Rs 4,000 crore PF scam: Yogi govt underwrites 'illegal' investment in DHFL

DHFL

Averting a major showdown with the Uttar Pradesh power employees on the illegal investment of their provident fund (PF) in Dewan Housing Finance Corporation Limited (DHFL), the Yogi Adityanath government has announced to underwrite the outstanding corpus.
Besides, the state has also started the process of disinvesting the PF corpus in two other non-banking finance companies as well — LIC Housing Finance and PNB Housing Finance, which would be invested in other public sector financial institutions as per norms.
While Rs 4,122 crore was invested in DHFL alone by the two trusts managing the PF of the power employees between March 2017 and December 2018, about Rs 2,267 crore is still to be repaid by the company, which has been barred by the Bombay High Court from making fresh repayments.
The employees had been demanding the state to issue a gazette notification undertaking to ensure repayment of the corpus in DHFL, which is being probed by the enforcement directorate for money laundering. While the employees had observed 48 hour ‘work boycott’ on November 18-19, they had further announced to proceed on indefinite stir beginning November 28, if the state government failed to concede to their demands. Readmore

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