Regulation: Unclaimed Funds of Rs3,454 Crore Lying with Companies
Companies held unclaimed funds worth Rs3,454.3 crore up to March 2014; such amounts would be transferred to the Investor Education and Protection Fund after seven years, if not claimed, Parliament was informed. The unclaimed and unpaid amounts lying with companies were on account of dividends, matured deposits, debentures, among others, minister of state for corporate affairs, Nirmala Sitharaman, told the Lok Sabha, based on the data uploaded by companies on the ministry’s website.
 
She also said that “no instance of a company transferring unclaimed dividends to its balance sheet has come to the notice of the government.”

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Retirement: EPFO Settles 1.1 Million Claims in July
The Employees’ Provident Fund Organisation (EPFO) has settled over 1.1 million claims, including transfer and withdrawal of provident fund, during July 2014. This has taken the cumulative total during this financial year to 4.3 million claims, the retirement fund body said a statement.
 
Of these claims, more than 68% were settled in less than 10 days. The EPFO also updated 92% of the annual accounts due for the year 2013-14. “It has happened for the first time in the last 30 years,” EPFO added.

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Consumer protection: Booked for Failure To Provide Member with Resort Bookings

The Maharashtra State Consumer Disputes Redressal Commission brought to book Mahindra Holidays and Resorts India Limited (MHRIL) for indulging in unfair trade practice after it repeatedly failed to provide accommodation to a member of its ‘time-share’ scheme. The firm will have to reimburse the Santa Cruz couple, Ritu and Navdeep Uppal, the membership fee of Rs2.21 lakh, along with a Rs1.62 lakh compensation.
 
The Uppals filed an appeal after a district forum rejected their complaint. They said they had subscribed to the holiday scheme after they were approached by MHRIL representatives at a Mulund mall on 4 June 2006. The Uppals were assured that the membership would get them accommodation without any difficulty.

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