New Delhi, Aug 05: Financial institutions have played no role in the acquisition of 2.5 crore equity share of L&T by Grasim Industries and in the open offer for 20 per cent more of L&T, Rajya Sabha was informed today. "Sebi have informed that Grasim Industries have acquired 2.5 crore fully paid up equity shares of Larsen and Toubro Ltd. They have, with their wholly-owned subsidiary, made a public announcement to acquire 20 per cent in L&T in terms of provisions of the takeover regulations," Minister of State for Finance Anandrao V Adsul said in a written reply.

"Financial institutions have played no role in this acquisition," he added. In reply to another question, Finance Minister Jaswant Singh said government has instituted eight enquiries against soft drinks manufacturers for allegations of restrictive and unfair trade practices since 2000, Rajya Sabha was informed today.

Among the companies against whom cases were launched include Pepsi Foods (2), Coca-Cola India and its parent company (3), Dukes & Sons and Campa beverages but only five cases remain to be disposed off.

Adsul said seven assured return schemes of UTI including MIP 99, MIP 98 (V) and Rup 99 are being foreclosed as returns on these are "out of alignment with returns in the market and hence not sustainable". He said RBI has allowed liquidation of seven cooperative banks in Gujarat due to their precarious financial position.

Bureau Report