DHFL Fiasco: UP Refuses to Rescue UPPCL

LUCKNOW: On Monday, the UP government said it had nothing to do with the money from the UP Limited Employee Pension Fund (UPPCL) that was invested by the UP Power Employee Trust in the polluted and limited state ( DHFL).

It is the responsibility of the trust and its president to ensure that the money of the employees in the electricity sector is properly cared for, the UP energy minister told TOI. The minister's statement came the day that UPPCL president Alok Kumar, who also heads the trust, proposed at an emergency meeting of the UPPCL board of directors that the corporation cover the deficit in the payment of the FP and tip it to the employees who retire.

Trust in DHFL has invested more than 4 billion rupees. While less than 50% of this amount has been recovered, a huge amount of Rs of 2,268 is still with DHFL.