NEW DELHI: Deposits 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 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 church, that’s imposing the Companies Act.
According to the discharge, the business enterprise had garnered the amount with approximately 1—forty-nine crore deposit certificates. The information submitted with the assistance of the employer confirmed that fifty. In keeping with cent of the total amount, seventy-seven was taken in the form of deposit certificates of Rs 2,000 or much less value. “Geographically, the buyers concerned belong to 30 states and Union Territories. The majority of the traders belong to West Bengal,” it delivered.
Among others, groups’ unclaimed dividends for seven years and 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 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.