PIB Analysis for UPSC CSE
- Investors Education & Protection Fund Authority
- Earth Day
1 . Investors Education & Protection Fund Authority
Context : 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 1514 Cr to IEPF. This depositor’s money was pending with the company for the last 15 years.
About IEPF Authority
- IEPF Authority has been set up under the Ministry of Corporate Affairs, Government of India as a statutory body under Companies Act 2013 to administer the Investor Education and Protection Fund with the objective of promoting Investor’s Education, Awareness and Protection.
- The Authority is entrusted with the responsibility of administration of the Investor Education Protection Fund (IEPF), make refunds of shares, unclaimed dividends, matured deposits/debentures etc. to investors and to promote awareness among investors.
- The Authority takes various initiatives to fulfil its objectives through Investor Awareness Programmes and various other mediums like Print, Electronic, Social Media, and Community Radio etc.
The IEPF is to be utilized for
- The refund in respect of unclaimed dividends, matured deposits, matured debentures, the application money due for refund and interest thereon
- Promotion of investors’ education, awareness and protection
- Distribution of any disgorged amount among eligible and identifiable applicants for shares or debentures, shareholders, debenture-holders or depositors who have suffered losses due to wrong actions by any person, in accordance with the orders made by the Court which had ordered disgorgement
- Reimbursement of legal expenses incurred in pursuing class action suits under sections 37 and 245 by members, debenture-holders or depositors as may be sanctioned by the Tribunal and
- any other purpose incidental thereto, in accordance with such rules as may be prescribed: Provided that the person whose amounts referred to in clauses (a) to (d) of sub-section (2) of section 205C transferred to Investor Education and Protection Fund, after the expiry of the period of seven years as per provisions of the Companies Act, 1956, shall be entitled to get refund out of the Fund in respect of such claims in accordance with rules made under this section.
2 . Earth Day
About Earth Day
- Earth Day is an annual event celebrated on April 22.
- Worldwide, various events are held to demonstrate support for environmental protection. First celebrated in 1970, Earth Day now includes events in more than 193 countries which are coordinated globally by the Earth Day Network
- Earth Day Network’s mission is to diversify, educate and activate the environmental movement worldwide.
- Theme of Earth Day 2019 is Protect Our Species