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17. It is also alleged that according to the records available, GPF contributions amounting to Rs.2631.20 crores were invested in DHFL out of which only Rs.1185.50 crores have been received by the trust office and an amount of Rs.1445.70 crores plus interest is yet to be received. Similarly, an amount of Rs.1491.5 crores of the Contributory Provident Fund was invested in the DHFL, out of which Rs.669.3 crores have been received by the office of the trust and Rs.822.2 crores plus ineterest is yet to be received.Thus, the total amount of Rs.2267.90 crores (Principal Amount) and interest is yet to be received from the DHFL.

18. Thus, allegations in sum and substance are that the accused in furtherance of criminal conspiracy with malafide intention for personal gain and in violation of the relevant provisions of law, have invested huge amount of two funds i.e. Uttar Pradesh Power Sector Employees General Provident Fund and Uttar Pradesh Power Corporation Limited Contributory Provident Fund in DHFL, a company incorporated under the Companies Act. Their malafide decision has caused huge loss to these funds to the amount of Rs.2267.9 crores (Principal Amount) besides interest. The investigation has revealed that the investments have been made in the DHFL by the accused for personal gain as they have received the huge amount from DHFL as commission for making such investments.

33. It has been further submitted that the accused-applicant has tendered his resignation on 16th March, 2017, however, the same was accepted by His Excellency, Governor of U.P. only on 23.03.2017. The accused-applicant had no knowledge of the investment of funds in D.H.F.L. It has further been submitted that the decision to invest in D.H.F.L. is taken by circulation/rotation in the minutes of meeting which has been placed before the applicant in his office on 22.03.2017.

34. It is further submitted that the decision to invest in the DHFL was approved by the Board of trustees in its meeting held on 22-24th April 2017 in which Mr Sanjay Agrawal, Chairman UPPCL and Trust, Mr. A.P. Mishra, (the accused-applicant) Managing Director, UPPCL, Mr. Satya Prakash Pandey, Director (P & A) U.P.P.C.L. and Trustee, Mr Sudhanshu Dwivedi, the Director (Finance) and Mr. P. K. Gupta, General Manager (F & A,) Secretary (Trust) were present. It is further submitted that all these persons had signed the resolution. It is said that Sanjay Agrawal was the Chairman who signed the resolution but he has not been made the accused as he is an influential person. It is further submitted that the decision on investment was not taken with a mala fide intention and, there is nothing in evidence which would connect illegal gratification/commission having been paid to the accused-applicant by DHFL in lieu of investment made. He has further submitted that he acted with due care and with bona fide intention and there is no criminality involved for which he is being prosecuted. Investments made in DHFL were for earning better rate of interest in favour of the employees and the FIR in question has been lodged in a hurried manner and name of the accused-applicant has been surfaced during the course of investigation and he has no concern with the offence and, therefore, the accused-applicant should be enlarged on bail.

35. Mr. V.K. Shahi, learned Additional Advocate General has submitted that the management and investment of the GPF/PPF amount of all the 42000 employees of the Power Corporation was required to be carried out in conformity with GPF Rules, 2000, CPF Rules, 2004 and the Gazette notification of Government of India dated 2nd March, 2015. These rules specifically provide that the investment is to be made in accordance with the rules and the notifications issued by the Government of India. He, therefore, has submitted that there is no substance in the submission of the learned counsel for the accused-applicant that the Government of India notification dated 2nd March, 2015 has no application in respect of the two Trusts whose money was invested in DHFL. He has further submitted that the notification dated 2nd March, 2015, spells out in detail the investment patterns, which is required to be followed and adhered to in making investments of CPF amounts. He has further submitted that investment in DHFL has been made in blatant violation of the guidelines, contained in the notification dated 2nd March, 2015 as well as GPF Rules, 2000 and CPF Rules 2004 as well as provisions of Indian Trust Act and Indian Companies Act, 1956.