 181 1.•..00 19835616 13733661659 to 63 260000000 1..Jul-99 2-Aug-99 32 16.00 3606849 140842466
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INTEREST PAVABLi TO CST "liPF ()NR$.25 CROREBONOSUPTOTHE DATEOF MATURITY
.. .,....,.--- . -Folio Date of D.ateof O.te of No. of Interest AmouAtNo. Principal Investment Allotment Maturity Days I Rate Payable
Period % r
59 100000000 19..Jull'$14 .2~Aug-94 - 14 16.00 .. 6t3,6992••Aug-94 2-Aug .•99 5 years 16.00 80,000,000
60 100000000 21..Jul.•94 2-Aug.•94 - 12 16.00 526,0272-Aug-94 2-Aug,.99 5 years 16.00 80,000,000
63 50000000 26..Jul..94 2-Aug-94 - 7 16.00 153,425 ~ I2-Aug-94 2••Aug .•99 5 years 16.00 40,000.000
201,293,151
Amount paid by HM'T 60,4f)O,685..
f
Balance ~mQUntp~yable asj),,,, HMT 1'40,842,466.
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I INVESTMENT BY CBT-EPF,
II INTEREST FROM 02.08.1999 TO 30.06.2002 A.T RBI SPECIAL DEPOSIT SCHEME RATE1 (COMPOUNDED ANNUALLY)
-i Particulars Opening Interest Hoof RBI-SOS Interest Closing
.
Balance From To days Rate (%) Amount Balance". ----
:1 Principal 250000000:1, i Interest
~(Upto dt. of maturityI.e., 02.08.1999) 140842466
:, - 390842466 2-Aug..99 , 31-Mar..()0 242 12.00 31096069 421938535.f "
421938535 1..A~r..()O 30-Jun.oO 91 12.00 12623476 434562011
421938535 1'-4ul..oO 31..Mar.;o1 ' 274 11.00 34841719 456780254
I 469403730 1-Apr..o1 1..Apr..()2 ~5 9.50 44593354 513997084~!
513997084 1-Apr-02 30~un-02 91 9.00 11533250 525530334
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Item no. 5: Special audit report on investment portfo'o of Employees'Provident Fund Organisation managed b the State Bankof India for the period 1.10.2000 to 31.03 2001
Bhadra & Co .. the portfolio auditors to Central Board of Trustees. Em ees' Provident Fund.
completed the audit for the period 01.10.2000 to 31.3.2001 and their repo was forwarded to the
portfolio managers. State Bank of India. The report of the auditor was enelOS d with agenda item for
671h meeting of Finance & Investment Committee. However. the observaf s of the auditor. SBrs
response thereto and EPFO's remarks thereon are tabulated below:
o
Report name ~ • Audit of Investments -- PenSIon Fund Account'
~~~:Ji .REMARKS OF AUDITOR
idle funds of 3.10.00 and 5.10. Even if the funds are beingexplained by the fact that on 3.10.00 a accumulated for investmentPFC borlds for Rs.52.45 Crores W!!S su in forthcoming issues it isand funds build up-was on for thEt.same. desirable that they areIdle fui1dS'16-17:1,0.00 rl!ilates to funds build invested in T-Bills and notuj:tapart from T-Bifls inveatments.ih this' kept idle. As advised to thefor a bid 0' Rs50 Cr in- REC- !07 mean Portfolio Manager time and .1J.10.00,investe<l18.10.op. I· again the option ofIdle fund of 24.10.00 was for build up temporarily parking theinves1n'lenJSof As 52Cr in PFC on 25.10. funds in T-Bills (till a suitable!The 31.1()and 1.n idle funds bt;Jd up investment opportunity !investment of Rs 73 Cr.in 11.89% P becomes available) needs to i1.11.00.YaIue 2.11.00. . be exercised . more iIdle fund I)f 2.12 was ~:to buildup for' vigorously. iCrores. inVested inPFC Qrl4. 12;60. . iIdI& fund·of 14.1:2was for ifWestmeAt . ThePorttolio Manager may Isame date.but value next;day for Rs.35 C . also explain thecosl benefit iIdle fu.Of 19."" was a:resuJtqfbuikf analyses on investment c£finvestniel!lt in Pee. invested AJi 30r on idle funds·.20.12.00. ..,.,Idle funds 29.12-30.12 W¥ a re!ltllt of Id upof funds tOr bid etfadeon:'.29.12and 30. 2 forNPC Taxable bonds for Rs 50 Crores.IdlEdundsof 1-4.1.01 represent funds bu'd upfor NPC Rs 50 Cr bid of 29-30.12.above. R$ 25 Cr got invested Ofl 3.1 thebalance had to De invested on 5.1 in thersecurities like PFC. etc.Idle funds of 23.(}1.. are due to building p forinvestments on 24-25. 1 for Rs 10 Cr in C naraBank. PFC Rs 10 Cr • UBI Rs 24 Cr.Idle funds of 3.3 was due·to investments35 Cr value 5.3. as also for buildup of .Cr for KBJNL. on 8.3.idle fund on 9.3 partly represents investin PFC Rs 10 Cr value 12.03. made on 9.idle funds or 13-16.03 were due to eac dayinvesting in Rs 5-10 Cr in Non-Sl.R. aluenext day. basically due 10 receipt of acce blequotes in the day after high vafue cia ringtime (11-00 AM).Idle fund of 21.03 is part of the build u forinvestment made on 21.3 value 22.3, if} OSRs 50 Cr.Idle fund of 23.03 is explained by invest entscommitted for 24.03 PFC Rs 20 Cr. andothers.27.03 idle funds due to unfavourable rates.28.03 further funds inflow continued and s 56 .(Crores invested and a part carried forw as iidle funds due to none-tao-comfortable rat . I--.--'--- --'- -==::..:.::.:.:=:::...=.==-=.:..:.:::.:.;;=--==-::.=.;c.;.:.:;;'-'=;;.c::...~P'_--''------------ ..•
P 3 The tables list idle funds at i)ends of various day$.
REMARKS OF SBt REMARKS OF EPFO
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iii)
iv)
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vi}
vii)
viii) The.Portfolio Managers may •also explain the concept of !'Value Dale' of investments.
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xiii)
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P4 No comments. I
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Investments in PSUs inmor-ethan 5 yrs ..
Tit3r /I PSU bonds have if minimum of 63 months'maturity. EPFO was COf)sicJenng -the is~e of allowingextended tenures. Good quality scrips ~Ing available,a few were picked up. Subsequent to the Auditobservation, these investments were sto r>ped. PresentlyEPFO have aI/owed investrrfents up to 0 years in thiscategory.
P 5-.
2) List of deals where Issuer was State Bank of India; Coun er party werecounter party was State various unrelated third parties.Bank of India
3) list of deal tickets with 3 cases in the half year. Noted to avoid such mistakeswrong category of in future.transaction.
1) flfsttableDeal tickets without timementioned.
14 cases in the half year. Noted to avoic such omissionin future.
