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), installed 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 implemented Peerless General Finance and Investment Company Ltd to switch deposits worth 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, imposing the Companies Act.
According to the discharge, the business enterprise had garnered 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 were taken as deposit certificates of Rs 2,000 or much less. “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’ seven-year unclaimed dividends and the underlying shares are transferred to the IEPF account. The IEPF has a collected corpus of around Rs 138 crores. As per the discharge, companies have also transferred 65.02 crore shares valued at Rs 21,232.15 crore. The IEPF Authority could also install a web facility to accumulate number one information directly from retail investors about deposits that have matured and are pending with various entities for repayment or charge of interest. “The online file will seize best vital fields with diverse drop-down alternatives,” the discharge said.