NEW DELHI: Deposits really worth Rs 1,514 crore owed with the aid of Peerless General finances -2.29 % and Investment Company to its buyers for more than 15 years have now been transferred to the government’s IEPF, in line with a professional release.
The Investor Education and Protection Fund (IEPF), installation beneath the Companies Act, 2013, broadly speaking makes a specialty of shielding the interest of traders.
“In a first-rate fulfillment, the IEPF Authority has been able to implement Peerless General Finance and Investment Company Ltd to switch deposits really worth about Rs 1,514 crore to IEPF.
“This depositors’ money turned into pending with the company for the closing 15 years,” the corporate affairs ministry stated in a launch Tuesday.
The IEPF Authority comes below the ministry, that’s imposing the Companies Act.
According to the discharge, the business enterprise had garnered the amount with the aid of approximately 1. Forty-nine crore deposit certificate.
The information submitted with the aid of employer confirmed that fifty. Seventy-seven in keeping with cent of the full amount was taken in the form of deposit certificates of the value of Rs 2,000 or much less.
“Geographically, the buyers concerned belong to 30 states and Union Territories. Majority of the traders belong to West Bengal,” it delivered.
Among others, groups’ unclaimed dividends for seven years in addition to the underlying shares are transferred to the IEPF account.
The IEPF has a collected corpus of around Rs four,138 crores. Companies have also transferred 65.02 crore shares valued at Rs 21,232.15 crore, as per the discharge.
The IEPF Authority could also be installing vicinity a web facility to accumulate number one information directly from retail investors approximately deposits that have matured and are nonetheless pending with various entities for repayment or charge of interests.
“The online file will seize best vital fields with diverse drop down alternatives,” the discharge said.
Separately, the IEPF Authority has issued extra than four,000 notices to companies in search of information for alleged lapses.
There had been companies which have transferred unpaid dividend quantity to the IEPF but did not switch the shares. In a few other cases, companies showed unclaimed and unpaid quantities in their stability sheets but did now not switch such amounts to the IEPF even after seven years.
“It has been observed that there are many groups, such as NBFC organizations, that have neither refunded those amounts returned to their entitled traders nor have transferred such amounts to IEPF even after expiry of the duration of seven years,” the release stated.
NBFCs are Non-Banking Finance Companies.