Investor Protection Fund recovers Rs1,514 crore of depositors' funds from Peerless
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.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    Mohansolanki Dhanau Barmer

    2 months ago

    15000 jama kray kab milega ji

    Sudarshan Singh

    3 months ago

    KINDLY ADVICE ME NEXT EXTENDED DATE OF REFUND.

    Pankaj Bhagat

    3 months ago

    Sirf date badha rhe ho paysa kb tk mile ga ya mile ga he nhi

    Raji Radha

    4 months ago

    sir please extend date lot of money i paid please help please

    Jeeva Rose

    4 months ago

    Sir pls help me to recover extend the date in my state lot of daily wages are not known about this returning money.. now only they come to know this.. kindly extend the date plss sir lot of money we paid sirr

    REPLY

    Raji Radha

    In Reply to Jeeva Rose 4 months ago

    Yes sir me also paid lot of money plz help me sir please

    sandeep kumar

    4 months ago

    Sir please extend the date please please pan card bnane me time lg gya

    Muthusamy K

    4 months ago

    Sir, Please extend the time atleast 15 days

    Muthusamy K

    4 months ago

    Sir, Please extend the time atleast 15 days.

    Wilter Suphai

    4 months ago

    Sir, please extend the date upto 2 months, because most of our people in rural areas, they have not applied before, so they are applying now for Pancards almost one month, please understand our problems and needs thanks you.

    Ajay Vishwakarma

    4 months ago

    Dear Sir,

    I am busy in my closing so that I am not upload same mendetory required docs.

    Iqbal Ahmad

    4 months ago

    Sir please pacl ka time aur bdha dijiye refund application ke liye kiyu ki kuch logo ke aadhar aur pan abhi nhe ban paye hai aur kuch loge saudi desho mai job kar rhe hai jo ki abhi ghar nhi aaye hai aur kuch case esse hai jo nabalig hai aur unke aadhar mai name aur date of birth rong hai ya aadhr mai kewal year hi mention hai jiske karan pan nhi bn paye aur adhar bhi nhi ban pa rhe hai aur iske liye ek lambi line bn jati hai aur number bhi nha aata hai aur roj roj line mai lagne se nokri jane ka bhi khatrabna rehta hai aadhar ke liye kafi chakkar lagane pdh rhe hai isliye aap se nevedan hai ki iski timing badha dijiye

    Mahavir Patel

    4 months ago

    Paisa kab milega sahi sahi infromation batao kab tak wapas hoga

    Devdatt Mahajan

    8 months ago

    how will the investors get the money? how will they trace these investors?

    Juliet DeSouza

    8 months ago

    Wish something could be done about Lloyds Finance whose FD investors suffered great losses.

    B. Yerram Raju

    8 months ago

    Good recovery.

    Cabinet clears ordinance to check unregulated deposit schemes
    The Union Cabinet on Tuesday approved the promulgation of the Banning of Unregulated Deposit Schemes Ordinance, 2019 to prevent chit fund scams and protect small investors.
     
    "The proposed Ordinance will immediately tackle the menace of illicit deposit taking activities in the country launched by rapacious operators, which at present are exploiting regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned savings," an official statement said.
     
    The ordinance will altogether ban unregulated deposit taking schemes, also called Ponzi schemes, and have adequate provisions for punishment and disgorgement or repayment of deposits in cases where such schemes somehow manage to raise deposits illegally, it said.
     
    On February 6, the Cabinet had decided to amend the law based on the recommendations of the Parliamentary Standing Committee that went into the provisions of the Bill.
     
    Any person running such deposit schemes without registration would attract penal provisions of the law. Advertisements of such unregistered schemes and brand ambassadors of such schemes would also be covered in this measure.
     
    The decision to amend the law came amid a storm over investigations in the Saradha and Rose Valley chit fund schemes that rocked West Bengal and other states and triggered a political war between the Trinamool Congress government in the state and the Narendra Modi government at the Centre. 
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User

    COMMENTS

    anil sharma

    4 months ago

    Dear Sir

    please extend date to remit the investment .

    Raju raju

    4 months ago

    sir please date extend

    A.Muthu vel

    4 months ago

    Dear sir
    Last time server has very slow and error occurred so unable update documents, so please give one chance to us...we are very poor financial people also kaja cyclone in nagapattinam dist.
    Regards

    Ramesh Poapt

    10 months ago

    I lost amt in FD of plethico pharma. can i hv status of the company please-ML team?

    REPLY

    Purbasha Sengupta

    In Reply to Ramesh Poapt 4 months ago

    Write complain to sebi email [email protected]

    15 lakh salaried employees with PF accounts stuck with toxic IL&FS bonds
    A new threat looms large for the government in an election year. A spanking new but restive community of salaried employees is concerned about its money deposited with the Employees Provident Fund Organisation (EPFO).
     
    At the cutting edge of the ever burgeoning IL&FS crisis, these employees are exposed to toxic investments. Most of these Employee Provident Funds and Employee Pension Funds have stated that the IL&FS resolution plan must provide repayment before secured creditors as the resolution framework proposed by the company doesn't provide for any payment to secured creditors. 
     
