Power Corporation Trust moves NCLT to recover dues from DHFL

Uttar Pradesh Power Corporation Contributory Provident Fund Trust moved the National Company Law Tribunal (NCLT) to recover dues from Dewan Housing Finance Corporation Ltd (DHFL). The Trust, which manages the provident fund of employees of Power Corporation, claimed that the beleaguered non-banking lender owed it more than Rs 148 crore that it invested in DHFL’s fixed deposits.

The rip-off surfaced in November last year and the state government tasked the the Economic Offences Wing of UP Police with conducting the probe. So far, several officers of the power utility, including former MD AP Mishra, sharebrokers and DHFL employees, have been arrested.

The state government had also undertaken the guarantee to pay provident fund to power employees if the Trust failed to honour the obligation.