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karira posted a topic in RTI in MediaUTI Technology Services Ltd. (UTITSL) has been asked by the CIC as to why it should not be treated as a Public Authority. The CIC had earlier, vide Appeal No. 2167/ICPB/08 dated 13.6.2008, declared that UTITSL is not a PA as defined in the RTI Act. But a citizen again raised a query through email and CIC has reopened the issue. UTITSL, besides being the largest Financial serivce provider in India also issues PAN cards and provides PAN card verification services. If one visits: UTITSL - About us the first two paragraphs are: UTI Technology Services Limited (UTITSL) formerly known as Unit Trust of India Investor Services Limited was promoted by the erstwhile UTI and incorporated as a limited company on May 19, 1993 to serve the investors of UTI schemes. Consequent to enactment of the Unit Trust of India (Transfer of Undertaking and Repeal ) Act 2002, the company is construed as a Government Company u/s 617 of the Company’s Act 1956. Established in 1993, UTI Technology Services Limited (UTITSL) is a government owned company that provides technology and outsourcing services to the financial and government sectors of India. Where is the doubt ? The order is attached to this post. ============ This is distinct from UTI Mutual Fund, which has already been declared as a Public Authority. Please see: http://www.rtiindia.org/forum/5395-right-information-roving-eye-likely-penetrate-uti-mf-guard.html http://www.rtiindia.org/forum/4730-uti-mf-may-have-face-right-information-roving-eye.html PB-22092008-01.pdf
UTI MF may have to face RTI roving eye As reported by Souvik Sanyal 19 Jun, 2008, ET Bureau NEW DELHI: UTI Mutual Fund, the third-largest asset management company in India, could be made accountable under the Right to Information Act. In a move that could allow investors to seek data on the company’s financial management, the Central Information Commission (CIC) would soon consider whether the financial control and profit sharing pattern of UTI Asset Management Company (AMC) calls for public accountability under the transparency law. Primarily, the panel would consider whether the company is substantially financed and if its affairs are controlled by the government. The company has been jointly promoted by SBI, Life Insurance Corporation, Punjab National Bank and Bank of Baroda, with each holding 25% stake. With the law not clear as to what constitutes “substantial financing” by the government, the CIC is expected to peep into the AMC’s financial transactions to see if it has received any financial support from the government. The RTI Act 2005 states that any institution established by the government or in receipt of direct or indirect funds from the government shall have to comply with the provisions of the law. While UTI AMC argued that government did not have control over its management affairs, the statutory panel is expected to look at the control exerted by the promoters on the company’s financial aspects. In its order, the CIC has sought from the company last two years of balance sheets, articles and memorandum of association and details about its profit-sharing pattern. The CIC would also be considering the mode of appointment of directors of the company, to understand the government’s influence on the company board. UTI AMC has been appointed as the asset management company of the UTI Mutual Fund on December 9, 2002, and manages a corpus of over Rs 54,652 crore as on May 31, 2008. Investors have taken the RTI route to get hold of closely-guarded financial data. Notably, the CIC had last year directed stock exchanges and SBI’s financial services arm, SBI Cards, to set up an information redressal mechanism under the transparency law. UTI MF may have to face RTI roving eye- MF News-Mutual Funds-Personal Finance-The Economic Times
Hi IS HDFC & Axisbank Dont came under RTI Act ?? I have Account Problem But They Respond that they are not under RTI Act section 2(h). Can I Farward My leter to RBI Because HDFC work under RBI Guideline ? Thanks