Delhi Govt Forms Winding-Up Committee To Oversee Dissolution of DFC

New Delhi, Feb 11 (KNN) The Delhi government has constituted a Winding-up Committee to implement the decision to dissolve the Delhi Financial Corporation (DFC), with all powers of its Board of Directors and management now vested in the newly formed panel.

According to an official notification, the Committee will be headed by the Administrative Secretary (Finance), with Secretaries from the Departments of Industries, Law, Services and other concerned departments, along with DFC officials, as members.

"The Committee may co-opt or seek assistance of any officer, authority or agency of GNCTD and may invite any person(s) as special invitee(s), as required for the winding-up process," the notification stated.

From the date of notification, all powers of the DFC Board and management have been vested in the Winding-up Committee.

The Committee will take custody of DFC's assets, records and financial holdings, recover outstanding dues through OTS schemes and legal measures, and oversee finalisation of accounts, audits and statutory compliances. It will also settle all statutory liabilities, including government dues, taxes and other lawful claims.

Further, the Committee will identify, preserve, transfer or dispose of movable and immovable assets in a transparent manner as per applicable rules. In case of leasehold properties, it will obtain necessary approvals or consents from lessor authorities.

The panel has also been empowered to make decisions regarding employee management, including redeployment, continuity, terminal benefits and related matters, in accordance with applicable service rules and subject to advice from the Services and Law Departments.

All pending proceedings before courts, tribunals or authorities will continue to be handled by the Committee, with DFC remaining the legal entity for such purposes until final dissolution.

The Committee may engage professionals or consultants, including auditors, valuers and legal counsel, in line with procurement norms, and take all incidental and consequential steps necessary to complete the winding-up process.

Officials said proceeds from recoveries, monetisation or transfers during the winding-up will be applied towards expenses and liabilities in accordance with applicable law and government directions.

Employees posted with DFC will continue to receive pay and service benefits, including GPF, as per applicable rules and subject to availability of funds. 

(KNN Bureau)