New Delhi : The Ministry of Corporate Affairs initiated action against 120 companies in the first seven months of the current fiscal for non-redressal of investors grievances, reports PTI. In a written reply, Minister of State for Corporate Affairs Arjun Ram Meghwal today told the Lok Sabha that action was initiated against 420 companies in 2013-14, 2,414 in 2014-15 and 89 in 2015-16 for non-redressa. “The Department of Economic Affairs has stated that trading of scrips is not immediately suspended on receipt of an investor complaint for non-payment of dues to investors by listed companies,” Meghwal said.
He was responding to a query on whether a number of companies in default of payment of dues to small investors are still actively trading in the stock exchanges and if so, any action is taken by the government.
Till October 31 in the current financial year, as many as 1,907 complaints were received and 1,522 were resolved, the minister noted. In a separate written reply, Meghwal said an amount of Rs 181.90 crore, including unclaimed dividends, was credited to the Investor Education and Protection Fund (IEPF) till October 31 in the ongoing financial year.
