IEPF Authority recovers Rs 1,514 crore of depositors' money from Peerless General Finance

The Investor Education and Protection Fund (IEPF) Authority has successfully forced the Peerless General Finance and Investment Company Limited to transfer deposits worth about Rs 1,514 crore to IEPF, a statutory body under the ministry of Corporate Affairs.

"Depositors' 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," the ministry of Finance said in a press release.

"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," it said in a statement.