Wary Power Engineers Ask For PF Details, DHFL Seeks Court Nod For Payment

Lucknow

After the power, engineers have once again started raining demand for the details of their provident fund status and contribution with the state government, the DHFL has reiterated that it is ready to make payment once the court allows it to do so. The DHFL officials have once again stated that it is ready to make payment to the Power Sector Employees Trust once the Mumbai High Court lifts restrictions. It may be mentioned that the Mumabi High Court has restricted DHFL from making any payment in October last year. Challenging the court decision the DHFL had filed an application seeking permission to make payments against the investment as per its promise.

It may be mentioned that the board of trustees of the Power Sector Employees Trust passed a resolution allowing investment of fund in the private housing finance companies in its meeting held in December 2014. Based on this resolution the trust invested in the two housing finance companies including PNB Housing Finance. As per this resolution, the DHFL submitted its quotation for investments in its term deposits. After due consultation and consideration the quotation of DHFL was approved by, the Power Sector Employees Trust and the investment began in March 2017.
Since then and until September 30, 2019, the DHFL has regularly paid interest and the principal amount to the Power Sector Employees Trust as and when the tenure of deposit completed. All repayments were made in time so far. The Mumbai High Court has restricted DHFL from making any payment in October this year on the basis of a case filed for non-payment of Rs 483 crore only.
According to the officials records The DHFL before the stay of the Mumbai High Court and until September 30, 2019, has made all the payments including interest to the Power Sector Employees Trust in time. The DHFL itself has pleaded to the Mumbai High Court during the hearing on November last year that it be allowed to make payment against the investment made by the Power Sector Employees Trust as it belonged to the PF of the power men of U.P.
Now that the power sector employees have raised demand for their PF details and payment dues, the DHFL has once said that it should be allowed to do so. The DHFL has decided to press for its demand of lifting ban on making payments so that the dues to the Power Sector Employees Trust could be paid immediately.
The officials at the DHFL said that it is committed to make all the payments due to the Power Sector Employees Trust in time as soon as the Mumbai High Court directs it to do so.