EPFO faces ₹1,163 cr. defaults in investments

The Employees’ Provident Fund Organisation (EPFO) has faced ₹1,163.14 crore defaults in its investments, the Labour and Employment Ministry informed the Rajya Sabha on Wednesday.

To a question by CPI MP Elamaram Kareem, Labour and Employment Minister Santosh Kumar Gangwar said the EPFO had made “investments in various bonds and other instruments following the pattern of investments notified by the government of India that have so far been beneficial to it”.

However, he said the securities belonging to the Dewan Housing Finance Corporation Ltd (₹760.69 crore), Infrastructure Leasing & Financial Services Limited (₹106.23 crore), Reliance Capital Limited (₹292.64 crore), Punjab State Industrial Development Corporation Ltd (₹2.98 crore) and Punjab Financial Corporation (₹60 lakh) “have resulted in default of certain principal amounts and interest due”.

“The EPFO monitors all its investments for downgrade/default through External Concurrent Auditor (ECA) and Consultant and as per their feedback, necessary action is taken in each such case. In case of private entities, the matter has been taken up through respective debenture trustees for recovery of the outstanding dues. In case of State public sector undertakings, the matter has been taken up through the State governments for recovery of the outstanding dues,” he said.

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