Ayodhya Prasad Mishra Vs State of U.P. (Allahabad High Court)
The bail application under Section 439 Cr.P.C. was filed in connection with FIR No. 540 of 2019 registered under Sections 409, 420, 467, 468, 471 and 120B IPC, with Section 13(2) of the Prevention of Corruption Act added during investigation. The FIR was lodged on 2 November 2019 by the Secretary of the Trust of Uttar Pradesh Power Corporation Limited (UPPCL). The applicant, who served as Managing Director of UPPCL, was later implicated during investigation.
The case concerns alleged irregular investments of the General Provident Fund (GPF) and Contributory Provident Fund (CPF) of employees of three electricity corporations created after the Uttar Pradesh Electricity Reforms Transfer Scheme, 2000. To manage the provident fund, gratuity and pension funds of employees, the Uttar Pradesh State Power Sector Employees Trust was established under the Provident Fund Act, 1952. The funds were administered by a Board of Trustees in accordance with the Trust deed, rules and statutory provisions. The Secretary (Trust) and Director (Finance) were responsible for managing and investing the funds as per directions of the Board of Trustees and government guidelines.
Earlier, provident fund amounts were invested in term deposits of nationalised banks. However, from December 2016, investments began to be made in PNB Housing Finance on proposals approved by the Secretary (Trust), the Director (Finance) and the Managing Director. Subsequently, from March 2017, investments were made in Deewan Housing Finance Ltd. (DHFL), a private financial institution.
