Retirement fund manager EPFO’s trustees are likely to approve a proposal to recommence investment in LIC Housing Finance at their meeting scheduled on February 15.
EPFO’s apex decision-making body, the Central Board of Trustees, headed by the Labour Minister, had decided to suspend further investment in LIC Housing Finance till the CBI completed its investigation into the alleged involvement of the home loan company’s top official in the bribes-for-loans scam.
However the CBI is yet to complete its probe into the LIC Housing Finance scam.
The Employees’ Provident Fund Organisation (EPFO) had invested Rs 454 crore in the bonds of LIC Housing Finance Company. The fund manager’s prevailing investment norms allow for investment of up to Rs 846 crore in the company.
LIC Housing Finance company is a subsidiary of LIC, the largest insurance company in India.
