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UP government refuses to bail out UPPCL over DHFL fiasco

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Over Rs 4,000 crore has been invested by the trust in DHFL. While less than 50% of this amount has been recovered, a whopping Rs 2,268 crore is still with DHFL.

The UP government on Monday said it had nothing to do with the money from the provident fund of UP Power Corporation Limited (UPPCL) employees that was invested by the UP Power Employees’ Trust in the tainted Dewan Housing and Finance Corporation Limited (DHFL).

“It is the responsibility of the trust and its chairman to ensure that the money of power sector employees is taken care of properly,” UP energy minister Shrikant Sharma told TOI. The minister’s statement came on a day when UPPCL chairman Alok Kumar, who also heads the trust, proposed at an emergency meeting of the UPPCL board of directors that the corporation meet the shortfall in paying the PF and gratuity to the retiring employees.

Over Rs 4,000 crore has been invested by the trust in DHFL. While less than 50% of this amount has been recovered, a whopping Rs 2,268 crore is still with DHFL.

Source: TNN

(Note: The story has been published without modifications to the text. Only the headline and intro have been changed.)

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