The Portfolio Manager'lshould take precautions to !avoid such recurrence of rsuch mistakes. i
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P5 Deviations 31.03.01. There are no negative deviations in any Cl tegory. The Portfolio Manager may :explain the methodology for i
calculating the deviation.P7 YTM differs from those in
NSEUnable to comment at NSE calculation methodologies The Portfolio Manager mayare not known to us. elaborate on the
observation. ~P8 Delays in receipt in Incentive Only thiee·cases reported in -entire ha f "':year. Two
relates to RBI, for 12"10 SOl 2010, 10.8 % SOL 2011auctions, and one relates to 11.89% PFe 2007. Notedto enhancefoHow up.However, RBI does not pay incentiVE. The itemsmentiOned pertlapS are the part of broke~, that RBI~izes ftom the States and passes or to the fargeinvestors', fOt'whichwearenot aware of ar,y time limits.
The 'Portfolio Manager mayexplain the market practiceas r-egard receipt ofincentive on investments.
P9 Cases where amount'apptiednot fully at1~
P10-11' Tables list the investmentswhere atIotment letters areheld.'
Rat· SOl atBkIns 'do not provide hr confirmedalJottnerlt; EPFG may please take a viev on this andadWse '~it· will be in order to cease fromparticipating in RBI 'auctions.
The t~ tiSfthe~tments deal wise. I fact, it maybe ~erved that, of the total portfotio, only for 11issues 'betoW. anotrrient letters are held anc bonds wereyet to bereci!ive<i:-
REC 2007, UBI 2006, BOB 2006, PFC 2007, PFC2008, NPC1L 2008, Mli KBJNl 2008, t .75.% MTNl2004,MH sfIDC 2011, SAIL 2008.
Out of the aboVe, UBI 2006, MTNl 2O().cI, SAIL 2008since received.
Allotment letters of PFC 2007, PFC 2008 REC 20071and' BOB 2006 since sent to DP for demate ialisation.
~egular fo~ u~ is '!lade for the rest. f\ 0 laid down Itime norm eXIsts In thIS respect. It has been observedthat, in some ,cases allotment letters are aded in the Imarket and even get redeemed., without th bond beingever issued. While such market practice may haveevolved for reasons not known to us, we are continuingto follow up for o~ention of bonds.
Decision may be required fordeleting! modifying theinvestment guidelines issued !
to the Portfolio,· Managers. 'requiring confirmedallotment.The PortfoliO Manager may i
advise whether non receiptof Bonds in any way affectsthe legal rights of CBT,EPFin thaI particular investment.
The Portfolio Manager maymake vigorous efforts toobtain the Bonds,
P 13-14 ! Notionat loss on de~ aboveAnnexur , mid-price listed deat wise,e - A loss computed Rs
49,96,008.
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59 deals listed where purchase price was sbove mean The Portfolio Manager mayof high price and low price of the day s per NSE give details of purchasesreleases. A dealer can not predict at the time of the above the mean of highdeal, where the day-end or day's high will n ave. Only a l price and low price of thesmall portion of the deals appear to have been day as per NSE releasesconcluded above a day's average price, so hat the rest ana also indicate thehave been at rates better than the aver~ . which we I percentage Of, s,UCh,consider to be a good performance in dealirl9. purchases vis-a-vis total
purchases, ..~ ..___ _ ..
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P 15' . Cases of delay in interestltel"(l wise comments furnished in the table intrusaid.Annexur coflection listed,. with ~nneXt:ire.e - B computation ofno~ionalIQSS,
.The issue of notional losswas Qeliberated in the ss"meeting of Financ.e andInvestment Committee andthe committee desired thatthe matter be referred to the IPension ImplementationCommittee (PIC). Therequisite papers along(")tithobservations of Finance andInvestment Committee havealready been forwarded.Response from PIC is still 1awaited. '
P 16 Notional loss due to delay ioAnnexur receiving incentiveeC
Only 1Wo scrips involved, for the entire half ~)!ear ;bonds of PFC and SOL of RBt. There is no time normfor the incentives. The amount of loss cornput~ isminiscUle com~ed to the investments made.
The Portfolio Manager mayexplain the market practiceas regard receipt ofincentive on investments.
Report name - • Audit of Investmen§.
Pageli Para REMARKS OF EPFORE.MARKS OF AUDITOR REMARKS OF SBI
f P 3/3'"para
Portfolio Management two i)AGMlCM and one ii)dealer ...OOM reports to and Hi)function under .. GM ...Dealerreoots to AGM ....
there is one AGMlCM and one dealerDGM reports to CGMOealerreports to OGM
No comments. It is 9nly a Istatement of the facl.
• P 13 &14
idle. funds of 4.1.0.00 and 5.10.00 areexplained by the fact that 003.10.00bid fOf PFC bondsforRs 52.45- Crorewas submitWd an<;t·~ build up waon .forthe same. .Idle ~.11,17.10.00 relaWS.to fund.btJiIq. upapartfrQm,J,..atIs inv'."1$in.thj~~for;a,~ of Rs 50 Cr iIREC,'91 ~0f\13.10.00, investe18.10.00.Idle fund of 23.10.00 was for build I.tt¢Ward$,uw~ GfRs50.CrinPfCon, ,24~10. ~. arv:s .abpv~~imte$trnent$. Q(l ,23.1(,lfor RsZ7. 16 Cr ,and As 1ACr inTlDC9·The 30. 'to and 31.10 idt$ funds build Uiwas for investment of Rs 73 Cri1't.89.% fiFe on 1.11.00.Idle fUnQ:of14.12 was for investmertmade on same date but value next dal/torRs 35 Cr.Some idlefund$were carried at dallends during 19-23.12.00 to enaN~finding acceptable securities (i treaSOClablera.,keeping to investmerpattern; incidentally good amounts wer ~investedatso in th~e, days, the largEones being Rs 91 trin PFC, Rs 20 Cin 58l , Rs 10Cr in Canara Bank (apa ~from usualG-Secs SOls and T-BiIIs)part of which had to be procured valu~nextlsubsequen1 day. The idle fund wa~always far .Jesser than theinveste~amounts..Idle funds of 1-4.1.01 represent fundbuild up for NPC Rs 50 Cr bid of ~30.12.00, invested on 4.1.01..Idle funds 20-23.01. are due tpinvestment of 19-20.1 in PFC valu~dated 22.1, as also building up fc rinvesvnents on 24-25.1 for Rs 10 Cr i~
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The tables list idle funds at i)ends of various days.
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Even if the funds are beingaccumulated for investment inforthcoming issues it isdesirable that they areinvested in T-Bifls and not keptidle. AIi. ~vised to the Portfolio~_and again theQPtion of temporarHy parkingthe funds in T-Bills {till asuitable investment opportunity ,Cbecomes avaiiable)needs to ;beexet~&ed more v\gor'ously. i
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The Portfolio Manager may II
also explain the cost benefitanalyses on investment of idle Ifunds. f
The Portfolio Managers may Ialso explain the concept of :'Value Date' of investments. ;
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certificates not received. - reportecJ;'AII the cases arefO/lowedPresent status :
Sr. no 1-6 duplicate received;Sr. no 7-16 ,under fO/rOwup, lastresponse eVineed.Sr no '17-23',' 25-29 _under various tages offoHow up. last reminders on variOus d tes up to31.10.01.Sf no 24, 30 since received.Sr no 31-36 Form 16A issued to pre .; under follow up ; the i~ue not getti resolvedearly, the option of legal recourse is also notruled outSrno 37 under follow up with RPFCand previous holder.Sr no '38 -43 , included in re due tomisclassification.: position rectified.Sr no 44 Wrongly included since rectifiSf no 4547,since received.Sr no 48 under followu .
folloW up 'Vigorously the, collection" of -all TDS
certificates.
