Uproar over UPPCL employees’ funds invested in DHFL
The Uttar Pradesh Power corporation Limited’s (UPPCL) decision to invest the employees’ provident fund as fixed deposit with the controversial Mumbai-based non-banking finance company Dewan Housing Finance Corporation Limited (DHFL) has caused a stir in Lucknow.
The state-owned UPPCL decided to invest its employees’ funds worth over Rs 2,600 crore with DHFL, whose promoters were recently grilled by the Enforcement Directorate (ED) for their links with a front company of Iqbal Mirchi, a former aide of fugitive gangster Dawood Ibrahim.
The funds are managed by the Power Sector Employees’ Trust. The 10 per cent deduction from the UPPCL employees, who were appointed till January 2000, and 20 per cent deduction from the salary of those appointed after January 2000, are deposited in the power sector employees’ trust.
