(FORTUNE Magazine) – Two years have passed since Union Carbide handed the Indian government $470 ^ million for the survivors of 1984's Bhopal disaster and for the families of the 3,700 who died. But so far less than $5 million has reached the intended beneficiaries, the company says. The rest, mostly invested in Indian bonds, remains in government hands. Unlike the Gandhi administration, which agreed to the Union Carbide settlement offer in 1989, the present government contends that the company is criminally responsible for the leak, and is backing a challenge to the settlement by groups of survivors and others. They want the Indian Supreme Court, which also approved the settlement, to reopen the case. Carbide is convinced that sabotage caused the accident. Chief Executive Robert Kennedy charges the Indian government with ''virtually ignoring the interests of the victims.'' He hopes the court will act quickly and again approve the payment. Says he: ''The money should then be immediately distributed to the victims. Let's get on with it.''