Wednesday, Jul 24 2019 | Time 10:12 Hrs(IST)
  • A little change in your meals can transform you
  • Russia probe: Robert Mueller set to testify before House panels
  • Ex-Flynn partner convicted for illegal lobbying on behalf of Turkey - US Justice Dept
  • Top Dems on Senate Foreign Relations Panel urge Trump to sanction Turkey over S-400 buy
  • US House overwhelmingly passes measure opposing movement to boycott Israel
  • Labour leader urges supporters to rally on Thursday for Snap General Elections in UK
  • Two killed, 25 injured as blast hits SW Pakistan
  • Nigeria: 78 armed group members killed in cleanup operation
  • At least 69 people injured in Canadian traffic accident
  • Largest US civil rights group calls for Trump impeachment
  • Trump, US Republican Senators meet at White House to discuss Turkish sanctions
  • Pompeo discusses expanding trade, investment with Pakistani PM - State Dept
  • Trump sues lawmakers, NY officials to block release of state tax returns
  • Trump sues lawmakers, NY officials to block release of state tax returns
  • Ex-Army chief Esper sworn in as next US Secretary of Defence
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.


More News

Second ground breaking ceremony of Yogi government to be held on July 28

23 Jul 2019 | 9:15 PM

Lucknow, Jul 23 (UNI) The second Ground Breaking Ceremony (GBC) of projects of the Yogi Adityanath government in Uttar Pradesh will be held on July 28.

see more..

IntelliMedia to establish not for profit center for students in Gujarat

23 Jul 2019 | 8:24 PM

Ahmedabad, Jul 23 (UNI) Leading immersive media technology provider IntelliMedia Networks, on Tuesday announced to establish a non-commercial, first of its kind educational platform for students and professionals for next-generation Augmented Reality (AR) and Virtual Reality (VR) as well as Artificial Intelligence (AI) technologies.

see more..

Haryana adds new record by contributing 4 7 pc to national kitty of GST: Capt Abhimanyu

23 Jul 2019 | 7:54 PM

Chandigarh, Jul 23 (UNI) After setting several records at the national level, Haryana has added a new record as despite of having just 1.

see more..

Piyush Goyal to launch Global Innovation Index on Wednesday

23 Jul 2019 | 7:41 PM

New Delhi, Jul 23 (UNI) Union Commerce and Industry Minister Piyush Goyal will launch on Wednesday the Global Innovation Index (GII) with the theme 'Creating Healthy Lives - The Future of Medical Innovation', which aims to explore the role of medical innovation as it shapes the future of healthcare.

see more..
Volkswagen India announces its fourth edition of the Sapphire Club Programme

Volkswagen India announces its fourth edition of the Sapphire Club Programme

23 Jul 2019 | 7:32 PM

Kolkata, Jul 23 (UNI) Volkswagen, Europe’s largest carmaker, today announced
its fourth edition of its elite Sapphire Club.

see more..