Lucknow,November 05(HS) In the heat generated by the opposition against the Yogi government in Uttar Pradesh over investment of provident fund money in a private company,the main issue was pushed behind.The point to ponder was how was this investment made.
There is no provision in the present laws in the country for invesment of PF money in a private firm.The investment can be only made in government bonds,securities and other such instruments.For investment in stock exchanges, the provident organisation or trusts have to take permission from the labour ministry,according to legal eagles here.
The investment in question which many would prefer to call scam was made by a trust set up in the state.It is known as Power Employees Trust.Chairman of Uttar Pradesh Power Corporation Limited, a state government undertaking,is the chairman of this trust.
There are many such trusts in the country.Some large companies have also set up PF trusts because it provides certain benefits to them.Tax exemption,for instance.
None of them has provision to investment in any scheme like fixed deposit of any private financial company.The Power Employees Trust in U P had this provision.The secretary of the trust,according to informed sources, was allowed to make such investments.How was it made?
This provision was used and over Rs 4000 crores of employees and employers money was invested in fixed deposits of Dewan Housing Finance Corporation.Half of it has been recovered and the rest is still lying with the company.
This investment is questionable for two reasons.One,it was not a well known and reputed company ( some call it shady).Two,it had alleged link with a company set up by an aide of a Pakistan terrorist.
Above all,the special provision which the UP trust had was known to all associated with it.It could not have been secretly made.How was it then that this trust invested money in this less known company in 2017 and 2018 and it went unnoticed by all in these two years?It came to notice only now( in November 2019).
Two persons have been arrested in this connection but it cannot be a handy work of just two.A CBI inquiry may begin soon and more skeleton may be found in the cupboard.
These are the points to be discussed.Instead,the opposition is blaming the BJP government and the BJP blaming the SP.Before the BJP,the SP was ruling the state.Some of the transactions were made during the SP rule.
None could be directly involved.The trust of the government undertaking which invested is an autonomous body.It had powers to reject any government proposal or to ask a leader to keep away.If it has succumbed to pressure put either by any government official or any leader,the fault lies with it.
But the Congress or Priyanka Gandhi Vadra,its general secretary, would have none of these .Effigy of chief minister is being burnt at her instance.It is because of such politicians that truth is always buried.
