In a major success, the IEPF (Investor Education and Protection Fund Authority) has been able to enforce The Peerless General Finance and Investment Company Limited to transfer deposits worth about Rs 1514 Cr to IEPF.
This depositor’s money was pending with the company for the last 15 years. 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 Cr Deposit Certificates and include more than 1 Cr individual investors. The data submitted by company reveals that 50.77 percent of the total amount was taken in form of deposit certificates of value of Rs. 2000 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 etc. Geographically, the investors involved belong to 30 states and Union territories of the Country. Majority of the investors belong to the state of West Bengal.