LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

Peerless General Finance transfers unpaid deposits worth Rs 1,514 cr to IEPF

Peerless General Finance has transferred unpaid deposits worth Rs 1,514 crore to the IEPF, an amount that was pending with the company for more than 15 years.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Peerless General Finance transfers unpaid deposits worth Rs 1,514 cr to IEPF
The Investor Education and Protection Fund (IEPF), set up under the Companies Act, 2013, primarily focuses on protecting the interest of investors. Photo: Peerless website
Written By: PTI
Updated: Tue, Apr 23, 2019
10:29 pm
New Delhi, PTI
RELATED NEWS
Insurance alert! Big decision by Modi government to facilitate resolution of complaints - All you need to know Insurance alert! Big decision by Modi government to facilitate resolution of complaints - All you need to know
Modi government creates RECORD! New feat achieved in highways construction - Nitin Gadkari confirms this Modi government creates RECORD! New feat achieved in highways construction - Nitin Gadkari confirms this
Centre finalises One District One Focus Product to promote in cluster approach Centre finalises One District One Focus Product to promote in cluster approach
Big gift for Tamil Nadu! PM Narendra Modi inaugurates these important projects - All details here Big gift for Tamil Nadu! PM Narendra Modi inaugurates these important projects - All details here
Online news media publishers may come under the ambit of Section 69(A) of IT Act: Report Online news media publishers may come under the ambit of Section 69(A) of IT Act: Report

Kolkata-based Peerless General Finance and Investment Company has transferred unpaid deposits worth Rs 1,514 crore to the IEPF, an amount that was pending with the company for more than 15 years, according to the government. The Investor Education and Protection Fund (IEPF), set up under the Companies Act, 2013, primarily focuses on protecting the interest of investors.

"In a major success, the IEPF Authority has been able to enforce Peerless General Finance and Investment Company Ltd to transfer deposits worth about Rs 1,514 crore to IEPF. "This depositors' money was pending with the company for the last 15 years," the corporate affairs ministry said in a release Tuesday.

See Zee Business Live TV streaming below:

The IEPF Authority comes under the ministry, which is implementing the Companies Act.
Government officials said the matter came to the notice of the ministry through a communication from the Reserve Bank of India (RBI) as the Kolkata-based firm was a Non-Banking Finance Company (NBFC).

The amount of Rs 1,514 crore does not include the interest that was to be paid to the investors over the years, the officials said.

The development would be boost efforts to protect the interest of investors, they added. According to the release, the company had garnered the amount through issuance of around 1.49 crore deposit certificates.

The data submitted by company showed that 50.77 per cent of the total amount was taken in the form of deposit certificates of value of Rs 2,000 or less.

"Geographically, the investors involved belong to 30 states and Union Territories. Majority of the investors belong to West Bengal," it added.

One of the officials said that the total amount due, including interest, is roughly estimated at Rs 3,000 to 4,000 crore.

Among others, companies' unclaimed dividends for seven years as well as the underlying shares are transferred to the IEPF account.

The IEPF has an accumulated corpus of around Rs 4,138 crore. Companies have also transferred 65.02 crore shares valued at Rs 21,232.15 crore, as per the release.

The IEPF Authority would also be putting in place an online facility to collect primary information directly from retail investors about deposits that have matured and are still pending with various entities for repayment or payment of interests.

"The online report will capture only essential fields with various drop down options," the release said.

Separately, the IEPF Authority has issued more than 4,000 notices to companies seeking information for alleged lapses.

There have been companies that have transferred unpaid dividend amount to the IEPF but failed to transfer the shares. In some other cases, companies showed unclaimed and unpaid amounts in their balance sheets but did not transfer such amounts to the IEPF even after seven years.

"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," the release said.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Modi government
RELATED NEWS
Insurance alert! Big decision by Modi government to facilitate resolution of complaints - All you need to know Insurance alert! Big decision by Modi government to facilitate resolution of complaints - All you need to know
Modi government creates RECORD! New feat achieved in highways construction - Nitin Gadkari confirms this Modi government creates RECORD! New feat achieved in highways construction - Nitin Gadkari confirms this
Centre finalises One District One Focus Product to promote in cluster approach Centre finalises One District One Focus Product to promote in cluster approach
Big gift for Tamil Nadu! PM Narendra Modi inaugurates these important projects - All details here Big gift for Tamil Nadu! PM Narendra Modi inaugurates these important projects - All details here
Online news media publishers may come under the ambit of Section 69(A) of IT Act: Report Online news media publishers may come under the ambit of Section 69(A) of IT Act: Report

LATEST NEWS

Aadhaar card-based driving licence service: Check step by step guide to renew your driving licence online without going to RTO

Gold Price Outlook – Gold, Silver prices may see further fall next week; expert tells what to do to maximise gains

NEET 2021 exam: Check here the latest update on dates and all you need to know for registration before appearing in the test

Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range, says investors should trade keeping volatility in mind

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

ITC Share Price: Experts give 'share to buy' tag; predicts up to 50% profit in three months

EPF Passbook Balance Check Online: EPFO members can do this via Umang App, SMS, missed call; choose whatever you want

Reliance Jio low-cost laptop 'JioBook' that runs on Android coming soon; Here's all you need to know

TMC Candidates List 2021 - Names of 291 candidates announced for West Bengal Elections; See Complete List Here

7th Pay Commission: Central Government Employees' Dearness Allowance (DA) to become 25 pct from April 2021?

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved