Publish Date: | Tue, 01 Mar 2022 09:04 PM (IST)
Bishrampur(Naiduniya News). The Coal Ministry has taken serious note of the matter of writing off the investment of Rs 727.67 crore of Coal Mines Provident Fund Institute (CMPFO) in Dewan Housing Finance Limited. According to sources, the coal secretary has brought all the documents related to investment in DHFL to Delhi.
According to the information, on the instructions of the Coal Secretary, Commissioner in-charge of CMPFO, Samirn Dutta, held a meeting with the officers of CMPFO and asked them to provide all the documents related to DHFL. An officer has left for Delhi with documents. All the documents have been handed over to the Chief Vigilance Officer of the Ministry. There is talk that the Chief Vigilance Officer has started investigation. Meanwhile, trade union representatives are raising questions on getting the Chief Vigilance Officer investigated. Every day various discussions are taking place on this matter. According to unconfirmed information, the investing fund managers had written to the CMPFO about the deteriorating condition of DHFL to get back the invested amount, but no action was taken. Let us inform that in the year 2015-16, fund manager SBI had invested Rs 556.10 and UTI had invested Rs 834.15 crore in DHFL’s stock.
Proposal to write off
The meeting of the Investment Sub Committee of the CMPFO Trustee Board was held on 22 November 2021 at the Conference Hall of the Ministry of Coal, Delhi Shastri Bhawan. In which the Chairman of the Sub Committee cum Joint Secretary and Economic Adviser of the Ministry of Coal, SB Negi, Joint Secretary of the Ministry, Commissioner of CMPFO and Director Finance of Coal India were present. The committee decided that the 727.67 crore not received from DHFL should be written off after the permission of the board. The decision of the sub-committee was placed in the 175th meeting of the board held on January 20, 2022, which was opposed by all union representatives. When the investment was made, DHFL had a good credit rating. After this the situation of DHFL started deteriorating. In 2018-19, DHFL incurred a loss of 2223 crores and a debt of 91 thousand crores. The financial condition of the company got worse.
Fund managers gave information-
It is said that when DHFL’s rating got downgraded, CMPFO’s fund manager SBI and UTI advised CMPFO to take back the amount in writing under the redemption clause. In the light of this, the Finance Department of CMPFO prepared a proposal and gave it to the then commissioner to take this proposal in the 171st meeting of the Board of Trustees of CMPFO to be held on March 26, 2019, to take back the amount invested. But it didn’t happen. Meanwhile DHFL went bankrupt. On September 2021, Piramal Group bought DHFL for 38050 crores.
There should be a CBI inquiry-
Sanjeev Srivastava, the central secretary of Sewa Coal Employees Welfare Association (SEWA), says that the matter should be investigated by the CBI. Coal is the hard earned money of the workers. The write off has started to take effect. In the year 2019-20, the interest rate was 8.50 percent, which increased to 8.30 percent in the year 2021-22. This is a case of PF loot of coal workers collectively. Why was the invested amount not withdrawn despite the information of the fund manager?
Posted By: Nai Dunia News Network