EPF not to invest in LIC Housing

This was as per a deciscion taken by the Central Board of Trustees of the EPF in its meeting.

The company’s chief executive was arrested last month for allegedly taking bribe from a financial firm to sanction loans to its corporate clients.

“We have requested officials to safeguard the existing investment,” Kharge said. The EPF had invested about Rs 4.54 billion in LIC Housing, against a limit of Rs 8.46 billion, he said.
The investment would be deferred till the probe, which the company is facing, is over.

The Board has also decided to raise its limit to 50 per cent of net worth for ‘AAA’ rating PSUs from the current 40 per cent.