P58 Reconciliation' of currentaccount with RBI
Position remains reConciled. No comments
P62 Suggestions1. ... selling row yietding
securities and ourchasinghigh yielding securities ..
2. .., to keep recOrds.for dClYshaving no investment .:
3. Effective Credit RatingAnalysis.
4. ..delays shoUd be~. iA:striking-deah;, ..
5. Voic:e'-RecOrdingSysen ..
ti ..in lrwestment note...-. <X>lumns-for;~-date and ticket fllJRlbers ..
1. EPFO may decide and instruc, as thisinvolves capital loss, which is notaJk)wed.
2. Being done.
3; Ratings of reputed all India s ializedagencies like ICRA. CARE, CRISILbeing~ -which is not expactl:ld to be'~.
4. Noted.
5: To."""18ken" up -sRcny after~~j.
\7; .Trackingofrating ..
8..IeaSOB$ for delay..should be mef'ltioned indeal ticket ..
'6. ,I~"sputupbyt (office~"':~·isOOflCluded, so that-IffeSe•••••• ,ean not be inc there ..Badt:~~deat1ieket•• B& •••••••.••• ~'
1. ,~S', ••• ·.is practiCed; HbllrevelISPEO "fOIlows a floId,-tju..~7_ that 00 adversffIOIIemet&, exit is not permitted
8. No delays. are involved. rimaryinvestments occur a few days a er bid,Non-SLR investments paid in hig valueclearing . if founel of suitable andrating after say 11-00 AM., ha to beon the, n~ c1ayYal\le ~ue to hi v"!lueclearing hours limitation, etc., armarket compulsions.
9. EPFO may please consider ta ing upthe issue with CBDT.
10. DGM(PMSCS} puts ininstruction on the funds positievery morning, recording the dir tionsfor investment decided in the me ing.
11. There can not be such impositio s by asecondary market buller on any ssuer,We may restrict to scrips th haveinterest payments at Mumbai, b t thatrestricts the choice for invest ents,Also, due to acceptances, we 0 nothave controt over choice of scrip.
12. These were for very short re ainingmatu' in the ocess of build for
9, ..~ separate certirtca~should be obtained from COOTI mentioning exemptions ...
10, Minutes of the meetingshould be regularly prepared .. ,
11, ..all cheques payable bythe party should be payable atMumbai"
12, ..more than Rs 5 Crores
Issue of exit option to tQeportfolio manager without:involving capital loss standsreferred to Govt. of India.Rating are one of the mostimportant criteria for making aninvestment decisions,However because of absenceof exit option ratings watch onthe. investments held by theCBT.EPF are not of muchpractical value.
The matter regardiro issue ofseparate certificate fromCaoTstanDs referred 10 -Govt. ofIndia. .
Annexure-A
invested in T~Bills.. couldpurchasingbondslSCrlps ..
13. instead of keeping idle..treasury bill and sellon thedate of allotmenU
Notional loss on deals abovemid-price listed deal wise, losscomputed Rs 88,74,719.
List of interest receipt delayswith calculation of notionalinterest loss of As 54,14.71-6.for the delay.
primatyi~estments •. just toav0i4keeping funds idle, and. coufd not bcommitted in any long term investment.
13. This hasbeen.praclised, as exptainedhereinbefore; the idle funds wereobviously much smaller than theultimate primary inl.'estment However,T-Bills need to be sold one day ,priortoallotMent to be able to receive themoneyinouraccouot (evening) beforepayment ( morning).
197 deals listed where purchase price wae Following information might beabove mean eX high price and low price of thE required before any commentsday as perNSj:£reteases. In the audit period could be offered on effICiency1046 dea1swere done. A dealer can not predic1 or otherwise of the dealerat the time of the· deal. where the day-end 01 striking the deals: -daY's high will .move. Only about 19% of the a. The exact time when thedeals appear to have been concluded above a deal was struck.day's average price,' so that· the. rest have been b. The offers available in theat rates better than, the average, which we market before the deal wasconsider to be a very good performance in struCk.dealing. c. Voice recording system at
··,the dealers end.Annexure-B
Cornrnemsfurnished,against each item in the The issue of notional loss wasreport itself, whictl may please be perused. deliberated in the 66th meetingIt is observed that the auditreckoos ..deIay in of Finance and Investmentterms of calendar days without recognizing, Committee and the committeeintervening Sufldays and holidays. Also all the desired that the matter becases care not of coupon cpJIections. there are referred to the Pensioncases, as indicated irl the report, of interest on Implementation Committeeapplication ~y, cOtIection of broken period (PIC). 'The requisite papers
Iinterest. ft'om. ~tKJIder, etc., for which"" aIof\9 with observations of Itime norm can strictly be specified. Finance and Investment 'I
I Considering all, the ,amount of notional loss Committee have already beenI reported can not be accepted. forwarded. Response from PIC I~. we..~.f;IOted to enhance ·fcItlaw up in. is still awaitedalls\:lett . • ,,f,:Only two scripS invofved, for the .entire half year; The Portfolio Manager may.bor'Ids,d.J?F01IIfld$Dl:of RBI. No time norm forexp/ain the market practice asthei~,is l'IICOgBized, even byRBtTn. 'fegafdmceipt of incentive on
I amo.unt:et ~ is miniSCUlecompared investments.to .~. it'lII¥h1_. mtadIlt, and not ~missible.
. Annexure-C
i Annexur Calculation of notional loss of TheseweJ9'~cases during shut period .Observation of the PortfolioI e-D Rs 12,741.92, due to delayed and::thescrip$weg;n .• ~r received tmnSferredin Manager are inorder. II co/lection of maturity proceeds. the name dEPFO.Aftet follow uP. the payments iI were obtamed straightaway. These scrips Jl
themselves never became a part of our
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The audit report is ptacedbefore the Finance & tnvestmE nt Committee forconsideration .
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SuppJementa~Item No.1:
BusinessProcess e-engineering-Taking forward
1. " The workshop attended by CB members hetd on8.7.2002 exhaustively discussed the proje """Reinventing EPF /India" and the Business Process. Re- ngineering Report /submitted by SISL. The workshop ado ted the "Busine?'ProcessRe-engineering" in principle.
2. "The BPRreport was placed befo e the Central Boardof Trustees in its: speclel meeting held n 9th July, 2002.During the meetinq, while accepting the BP in principle, it wasdesired to have a cost benefit analysis by ta ing into account ofthe hardware requirement of" the project hite implementingthe project as contained in the "BPRreport.
3. "' A note on cost"beneftt af)cHysisw s placed before ITSub-Committee helo on 12.08.2002: The IT Sub-Committeerecommended.the approval of the propose model of BPRforfuture businessof EPFO.
4. The note and the recommend ions of IT Sub-Committee are berng placed before Fina ce & InvestmeotCommittee.
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(1) Paybackperiod will be 5 years.(2) Financial Internal Rate of Return will be(3) Benefit delivery within 2 to 3 days in resoect of all the
claims, which are complete.(4) Reductionof -infructuouswithdrawal of(5) Savings to the extent of 25 crores by
of returned cases.-(6) Identification of toss under Section
cotlection which can be estimated to be(7) Levy of 7Qinterest in time leading to
income by Rs. 25 crores.(8) Increase of 400% effICiencygrading in ""''''.;;r,.v •
level.
