Not judgement errors.

(From Indian Express)

The Unit Trust of India (UTI) chairman has established a no-nonsense reputation and is working hard to fulfil his mandate by revamping the organisation and through ruthless efforts to recover investors' money. Why then did he fall into the trap of certifying the misdemeanours of his predecessors as 'errors of judgement'? The UTI chief's statement flies in the face of the Tarapore committee's findings. It is contrary to anecdotal evidence, which says that speculators dumped ramped up stocks on UTI. This was confirmed by Sebi's investigation that followed the stock market collapse. What else explains the large chunks of Zee, DSQ Software, Himachal Futuristic and Global Tele stocks being purchased by UTI even after the crash? In fact, one of the most astounding aspects of UTI's second debacle in three years is that nobody has been punished, censured or indicted for the losses to investors and the colossal breach of trust. The government is also in no hurry to amend the UTI act. Yet the Indian exchequer could end up paying as much as Rs 18,000 crore (from 1998 onwards) for the two UTI bailouts. You are doing a great job Damodaran, but why defend UTI's sordid past? Heading for a divorce?The Tatas seem ready to walk into yet another controversy. If the skirmish over investing Rs 1,200 crore into the loss making Tata Teleservices was not enough, an unnamed official seems to have told a business daily that a 'divorce' could be the likely outcome of the VSNL-Tata marriage. The exact quote was, 'It is like a marriage that one gets into expecting some minimum benefits. But we find we have got a raw deal. And we see no reason not to seek a divorce'. Sources confirm that they are extremely 'unhappy' with the VSNL deal and that they are being given a royal run-around by BSNL on the interconnectivity issue. They admit that if the situation does not improve they would have no option but to seek legal redress and point out that the shareholders agreement does provide for a return of the stake under certain conditions. As for carrying out the threat, sources say that the statement about an actual divorce may have been a little rhetorical. Unfortunately for ...