TMI BlogManner of transfer of shares under sub-section (6) of section 124 to the Fund.X X X X Extracts X X X X X X X X Extracts X X X X ..... ansfer of such shares shall be deemed to be 31 st October, 2017.] 3 [Provided further that transfer of shares by the companies to the Fund shall be deemed to be transmission of shares and the procedure to be followed for transmission of shares shall be followed by the companies while transferring the shares to the fund.] 8 [ Explanation.- For removal of all doubts, it is hereby clarified that all shares in respect of which dividend has been transferred to Investor Education and Protection Fund on or before the 7th September 2016, shall also be transferred by the company in the name of Investor Education and Protection Fund ] (2) For the purposes of effecting transfer of such shares, the Board shall authorise the Company Secretary or any other person to sign the necessary documents. (3) The company shall follow the following procedure while transferring the shares, namely:- (a) The company shall inform, at the latest available address, the shareholder concerned regarding transfer of shares three months before the due date of transfer of shares and also simultaneously publish a notice in the leading newspaper in English and regional language having wide circul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 6 containing details of such transfer and the company shall also attach a copy of the public notice published under clause (a) of sub-rule (3) of rule 6 in Form No IEPF-4. ] (6) The voting rights on shares transferred to the Fund shall remain frozen until the rightful owner claims the shares: Provided that for the purpose of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the shares which have been transferred to the Authority shall not be excluded while calculating the total voting rights. 10 [ (7)The company shall maintain all such statements filed under sub rule (5) in the same format along with all supporting documents and the Authority shall have the powers to inspect such records. ] 11 [ (8) All benefits accruing on such shares like bonus shares, split, consolidation, fraction shares and the like except right issue shall also be credited to such DEMAT account [by the company which shall send a statement to the Authority in Form No. IEPF-4 within thirty days of the corporate action containing details of such transfer. ] 12 [ (9) The shares held in such DEMAT account shall not be transfe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received by the Authority on behalf of the minority shareholder without any interest thereon. ] (12) Any further dividend received on such shares shall be credited to the Fund and a separate ledger account shall be maintained for such proceeds] 5 [(13) Any amount required to be credited by the companies to the Fund as provided under sub-rules (10), (11) and sub-rule (12) shall be remitted into the specified account of the IEPF Authority maintained in the Punjab National Bank 6 [and the details thereof shall be furnished to the Authority in Form No. IEPF 7 within thirty days from the date of remittance or within thirty days from the date of enforcement of these Rules, as the case may be.] 14 [ (13A) Any amount required to be credited by the companies to the Fund as provided under sub-rule (11A) shall be remitted into the specified account of the IEPF Authority maintained in the Punjab National Bank and the details thereof shall be furnished to the Authority in Form No. IEPF-7 within thirty days from the date of remittance or within thirty days from the date of commencement of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Shares are dealt with in a depository,- (i) the Company Secretary or the person authorised by the Board shall sign on behalf of such shareholders, the delivery instruction slips of the depository participants where the shareholders had their accounts for transfer in favour of IEPF suspense account (name of the company); (ii) on receipt of the delivery instruction slips. the depository shall effect the transfer of shares in favour of the Fund in its records. (d) For the purposes of effecting the transfer where the shares are held in physical form, (i) the Company Secretary or the person authorised by the Board shall make an application, on behalf of the concerned shareholders, to the company, for issue of duplicate share certificates; (ii) on receipt of the application under clause (a), duplicate certificate for each such shareholder shall be issued and it shall be Stated on the face of it and be recorded in the register maintained for the purpose, that the duplicate certificate is Issued in lieu of share certificate No... for purpose of transfer to IEPF and the word duplicate shall be stamped or punched in bold letters across the face of the share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or in accordance with sub-rule (10) and (11). (10) If the company is getting delisted, the Authority shall surrender shares on behalf of the shareholders in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 and the proceeds realised shall be credited to the Fund and a separate ledger account shall be maintained for such proceeds. (11) In case the company whose shares or are held by the Authority is being wound up, the Authority may surrender the securities to receive the amount entitled on behalf of the security holder and credit the amount to the Fund and a ledger account shall be maintained for such proceeds. (12) Any further dividend received on such shares shall be credited to the Fund and a separate ledger account shall be maintained for such proceeds. 2. Substituted vide Notification no G.S.R. 1267 (E) dated 13-10-2017 , before it was read as, Provided further that in cases where the period of seven years provided under sub-section (5) of section 124 has been completed or being completed during the period from 7th September, 2016 to 31st May, 2017, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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