(9) Efficient fundftowmanagement andaccount of pipeline money and IVIUlnOIOlflO
(10) Retiabtedata security and minimum(11) Any time anywhere access.
the number
revenue
of loss on
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(12) Updation of members account on real time basis..
(13) _Highly effective grievance settlement rn~,.·n.
(14) Transparency and provide publicinstitutions of the Government.
in the
(15) Information driven coverage of all
(16) Real time default detection and follow up "''''''''.v. thereon.(17) long-term savings.on tetephonejfax.(18) Enhancementof handHngcapacity man(19) We can think of giving more benefits to
also reach the new areas.(20) Prevent any contingent liability to the '.::..._nn::::(21) Better equipped to provide reliable in formulating
poudes and making deciSionsfor the labour market.
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BACKDROP
1. The process of computerization . as ushered in theEmployees' Provident Fund Organization in 1 at Regional Office, .Maharashtra by taking the task of aCCQuts preparation oncomputer. The thought process to bring cha ges to improve the .service area was initiated in 1990 by acJdr; ing the issue ofprotecting the interest of migrant and peri tetic workers. Thematter was discussed as supplementary i no. IS of 12Sthmeeting of CST, EPF held on 07! 12.1990. e Chairman, CSTdesired that some system .should be devi by which oursubscribers specially those who belong to un- rganised sector likemigrant labourers, brick-kiln workers, buildi.n .indu5tryworkers,.home workers inBidiindustf'y develop canfiMeforkee.,in,money in the. Provideat ,FllncI for the welfa.re·.of ._1,
• fallQlies. 1ieCBT· in its 11Stbmeeting .it . ....E!Cl. intnx[udifill1ofpas.sbook for this categorydsubsGR.liJer in nsonance with the.directions of Supreme Court of India in viewf Civil Writ Petitionfiled by Construction· WorkerS' Union of I dia. Though, thepassbook was introduced vide amendment to para 47 of the EPFScheme, the passbook system has not taken a due to operationalreasons.
2. After partial computerization.of counts preparationwork, other majOr.activities of the Organisati viz. cash Receiptsand Payments got computerized by devel nt of AppHcationSoftware Packages like CAPSI CAMPS,CPAS, RAS.and PGHS. Inrespect of Employees' Pension Scheme introd ced in 1995, a partof the process has also been taken on compu r. Over the years,the computer systems were installed in the fiel Offices, Head Officeand National Training Academy of the Organi tion.3. The past computerisation effo did not lead toleveraging benefits of the computerization use the work wasdone on batch process mode. No relational d tabase was created.None of the software program talked to each ther. There was no
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3sec\Jrityt;o data, as the cfilta can bemanipijla. ~tw~J'l"OflE!.in theEDPCell Without any audit trail. Most ·im,.,'Atso()fta)mlng wasthat the initial combination of Unix 2.0 versio alidFox base was 'never upgracied,a combination, which is not spported. now. In away EPFO missed the PC revolution of fu90's and did notundertake a technology upgradation and is prisoner of an oldarchaic technology.
4. Realizing the evolving needs of the nisation and theclesirabilityof the introduction _ of com rization .fn all thefunctional areas'of the Organisation, the Execu °veCommittee, CST,EPFin its 24thmeeting held on 22.10.1997 pi" to undertake a"Total and ComprehenSive Computeriza on" project. Thiswas envisaged as a turnkey pr;oject to be imple nted by a reputedInformation Technology Agency. In the first ase, it was decidedto implement the project in five regions viz. Delhi, Maharashtra,Andhra Pradesh,Tamil Nadu and West Bengal.
5. In the 30th meeting of Executive mittee, C8f, EPFheld on 05.03.1999, the concept paper on Pe ,anent EPFNumberof theEPf members was piaE;ed before the cmitteeand ~item was~ tQ be~fOr consi ." •.•·fltof'CfJr,EPF.After deliberations in the 1,." meeting of QIT,EPf held '0006.03.1999, it was decided that, as recom, flded.' by ExeclltlVeCommittee, CBI, EPFon 05.03.1999, a perfPF number toEPF members may be issued·along with Photo dentity Carel.
6. The Executive Committee of EPF set ua Mutti DisciplinaryBcpert Committee in the area of info' '00 technology andbusiness process re-engineering. This COmm was assisted bycross-functional experts in Pension complia ,PF claims, Finance&. Accounts. The Committee was to I y a: road map forimplementation of IT reforms in EPFOto r ize the goals set bycsr and Executive Committee. The Mut 0 - Disciplinary ExpertCommittee set out dearly measurable busin goals under theproject for IT reforms. This report and impl mentation road mapwas accepted and approved by the Executive Committee in its 33rdmeeting held on 14.03.2000. As per the mendations of theMulti Disciplinary Expert Committee and y following extantinstructions in this regard, tenders were invi ed and the contractwas awarded to MIs. Siemen Information Systems ltd. as a
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4COnsultant to ctheproje¢t named "Re-;nventin· EPF India".. Theidentified polk:y .,.Is of the project are as fotlows:-
• To estabfish a turn around time of 2-receipt 'of claim and the issue of a chequ
• To provicle the facility of preferring daim nywhere~• To provide Unique SociaJSecurity.Num· to every member.• To· .establish information led SVS1tBm of responsible
enforcement This will, focus on
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i. Improving voluntary compliance and checking non-reporting and under reporting of ployment strength;and
ii. Redudng compliance(representati costs for theemployer.
• To establish an adequate Information m benchmarkedagainst best global practices for Bookkee "09 and Accounting.
The aboVe goals are to be realized comprehensivecomputerizatjOOof the re-engineered business tJrO(:ess
7. MIs 51SLcompleted an important"Re-inventing EPFIndia" with the submission f BPR Report. The _BPR Repot has been accepted "in principle" by the CEfT in itsmeeting held····oo8~7.2002. It was further lded that cost andother aspects of implementation of BPR with reference tohardware be -brought out ,before Rnance & In nt COmmitteeand Executive COmmittee. .
-
8. It may be recalled that the CBT i its 12Sth meetingheld on 7.12.1990 had caned for developing fidence for keepingmoney in EPFO especially by the workers of unorganized sector.The Executive Committee in its 24th meeting-h td on 22.10.97 had" given the mandate for 'total and comprehensilJ computerization'.
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WEAKNESS QFmE CYRBiNI $Y$TEM .
9. Notwithstandingthe periodical revi s and incrementalchanges/improvemen1$, tt)e existing work rocesses in EPfOhave admittedly outlived their purpose a dare found to betoo cuil1bersomeand inadequatfl to d astically lift the
, service level standard of the EPFO. As inst this, the, fastchanging external environment demands tha the service/benEtitdelivery standards ofEPFO be drasticallyenhan ed. The major painareas of the existingwOl"k processesln EPF0.
• The beAefit delivery mandateof 30 is not achieved 'in r~of a great numbercI dai s.
• The Updation of member accounts takes place with alag' of one year; further there is ex> siderable backlog inrespect of this ,activitY. .
• The coverage process is very sub"by any sdentiflc information.The pr$Ce$SOf default ~ athereen·ilavebeC€lme too· ineffedi'significant number of defaultsconsiderable period of time.The grievance redressaJ processconfidence.
