Employees of Uttar Pradesh Power Corporation Limited are demanding removal of UPPCL chairman Alok Kumar after it was brought to light that their provident fund money was invested in the Dewan Housing Finance Limited (DHFL) without their knowledge. Demands for the removal erupted across the state on Tuesday with employees shouting slogans at all district headquarters. Both employees and engineers participated in these protests.
The Power Employees Joint Action Committee is demanding that the government get back the Rs 1600 crores invested in the DHFL. They also demanded the arrest of the chairperson so that an impartial investigation can be ensured. The committee has also made it clear that such protests will continue till its demands are met.
In Lucknow, offices of the power corporation, including collection centres, remained deserted as the protests unfolded. The state government has already recommended a CBI probe into the episode where money from the General Provident Fund and the Contributory Provident Fund were diverted to DHFL by the trustees of the UP State Power Sector Employees Trust. A total transfer of Rs 2,631 crores was made between March 2017 and December 2018. Of this, Rs 1,600 crores is still with DHFL.
The matter first came to light on July 10 this year when an unnamed complaint was made to the management of the UPPCL. On August 29, the corporation completed an in-house investigation into the matter but no action was taken. On March 17, 2017 the first investment was made in DHFL but this was made without obtaining due approval from the government. In subsequent investments, too, no approvals were taken. The Joint Action Committee has alleged that contrary to the figures put out by the Trust, the total amount of investment actually stood at Rs 4,122.70 crores. The committee is also demanding to know why there were no meetings of the Trust during the entire period when the investments were made.
The corporation’s investigations have revealed that 99 per cent of the employees fund was invested in just three companies and of this 85 per cent went to DHFL. The corporation MD would have been in the know of these facts, but chose to neither disclose these to the employees nor take cognisance of the subsequent investigations.
Shailendra Dubey, chairperson of the All India Power Engineers Federation, said, “We are demanding that the Trust be reconstituted and due representation to employees be given to safeguard our interests”.
