LUCKNOW Chances of the Uttar Pradesh Power Corporation Ltd (UPPCL) getting refund of more than ₹2,000 crore employees’ provident fund it invested as fixed deposits (FDs) in Dewan Housing Finance Ltd (DHFL) allegedly against investment guidelines are getting thinner, people aware of fresh developments said.
The corporation has already lost its case in the National Company Law Tribunal (NCLT) in June 2021 and the National Company Law Appellate Tribunal (NCLAT) last week for getting the full refund with interest from the broke DHFL.
And now, in a last-ditch attempt, the corporation is gearing up to move the Supreme Court for relief.
“On January 27, the NCLAT rejected our plea for full refund of the money deposited in the DHFL. The appellant tribunal refused to interfere with the NCLT’s earlier order in this regard,” a senior UPPCL official said. “As a last resort, we will soon move the Supreme Court after discussing the issue in the board meeting of the UP State Power Sector Employees Trust,” he added.
Between March 2017 and September 2019, the UPPCL PF Trust invested ₹2631.20 crore in the form of 319 FDs with the DHFL, a Mumbai-based housing finance company, allegedly in violation of the Central government’s investment guidelines.
The decision to invest in the DHFL was taken just a few days before the Yogi Adityanath government came to power, but the investment continued in the same manner under the new regime as well with the new UPPCL bosses failing to…