•
•
foUo-wup aclQnsin the result that aunnoticed for a
not inspire any
• The existing technology appfication is not holistic in itsapproach and more significantly not eceded by anyre-engineering of the existing process.
• The Joss on account of pipeline ey from collectionpoints (Base branches) to link brant esandwithholdingmoney in ·link branches awaiting ues for dearancewas estimated to be above Rs. 50 c res a year.
• The conflicts in each work area cascadingeffect inbringing down the efficiency of the ganization.
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" 610. TherefOre,. there is FlO oPtlonbut.. change the current-inefflcjent work process to an environment wni '"h addresses buildingconfidence among low wage earners' and unorganiZed sectorworkers and to have total and comprehensive omputerization. Theabove objectives can be realized only by im' lementation of BPR -report.
PPBONI
11. Now the EPFOhas two options ·be~ re it:
• To continue with the exJstI 9 work procedureswith marginal and periodical i provementS; or
• TO accept the BPRand go ah ad with the project,futlstream.
12. 'As f$ras th~first optionisQ)oo l.e, to cQf:'1.t.tewithtbe existiAg SV&tlmthe immedtaterQ(f,~:emtntis.ntilQJlfjwer ~_Wlbil\e inae_ln......ditls ~-,....to achieve a tumarOund<time ofbenefitdefive of eventRe cur'e1tmandate of 30 days.
13. Another aspect is that EPFO is su tied to Consumers'Protection Act, which calls for timely settlemen and services. As ofnow there are about 1500 cases pending various consumer
. courts on account Of servrce deficiency.
14. Additio~al manpower and co pay andallowances, pension, overheads like office spa I consumabtes etc.have been factored and it is estimated to be Rs. 49.53 crores ayear.
15. Even after creation of staff there is scope only formarginal improvements in the existing work p ocesses. Empiricalevidence shows that any amount of influx of t hnology without re-engineering would be futile. Any kind of margj t improvements inthe existing work processes wouk:l not bfing d n the turnaroundtime of benefit delivE!ry below 30 days even with the additionalmanpower. It would be extremely difficult for t e EPFOto offer anynew products to the working .class with the exi ing work processesand technology applications. Updation of me bers account, real
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7time access to the members to their accou and efljcleBtgrievance handllngwill never be possibl. The externalenvironment, specially the grJJwing awaren and consumerconSCiousnessand the enhanced expectations 0 the working class,would not be met.
14. In the event of the EPFOopting for the first choicei.e. not to implement the BPR·through IT enable ent, the followingwould be the Implicatlons:-
.» Additional staff sanction to handle th. current workloadamounts to an additional burden f Rs.SO crores peryear On account of pay, allowances nd other overhead.costs. .
y As there is hardly any scope for dra 'c improvements inthe' existing work process the t maround time .forbenefits deJiveredcannot be brough down to below 30days.
The EPFO may not be able tounorganized sector and hastoresoco~ce - securing· whid:l stiinspectiOn through inspectors.It would be extremely difficult for fPFO to. offer newproducts like multipte benefit sehe es to the workingclass in the present setup.
};;> As there is no added value to unlqu identity number inthe absence of centra'·ized database, the program has tobe scrapped.
);;> Under the existing work process, the is scope only formarginal growth in the SUbscribe base. Geometricalgrowth is not achievable.
j;> The FoxBASEapplication, which is u d currently has nodata security and integrity thus Ie ving enough scopefor manipulatiOns. The computer ased accounts andcheque-writing procedures are entir ty unprotected andporous and open to anymanipulati . This exposes theOrganisation to serious frauds and ams with no safety .checks. Further the latest versio of UNIX operatingsystem does not provide support fo FoxBASE. Also, theFoxBASE version currently used is either serviced noravailable.
.netra.teinto thetopreVlOU$ formdlatesstreet ·Ieve.
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15. The other option available is topttheBPRandgo ahead with the project by converting B to full prGt1~lonenvironment. The.cost of Implementation wI regard to ha,awarerequirement has been evolved byM/~. SISLAnnexure ~1~Thebudgetary cost has been broadly cl.asstfiedas cost of ~ttif)g upaNational Compu~rCentre for SSN asweU astor other applications,cost of settingup six.pUotcenters, cost of 90igJjv~withthe pilQtcenters as··well as EPFO,fun blown with atl -,~' '.'aRd'S8Qs·goiAgalive and a full blow disaster reoovery~nter. lIiJOtcedtr.,jtis, meant thatimplelb~f1titlt\lftin lb, cel\Wes wil..~u"bY$ISLa5a ,,"0' mis..p. ...Tlleimplemeatartionin other 0fficesisa .•.•.•.n"'if¥~fEPFC).Untessall' tile· offiCes· aFe idlY 1UltWO•••• ' ,.""""'$ ofPrQjedtvill ~"fu'IJ'''''''''.,.ltiS :.·'." •• tIJItthere is·ne ••.••• o',piIotf •• ttiaI·impl ..•••• ,.:ap••
16. The hardware cost has been ·,;irnated to 'be atRs.174.35 cro,es BY S1SL. HOwever, 51St h· Pointed out tnatthese prices are fisted price. The industry ndard in hardwaremarketlmg- is that the ,priCes are discownt- .' by 25 to 30%.Assuming that we are abLe to ~ure on~ 5% discount, theestimateti cost of the-hardware is Rs.130.77emf
17. SISL has made it very clear that th above cost wouldbe exclusive of civil work, VPN cost, the linkeen primary siteand disaster recovery site etc. These"assumptlo s can alSo be seenat Annexure B. It is not out of place to menti n that these costsnormally form a capital cost in terms of ci iI work, revenueexpenditure in terms of connectMty, office furnit re cost etc. whichare normal ongoing expenditures.
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BENm:tsOfB2R
18. In the event of EPFO opting forthe following will be the tangible benefits:-
BPR~ercise,
o Information driven coverage ofEstablishments.
[J Real time default detection an follow up actionthereon.
[J -B~ delivery within 2 to 3 d YS in respect-of allt:he dalms, which are complete.
[J Stientific accounting of the mo ies based on -theestablished accounting standards. '
o Upc:lationof Members _count real time basisand real time a__ convenle to the members totheir accounts.
[J •••••• t fund flow- manage _duty taking~Mage of _technofogy ava.llabte -ad saving of '-1o$StottIrIk.Qn the·'loaf.
the coverable
[J
[J l1're5ettlement of-dailtlS·whiCh in"~.would "r~2~UiIfIyof - S.s..N. ThiS woUld reduce" ••••• al of altGut3018 cro
a HigJl" effective grievance settI ment "'inetY.Wilt -ttlereducUon doumbel' of "ms, the num.r ofgri~nces witt come dawn~
[J -WIlfIS on lite cost Of returning laimstothetuneofRs.25 cr'OreS.[Assumptions :a}Two thirds of 9. ~ lakh daims are
returned due to in 'Uateinformation.b)7he cumulative to the Organisationin retuming a daim i Rs. 400/- per esse]
[J Effidency increase by 900% wi target time of 3days for daim settlement.[Assumption~' All the cases are no
days.]
o Increase of 400% in effidencycustomer satisfaction level~{Assumption :The ·customer .satl ran -level .oftbeEmployees' Provident Fund Organi 'lion csn be graded ss2~on the Scaleof 10. It is to rise to 8 on thesame scale with the substantial 'Provements in the-servicedelivery in·the proposed ~ rineeredBusinessProcess.}
c The statistics/data presentlyayail e can be relied uponto a small extent, which can be gr:- as 1-1.5 on thescale of 10. With accurate database proposed in the Re- -engineered Business Process, the reliability, ofstatistics/data is expected to rise to on the same scale.In such scenario, we shall be a e to sustain thescheme using scientific ap. and takeconec:tive measures as and ,the prolll•••slIrf.-. This would prevent an incorrect aettlariatevaluation due to inaccurate statlstiCS/dataanda>J1~nt COOtingentJiabilit/to~ ment.If •• limtIIe_ of ••••• un.., r".~t frOIn __ i.-c'", .. "" .
to '1I$s·.fIitIIlh,gtl1ItW ••••• id1 •• _quantified. ThlShas Very great valu .'.
