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Business Economy


IEPF Authority recovers Rs 1,514 cr depositors’ money from Peerless General Finance

IEPF Authority recovers Rs 1,514 cr depositors’ money from Peerless General Finance

New Delhi, Apr 23 (UNI) In a major success, the Investor Education and Protection Fund (IEPF) Authority has been able to enforce the Peerless General Finance and Investment Company Limited to transfer deposits worth about Rs 1514 crore to IEPF.

This depositor’s money was pending with the company for the last 15 years, according to the Finance ministry statement here on Tuesday.

The matter came to the notice of the Authority recently and within a short time due to the proactive action of the Authority, the said sum has now been transferred to IEPF.

This amount was taken by the company by issuing about 1.49 crore Deposit Certificates and include more than 1 crore individual investors. The data submitted by company reveals that 50.77 per cent of the total amount was taken in form of deposit certificates of value of Rs 2,000 or less. Number wise such certificates form 85.32 percent of total number of certificates issued.

The majority of these investors are common citizens belonging to lower and middle income group including daily wage earners. Geographically, the investors involved belong to 30 states and Union territories of the country and the majority of them belong to West Bengal.



The IEPF Authority is in the process of commissioning an online facility to collect primary information directly from retail investors about the deposits which have matured and are still pending with various entities for repayment or payment of interests.

The Authority has also acted against companies that have transferred the unpaid dividend amount to IEPF but have failed to transfer shares in accordance with section 124(6) of the Act. In some other cases, the companies are showing unclaimed and unpaid amounts in their Balance Sheets but have not transferred such amounts to IEPF even after seven years.

Based on this, the authority has issued more than 4,000 notices to the companies under section 206(4) of the Act for calling information.

It has been noticed that there are many companies including NBFC companies which have neither refunded these amounts back to their entitled investors nor have transferred such amounts to IEPF even after expiry of the period of seven years, said the ministry.

The size of IEPF Fund has almost doubled within one year with accumulated corpus of about Rs 4138 crore.

UNI RSA SHK1724

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