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Manner of transfer of shares under sub-section (6) of section 124 to the Fund.

Rule 6 - Rules - Companies Law - Rule 6 - 1[6. - (1) The shares shall be credited to DEMAT Account of the Authority to be opened by the Authority for the said purpose, within a period of thirty days of such shares becoming due to be transferred to the Fund: Provided that, in case the beneficial owner has encashed any dividend warrant during the last seven years, such shares shall not be required to be transferred to the Fund even though some dividend warrants may not have been encashed: 2[Provid .....

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es while transferring the shares to the 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 pub .....

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ositories Act, 1996 or shares already been transferred under sub-rule (1) above, the company shall not transfer such shares to the Fund: Provided that the company shall furnish details of such shares and unpaid dividend to the Authority in Form No. IEPF 3 within thirty days from the end of financial year. (c) For the purposes of effecting the transfer, where the shares are dealt with in a depository- (i) the Company shall inform the depository by way of corporate action, where the shareholders h .....

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use (a), a new share certificate for each such shareholder shall be issued and it shall be stated on the face of the certificate that "Issued in lieu of share certificate No..... for the purpose of transfer to IEPF" and the same be recorded in the register maintained for the purpose; (iii) particulars of every share certificate shall be in Form No. SH-I as specified in the Companies (Share Capital and Debentures) Rules, 2014; (iv) after issue of a new share certificate, the company sha .....

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aims 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. (7) The company shall maintain the details of shareholding of each individual shareholders whose shares have been credited to the DEMAT account of the Authority. (8) All benefits accruing on such shares e.g., bonus sh .....

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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 securities 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 separate ledger account shall be mai .....

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ce of the rules by companies came to its knowledge.] - Notes:- 1. . Substituted vide G.S.R. 178(E) - Dated 28-2-2017, w,e,f, 28th February, 2017, before it was read as, "6. (l) The shares shall be credited to an IEPF suspense account (on the name of the company) with one of the depository participants as may be identified by the Authority within a period of thirty days of such shares becoming due to be transferred to the Fund: Provided that, in case the beneficial owner has encashed any div .....

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s 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 circulation. and on their website giving details of such shareholders and shares due for transfer. Provided that in cases, where the seven years as provided under sub-section (5) of section 124 have been completed or are being completed within three months from the date of Coming into force of these rules, the company shall initia .....

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effecting the transfer where the 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) .....

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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 certificate; (iii) particulars of every share certificate issued as above shall entered forthwith in a register of renewed and duplicate share certificates maintained in Form NO. SH 2 as specified in the Companies (Share Capital and Debentures) Rules, 2014; (iv) after issue o .....

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of the Fund in the records of the company. (4) The company or depository, as the case may be, shall preserve copies of the depository instruction slips, transfer deeds and duplicate certificates for its records (5) While effecting such transfer. the company shall send a statement to the Fund in Form NO. IEPF 4 containing details of such transfer. (6) voting rights on shares transferred to the Fund shall remain frozen until the rightful owner claims the shares: Provided that for the purpose of th .....

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e account (name of the company) with depository participant on behalf of the shareholders who are entitled for the shares and all benefits accruing on such shares e.g. bonus shares, split. Consolidation, fraction shares etc. except right issue Shall also credited to such IEPF suspense account (name of the company). (9) The shares held in such IEPF suspense account shall not be transferred or dealt with in any manner whatsoever except for the purposes of transferring the shares back to the claima .....

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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 whe .....

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