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c 'Anytime anywhere services winFee"_ the "cost_·Utesubscribers as they need not visit office where theyare registered and the records are k';
Q Since the subscribers can have a -, to his accountanytime, this would leadto tran$pil and pro"eputilic: confidence in the institutions of the government.
Q Enbancement of handling ca • manifold.o Labour market movement, gender, upation/industry
wise labour data, job and wage les etc. win getcreated as a by product for stra ic managementand for policy evaluation, fo . uJation and forresearch.
o Same exponential growth in manpower andattendant costs.
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II19~ n. .trftangi~e~r' . ... cannot 'Iequantified in flnandi!1 terms, would bY tr·lEHl1lsetve& jU$tifyttteQPtfCfr1to go for the BPR. The cost benefit the existing systemvis-a-visBPR can be $ummarizedas below:
- By man -management and IR problemswill Continue.
of giving morethe members andnew areas.
- . We cannot COfltinue to runthe businessin the old mannerand simutt4neously reach the
the increase in - Theworkload, tnem~ntofcan. berecorQwrtt.be· a PfOQIem area in fellablethe near '.. in the malAiPJlaljlQn.
reports anc1datas~d,
frQm
lead to contingentGovernment.
~·.asthe pmbfems
- As tbere is any scope -for drastic impa:-ovement in theexisting work process the tumaround tim.e for benefitdelivered cannot be broughtdown to below30 days. Wewillnot be able to meet theaspirations of the members/beneficiaries.
Motain respect of all
•••••••• 1Io1"ft are complete.
The present database we - Wehave is of no security to data securityand highly susceptible to minimized.change and fraud. In view ofgrowing white collared crimeetc. it is essential to.
have reliablefrauds could be
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12
cThe upclation of memberS - U Ion of members
account takes place with a lag account 0 real time basis andof one year further there is a real time cess convenience toconsiderable backlog in respect the mem rs to their account.of this activi .'
adequate security fevelsto thedatabase and also to put inposition audit trail, which canpin point the changes if any,authority level. etc. For ·thispurpose we have to migrate toa safer environment, which willbe with a cost.
Members are required tointerface with the Office inwhich they are .registered andtheir accounts are kept.
- Membe can have any timeanywhere rvice. This wouldreduce cost to thesubscri as they need notvisit the 0 lee where··they areregistered nd the records areke t
c
-Grievance Redressal Processdoesnot inspire any confidence.
- Highlyeffedive grievanceseWentent macJlinery.Withtheredudiorlf~mbe(of ctaiJnS,thenum' ofgri~~income- n. Also since tbesubscribe can have access tohis8CCOlJn anytirRe,thJs wouldlead to transparency andprovide pu ic confidence in theinstitutio of the vernment.
The process of default - Real ti default detectiondetection with follow up actions and follow up action there on.there on have become too-ineffective in the result thatsignificant number if defaults gounnoticed .for a considerable
riod of time.- The coverage process is very - Infonna 'on driven coveragesubjective and not driven by of aU the coverablean sdentific information. establish nts.
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Rs.22.41crores
• Running Cost - Rs.49.23crores
• Conversion from UNIX andFOX base to an alternativesystem would cost approx.Rs. 15 crores
II -
• capital Co Rs.130.05 crores• Running st CAMC) Rs.17
crores ap roximately.• The cost of civil works is
roughly imated to be Rs.60 crores.
• The cost f SSN card is notfactored. But CBT, EPF hasalready gl en the mandate toEPFO .to issue cards to itssubscribe
• The cost of WAN is to betaken as venue expenditurebut the aual cost is'roughlyestimated -a-beRs. 20 crores,
• On conn. 'vity, this wOI.JJd-leed tolo~terrnsaVtng$.1ltetephoneax. This would'partly red e the- impact on
, tile miscellaneousexpenditu
• The impli savings resultingfrom the imptementationofBPR can deducted from thecost after the completion ofsecondye. r, as follows-a) The vings ofRs. 50
crore on pipeline money& wi holding money.
b) The - vings of Rs. 25cror on returningctaim .
c) The i entification of lossunder 14(B) andcoUe ion of approx. Rs.40 cr res.
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PERIOD ExIsTING
After 1 year 86.64 crores
1.68 crores**After year 135.87 crores
. 185.10 crores 133.68 croresAfter
* In 1st year, only th.e cost of live with six pilotoffices and National Computer Centre cost of civU workand WAN has been taken into· .. Also there willnot be any AMCin 1styear as it is covered by warranty.** In 2nd year, the cost of goin9live. all ROsand SROSand AMC in respect of siX .pilot offices NationalComputerCentre has been taken intoconskileration.
PAYBA.CK20. It is observed that the paybackyears. However, assuming un-expected cost mVl=llrrl
VPNcost, at the maximum the fun paybackwiU
21. The FIRRof the project can naT·arn'Unl::IT1 from above asbetween 20% to 30%.
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CONCLUSION
22. From the foregOing it Is dear that lm ementation of re-engineered business process is finandally viabl and advantageousin short, medium and long term basis. '
23. EPFO has adequate reserves to oy funds for itsmodernization. It is seen that in the long-te consideration therecruitment and deployment of staff at curr. t norm will lead tounmanageable staff cost and pension _ and future paycommission increase apart from industrial relati n problem.24. A modemized system will improve thecolled:ion ofcontribution, identifteation of defauttrly and effec::tiveidentification' of defallitwilllead, toimpreved 'of penalty •.•.section 14Boft;he N:t:. 1bepenal\Y 8motrnt i , 'over a ,'"period w~kt.rav, tor~ .. ,,'I .has ealr'.,.>adequateresmtuafbafancesftKbaitdng and " don ·.-well,.for building maintenance which will meetthed ., work needs.
