E-Paper
DHFL has told court it’s ready to repay entire amount to UPPCL Trust, says energy minister
Dewan Housing Finance Ltd (DHFL) has intimated the Bombay high court that it is committed to repaying the entire amount to the UP power sector employees’ trust as
Dewan Housing Finance Ltd (DHFL) has intimated the Bombay high court that it is committed to repaying the entire amount to the UP power sector employees’ trust as per the terms and conditions that guided the investment. Energy minister Shrikant Sharma shared this information with reporters at Shakti Bhawan here on Wednesday evening.
He said UPPCL had filed a writ petition against DHFL in the Bombay high court on November 18.
“During the hearing of the matter today (Wednesday), the DHFL counsel told the court that the company would pay the money to the Trust every month as and when the fixed deposits, in which over Rs 2,600 crore (Rs 26 billion) was invested, got matured once the court released its bank accounts,” Sharma said.
He said the hearing on Wednesday was with regard to Reliance Nippon’s suit that it had filed against DHFL.
“The hearing remained inconclusive today (Wednesday) and the court will hear the matter again on November 28,” he said, adding, “But the positive thing is DHFL told the court that it has no intention to default on the payment to the UPPCL Trust.”
Sharma said UPPCL chairman and principal secretary, energy, Arvind Kumar was present in court on Wednesday to coordinate with UPPCL’s lawyers.
“The government will do every possible thing to get the employees’ hard-earned money from DHFL,” the minister said and appealed to employees to cooperate and stop agitating.
UPPCL had also written a letter to the Reserve Bank of India (RBI) seeking its help in the safe return of the employees’ provident fund invested in DHFL.
There are reports that the RBI on Wednesday suspended DHFL’s board of directors and appointed R Subramaniakumar, ex-MD and CEO of Indian Overseas Bank, the administrator of DHFL.
DHFL is among major defaulters that owes around Rs 1 lakh crore to its debtors and investors, including UPPCL.