    A sense of panic has crept in. They have collectively invested thousands of crores of rupees in IL&FS bonds. Many say that the resolution framework must balance interest of all stakeholders. Others have also challenged Sec 53 of the payment schedule distribution process as it doesn't address public and social interest. Since these are tradeable instruments, the exact quantum is not known, but investment bankers estimate it to be in thousands of crores since the infrastructure company's bonds - which were 'AAA' rated - were preferred by retirement funds that have a low-risk appetite but still have to get assured returns even when interest rates are low.
     
    The growing discontent is across some of the blue chip Indian corporates. Some of these that have filed an intervening petition with the tribunal, thereby impleading themselves in this gargantuan case on how to run a corporate into the ground, include Apco Infratech, Apco, Titan, Asian Paints PF, Asian Paints Management Cadre Superannuation scheme, Aditya Birla Sun Life MF, Thomas Cook PF, Titan Watches, Hindustan Unilever (HUL), M & M PF, Himami, Bajaj Finance, Hindalco EPF, Max Financial Services PF Trust, IDBI Trusteeship Services Ltd, IndusInd Bank, Hudco Employees CPF, MMTC CPF, 63 Moons, Nayara Energy EPF, Indian Oil Corp, ITPO, CIDCO, SBI PF, GUVNL PF, Ambuja Cement, HDFC AMC, IREDA among others. 
     
    The size, scope and magnitude of these companies is self explanatory - HUL, Asian Paints, Hindalco and M & M from the private sector, IOC, SBI and MMTC from the PSU sphere and HDFC AMC and Aditya Birla Sun Life from the mutual fund industry, virtually imperilling India Inc and most importantly dragging the financial savings of lakhs of salaried employees.
     
    The employee provident funds of various companies and other entities had invested in IL&FS bonds and bond holders are unsecured and may or may not get paid in the ongoing crisis at IL&FS. In any case, they are seen pretty much last on the priority list. Over 75 companies and their PFs have filed an intervening petition before the appellate court to seek directions and instructions on repayment to unsecured creditors. 
     
    As many as 15 lakh salaried employees across different sectors are caught in this ticking time bomb and the number is only likely to go up as the true extent of the malaise is known and understood. Till September last year, Indian rating agencies, not realising that IL&FS was set to implode, were giving Triple A rating to the bonds. With elections around the corner, this new expose will further polarise debate. After all it is salaried employees who are now staking claim to their hard-earned monies. 
     
    In fact, in the intervening petition filed by IndusInd Bank, they have categorically asserted that the top five creditors of IL&FS were not consulted in the resolution plan. Abhishek Manu Singhvi, senior counsel, with Diwakar Maheshwari, Avishkar Singhvi and Shreyas Edupuganti appeared for IndusInd Bank. Similarly, Abhishek Anand and Anant Pavgi appeared for Federal Bank while Vikram Hegde appeared for IREDA and Priya Puri appeared for Indian Oil Corp.
     
    Abhishek Singhvi, Arun Kathpalia, Abhinav Vashisht, Amrendra Saran, Rajiv Datta appeared on behalf of the intevener (financial creditors or operational creditors or other secured creditors). The NCLAT order of February 11 allowed the intervening applications filed by them. Furthermore, other intervenors and parties who intend to file impleadment application were allowed before the next date - which is March 12, 4 p.m.
     
    BOX Section 53 of IBSC
     
    Notwithstanding anything to the contrary contained in any law enacted by Parliament or any State Legislature for the time being in force, the proceeds from the sale of the liquidation assets shall be distributed in the following order of priority and within such period and in such manner as may be specified, namely:
     
    (a) the insolvency resolution process costs and the liquidation costs paid in full;
     
    (b) the following debts which shall rank equally between and among the following:
     
    (i) workmen's dues for the period of 24 months preceding the liquidation commencement date; and
     
    (ii) debts owed to a secured creditor in the event such secured creditor has relinquished security in the manner set out in section 52;
     
    (c) wages and any unpaid dues owed to employees other than workmen for the period of 12 months preceding the liquidation commencement date;
     
    (d) financial debts owed to unsecured creditors;
     
    (e) the following dues shall rank equally between and among the following:
     
    (i) any amount due to the Central Government and the State Government including the amount to be received on account of the Consolidated Fund of India and the Consolidated Fund of a State, if any, in respect of the whole or any part of the period of two years preceding the liquidation commencement date;
     
    (ii) debts owed to a secured creditor for any amount unpaid following the enforcement of security interest;
     
    (f) any remaining debts and dues;
     
    (g) preference shareholders, if any; and
     
    (h) equity shareholders or partners, as the case may be.
     
    (2) Any contractual arrangements between recipients under sub-section (1) with equal ranking, if disrupting the order of priority under that sub-section shall be disregarded by the liquidator.
     
    (3) The fees payable to the liquidator shall be deducted proportionately from the proceeds payable to each class of recipients under sub-section (1), and the proceeds to the relevant recipient shall be distributed after such deduction.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    User

    COMMENTS

    Limbadri Lacharlla

    4 months ago

    Any update news for pacl amount refunded.

    B. Yerram Raju

    8 months ago

    Hereafter employees should not accept bonds in lieu of the payments by the Company.

    Mahesh S Bhatt

    10 months ago

    Enjoy the anarchy unfold Let Rajan Patel quit & Bank MD sustain Mahesh

    Ramesh Poapt

    10 months ago

    Financial Pulvaha!

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