25. The Committee may like to consider the
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ANNEXURE "A" (:~
Cost Implication of creation of posts to be created in clerical cadre based on the computer verified figores.(1 ) Expenditure on salary and other allowances -
Salary, Allowances, Pensionl Gratuity Cost for staff to be created on existing norms: Rs. 408,293,092
(II) Over Heads
(1) Cost of office space, record space moving space average 60 Sq feet (per individual) @ RS 1200 * 60=Rs 72,000CAPITAL EXPENDITURE Rs 72,000· 3112=RS 224,064,000Deployment cost@ 10% Rs 224,064,000 *10%=Rs 22,406,400
(2) Electricity ,water charges ,stationaries ,futniture and fixture, office equipment etc 15% of the total costRs 408,293,092+22,406,400=430,699,592* 15%= Rs 64,604,938
Total (a) Salary and other Allowance Rs 408,293,092Oppturnity cost (b) Deployment cost Rs 22,406,400
(c) Overheads Rs64.S04.938Total cost R's 495.304.403
"~ ,.If' ( , r 1 (1 r ~ ') r} n () r) () 0 0 C) ~ 0 0 00 () 0 'JAN N:E..x~o..E: \(8'/
oBudgetary Cost Figures
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I ,No.1 Oescrlptlon Quantity Amount ( .)
I I ', I
~=J1~::~~~;~~~~~=&i~-==-'-"'~-~-----1~~~--~~1:,~!=j -- --t---=- ~=--=~oat of Setting up the Recommended C9"!I9\Iratlon for High AValabllltt...----- ..----.-=t= 116 ~ 000 i _._.l' 118.200 0001 •__ ...L . . _
l--~stofsettll!Q\lPtheE!PFOHQa(Bh!~-Cal!l!~acedu~!!iIM ..t!.--.-.--______ _ ....,l,.7815OOI 11 3l81.~~ . +__.__ ~_±=_,--.----r.-- ~stofCentraiPrintlngsoJH!J2!1-_--.-.---.-.--------------- __ 97750001 11 9775000I __, ~.l_. ~\ __ ~ ~
r=--rt-C:ofi~~~~ Offici@>/SRO):-.:....----- ~....:.-.----....:-----,.---. r't--~----.. "-.----~-~----'. . ' 8.104,430-+ 8 48162wt.:.-=±---~-_=-·~
~_=$ost of setting up a OI!!!iIirRii~Centra (only DB rep!ki8tIon) .1 . . 127.!.OOO t 'r I127,200,~_ 1---181.500.000
818.547.430
1"1
8.104.430.~~~~~~~~~~~~-- 61,500,000
101
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1 Colt of clvUWIII1Is have not been conaldered In any of the above_ + =1 -.2 For WAN, only Indlcatlve bandwidth costs have been takan~ The VPN COlt, Including laat mile - --- ---+-------f
I hu.nnt Man tagn .1.",. detail. are ARt.',..._IB,3\ Cost of 2 M.BP.S link between primary lite and DR site Is not taken Into consideration, a6 Its cost I I
depends on the distance, ~_ • _ _ -1---- _" The overall WAN delig.n for EPFO. coverins; all EPFO oIflce. ~",,""- "" I i I fl i
eveluatin various seNice prolliders,5 Wherever Flat Bed scenn81'1 have been provided. ICR'ioftware shall also be required. If EPFO ------ - -------- --- - - -+------.--Jdecide6 on BOO for1hoaa resources, then the costln•.11abo.ve Is OK, Else the.cost.of. the ICR , -'~..~. I I i_ ~ol\ware and manpower resources (eHher own or outsou!!!5!L- •._ __ I __ ~
8J:AIIhardwere and IOI\w1re prices given lIbo,ve are list prtcea, takllll from published literature, and are I --r - -, ----therefore budgetary In nawre. It has been experiflncedthat In a C()mpetltlve situation, the prIoss . 1 ICQ!!!!I down by about 25 to 30 % (c()f1seNatlvely) from the list prilles. . J _ --.l _ _ i I
FlnaICostFigures_06062002.xlsInw>c::tmQnt ~lJm~rv Page 1 af6 Investment 6umman/
) /) ) .: ~)))J ) 'JBud9.ta~ •.t Figures
' ••••• " <
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ro d Specifications AMC ! AMCM.ilunt I; Total Cost (RI.): I :' !Chlrg •• , It; (~.) i: ! ' I , anY1%\ I :±~~F~=~~;~~-;;~·i~j,.1--=t • "m''''I' --~:~~~---s:aso.ooo1--2hest & oev SerV8r----~cserver 'Ingte CPUupgradeatii8til 2,000,000 _·-J--2:000,ocio -'0% ---200;ooor-- 2,200,000
~-/iiiOffietricserver~---'-.- ~~~.CPU'..-;;o- •• _ "",:i ~ t -_2:"•••~-~.~ "'''" _ USO,OOOt==-~~withso~.!.'!!""'-._Storall!!with19.IIT8RawCap!IC1tY I!Q,OOO 000 1 80 000,000 10%~---MQ0 000 88,000,0005 Laser Printers Laser Printers at HO· 25ppm,DuplexKit 150,000 1 150,000 10%I 15,000 165,000
.6 Router (HO + 6 pKotSltes,-- Routerat HQ with cables- 8 AsytlC ports & 700,000 1 --10(i~00ilr--W%I 70,000 770.00011----:;-;-: 4ISDNJ!9rt1 +-------. ~=r·---d--
7 Leased I..lneModemPair (HO G70U V.35 rnodema lor IIIIIMdUnes(8 + 38,000 12 458,000 10%j 45,800 5(11,600'-r-t- + 61-__ . 8)far 64Kbp! . _. _----'
I-- 8 Softwares 0nIcIe9lD~Server - 40 u.arllcen.. 40 000 40 ----1a..-600000 16% 240000 1&40 000;... __ .__ OrIcIllilOevelpauite-l0userllcenl8 - 245000 fI)f-- ~460ooo 15% _3B1,51!9 2817600
. Vlaual StUdio· 5 UterI .,000 6 300,000 15% 415 000 346000--- ICNataI ReDOlt·5 users 25000 5 125000 15% 18150 143 150
AnlMrusSoftwarelor servers 10000 2 20 000 15% 3000 ~23'OOOI--- __-- . IAntiViIU8S.~Cllen18 _ - .3000 30 90000 15% --E..~~. 103r-- .______HelpGenerationsoftware 60 000 1 ~ 60 000 IS%. 9000 69000
Data..9mli1resalonsoftware 50 000 1 50 000 15% 1500 57 500f--g COWriter Drive CDWritar' - - 10000 -t-- 10000 10% 1000 ---U.,.OOO
10 UPS - 20KVA TwoUPS Inparallelredundant l!1Ode _ 1,000,000 2 -k~000 1~ 200OOO~,200,OOO....-" Generator50KVA _ 1000000 2 2000000 10%! _ 200000 2,200,000
12 LANcabling lor 30 nod8S ;_ _ _ __ _ _ __~ ~. gI$O,Q!!!)_j 250,000 1!li; 25000 215000
_~ _ ____1.._.. ________
- 800,000 10% 80,000 880,000O\N.uuul 1
";:;;;1 3O~.J...800000 10%-. 180000 1,980,0001 9,000 -~ 900 11,900
;;;' 1--.00-000 -- ..-"'I .•.•• 165,000
- 3 -=- 450,000 -- 1:1. 045,000 495,0001 206,500 10%. 1Q.,850 227,150
111,0001 11 - - 111:000 - ,%\--- 0 1~1,OOO'''''''n l' -,~ 10%' - 1000 11000,_ .. , .,,1 .•.•" nt\n '0%1 22.600 247.600
18 l!~ Ha .tiiiavtShyaNldhl~=SeIver ----- P -III)(eon SIrVe CPUupgrade Two -l ._u__t --.1... __
CPUI 'NIN2KServer I l21PealgOplDea PCs-P4!1111.7GHz,256MBRAM --~-3 FiatboldSc:amer (ICRsoftware A4size scanner 12OOc1p1shaHalso be required)
FinElICostFigures_06082002_xlsSSN RelatedInvestment
LaserPrinters at HO • 25ppm;DuPlexKn041LaserPrinter&
f-s'Etilemel SwltcheS---24'PQrllwltch &"2 G!Aaporls. .6 LANca!Jllnli - Stru<*JredcabllngatHQ •.,.,7 Conaumebles FlOppy,LTO COR __
I-- 8 COWritar Drive _ COWriter -_. ----+ '::'EI9 UPS500 VA ForOesJqopa ___+_ "~_I , _w'~..:.......!,...----=~'+_-
pUotS~rsli8--- -- I t== 1 ~ . I .1,Database Server p-=iifX8OiiSiii01ecPUiiliQri.deto Two 1,200,000 212,400,000 10% 240,000 2,640,000
1---2 ;~:;~:::)~~s~:ted; _ g~~~~:Ke::'~=;vMh360G ---eoO,~-' __j - 600,0001 . 1.0% _~_ 6O'OO~I-----860'ooO
3 Desktops _ ~OOO _ 1!11 6Q!j,0001 10%i 60.000 860.000
PlIge20f6
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FinaICo:oIFlgures_06082002.xlsOverall Investment Overall Investment
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ObjectivesProject Vision* ...to reinvent the organisation and reposition EPFOIndia
as a world class organisation committed to deliveringworld class services
