EPF Organisation has decided to suspend further investments in the LIC Housing Finance till CBI completes investigations into the alleged involvement of its top official in the bribes-for-loans scam.
LabourMinister Mallikarjun Kharge today said after the meeting of the board that the organisation will not invest in LIC housing finance company till the CBI inquiry is not over.
The EPFO till date has invested 454 crore rupees in the bonds of the LIC Housing Finance Company, while the current investment norms allow investment up to 846 crore rupees.
He also said that EPFO has also decided to increase the limit of investment of funds in various Public Financial institutes and other Public Sector companies. The Minister said, that the investment limit for EPF is to be increased from 25 percent to 40 per cent in case of financial institutions while for other Public Sector Enterprises this limit is being enhanced from the current 40 per cent to 50 percent of their Net Asset Value(NAV).
He said that investment will be made in those sectors and companies only which have government assurance and guarantee of profitability so that the employees' interests are safe. Replying to a question Mr. Kharge said that looking to the ongoing investigations into the alleged irregularities, the Central Board of Trustees EPF has decided not to invest in the LIC Housing Finance until the entity comes out clean.
MORENEWS-http://india.gov.in/outerwin.php?id=http://newsonair.nic.in/full_news.asp%3FTOP3
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