IEPF body recovers Rs 1,514 cr of depositors' funds

New Delhi, April 23 (IANS) The Investor Education and Protection Fund (IEPF) Authority has "successfully forced" the Peerless General Finance and Investment Company to transfer deposits worth about Rs 1,514 crore to IEPF, a statutory body under the ministry of Corporate Affairs."In a major success, the IEPF Authority has been able to enforce The Peerless General Finance and Investment Company Limited to transfer deposits worth about Rs 1,514 crore to IEPF. The depositors' money was pending with the company for the last 15 years," said Finance Ministry. "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", said the Ministry."The data submitted by company reveals that 50.77 per cent of the total amount was taken in the form of deposit certificates valued at Rs 2,000 or less. Number-wise such certificates form 85.32 per cent of total number of certificates issued. The majority of these investors are common citizens belonging to lower and middle income group," it said in the statement.
--IANS ana/sn/prs