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Project Objectives
.:. Claims settlement within 2 to 3 days
.:. Anytime, Anywhere Settlement of Claims
.:. Register geometric growth in coverage of establishments and
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su1:iScribers.:. Effective Compliance mechanism.:. Retooling of Accounting System
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')Why BPR?+Business Process Reenglneering(BPR) aimsat total redesigning of the existing process+The Organisationstart~d~() yearsago antithe processes weredesignecli':·t:o suit manualenvironment+Need to change according to changing marketconditions+Increased expectation·sof the clients+Client satisfaction level was low+Image of the Organisatio.n was eroding
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Milestones crossed "')
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+Identification of Pilot Sites• WorkshQP for CSF& KBP identification+AS-IS Study in Pilot Sites+ Conceptualization of TO-BE Process• Concept Analysis Workshop• Draft BPR Report+Validation of Re-engineered Business
Processes+ Final BPR Report
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Critica I Success Factors :j
+Coverage of all Coverable establishments< I
+Perfect Service• Claims and Grievances• Right Settlement - Right Time
'. Conven ience to Clients• Access Convenience• Transaction Convenience - Anytime, Anywhere
+Efficie;nt Funds Flow Management-------~--
*Image BuilCiingana Scheme Awareness+High Employee Motivation
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Review of Existing ProcessesFunds flow
• Funds surplus and shortages at thesarnetir:ne at differentlocations
• Loss of interest due to idling of funds
• Improper reconciliation with sel• Backlog in reconciliation cfPenslon pa.yment.with designatedbanks (BRS)Accounting+Sacklogin maintaining DCBR
+Cheque Return transactions donotflow.backtQ members'accounts promptly "
+ Large gap between Bank and Cash book 'balance-------- +Time-barred Cheques are kept open in the Cash book resulting in
negative balance
+Bank reconciliation has high componentpf unidilf'itlflec:l balances. ..' ", ' .
• High component of unidentified balance,.' (999 transactions) inSubSidiary Cash Books
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Assumptions:1. Claims funds and receipts booking and other online activities cannot be delayed2. Cash-Book Bank is manual
Focus on ON-LIneActivities
Focus on Immediate Claimssettlement & faster fundsmovement, timely booking
of receipts and che~ue preparationEffectiveManagement of
EPFOFocus on holding
Focus on perlodlc~.-l statement, member & Est.activities of control""" account, Inter ledger reconciliation,
bank reconciliation
AsaumDtions:
Assumptlpnl:1. Est accounting andclaim settlement rolesare combined as recordmanagement is betterIn a manual environment
2. Receipts bookingcombi ned with preparationof bank-reconciliationand classified summary '"
3. Movement of fundsand bank reconciliation
---J'olesare-combi ned1. Inter-ledger reconciliation is required as all subsidiary ledgers are PQstedmanually and independently. . . .2. Separate sets of source documents are used for various bOQksleading to higher needof reconciliation. . . . . .....'.'.•.....•...' ......•.....•.....••..•••••3. Incompleteness of transaction postings.pl'orn()ted by cashbook system of accounting
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Redesigning the ProcessObJiective
Efficient accountingAnd robust compliance
Ol2icllVs···Claim SettlementWithin 3 Days
QbjectiveAccess ConvenienceAnytime-Anywhere
.Member's unique identity (SSN)Realtime monthly updation ofmember .:s'account
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Technology sUppqrt:(~{~twork,etc.) .
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Base BranchNon-Computerized ! '
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-Electronlc generation of challan information at source (base branch)
-Directly move contributions from all basebranche.8to one centralbranch: Discontinuation of link branches
-Electrentc chanan information from central branch to EPFO. .
-Have two parallel accounts at cel1tralbrfl;~Qb"oreasy reconcilitltipo
-one for receiving contribution and one for payments
-STEPS I Electronic Clearing System (ECS}fordisbursi.ngpayments
-Reductlon in 108S of interest due to centraUzed·buffer.. ,! ' ""r ,.
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-High Funds forecast accuracy
-Single point control and decisions for fu•..•~' flow
-Separate Agreement with each of thede,lgnated'Banks atCe.' F"
Level for Pension Payments .' .. ,
-Electronic info rmati 01'1 of P~n~io~ paYrne~~.~~~~~.~"k and!;'teceiptof Payment details from the Bankl.,EJ,~tr()'nic'm;~~.e"- Separate Bank Alc for each officef6fhi~king administrative
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ACCOUNTING & REPORTINGView of the Establishment Ledger
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Establishment "Non-Compliance Cases
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'iView of the Mem'b;&rLe'd'g'e'r., S$t. Sub ledger
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Year 'End closing Rules: Interest will merge with respective contribution accountsSettlements will be reduced from contribution accounts
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ACC<JUNTING AND REPORTING ,~View of the Investment Ledger
Investment I InvestmentFluctuation Nc Control Nc
InterestReceived Alc Accrued Alc
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Accounting and Reportmq• Introduction of Double Entry Syste,Q'I> ,of Accou.nting
• Int~gration of subsidiary ledgers with main ledga~.
- Single input point foralltranSilCilfirl .•.• lritegrateci
• system updates all relevant records automatically
• Monthly closing of books 'onrealti.Q1eba~i,s
-Automatic Bank reconciliation
- Contribution is routedthrol.lgh establishrn811tledger
- Member account gets updateClonly when compliance is'complete
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-clalms settled only to the extent of available balance in memberaccounts
-Accrual system for interest receivable and payable
-lnterest surplus account balance will show realistic balance
-Accounts will be maintained office-wile and scheme wise
ycn .". a1.t:u •rom system-lncorne and Expenditure Account and Balance Sheet would be
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Authorisation
Validation &Verification
Form Archived
Movement of physical Claim stops at Field Office
Settled Claiinformation
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