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PROCEDURE FOR TRANSFER OF UNPAID DIVIDEND AND SHARES TO INVESTOR EDUCATION AND PROTECTION FUND

Corporate Laws / Banking / SEBI - By: - Mr. M. GOVINDARAJAN - Dated:- 9-3-2018 - Remittance of unpaid dividend etc., Section 125 (2) of the Companies Act, 2013 ( Act for short) provides the list of amounts that should be credited to the Investor Education and Protection Fund ( Fund for short). The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ( Rule for short), which came into effect from 07.09.2016, was framed by the Central Government ind .....

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in triplicate to the bank. The bank will return two copies of the challan, duly stamped in token of having received the amount to the company. The third copy of the challan will be forwarded along with the daily credit scroll by receiving branch to its Focal Point Branch of the Bank for onward transmission to the Pay and Accounts Office, Ministry of Corporate Affairs. Every company shall file with the concerned Authority one copy of the challan indicating the deposit of the amount to the Fund a .....

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ransfer to the Authority along with the Challan. Form No. IEPF - 1 shall be filed within thirty days of submission of challan. On receipt of the statement, the Authority shall enter the details of such receipt in a Register maintained physically or electronically by it in respect of each company every year and reconcile the amount so remitted and collected, with the concerned designated bank on monthly basis Maintenance of records The company shall maintain record consisting of name, last known .....

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reafter till completion of the seven years period, identify the unclaimed amounts as on the date of holding of the Annual General Meeting or the date on which it should have been held, separately furnish and upload on its own website and also on website of the Authority or any other website as may be specified by the government, a statement or information through IEPF - 2, separately for each year. The statement shall contain the following information- the names and last known addresses of the p .....

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. In case any dividend is paid or claimed for any year during the said period of seven consecutive years, the share shall not be transferred to the Fund. In case, where there is a specific order of Court or Tribunal or Statutory Authority restraining any transfer of such shares and payment of dividend or where such shares are pledged or hypothecated under the provisions of Depositories Act or shares already been transferred the company shall not transfer such shares to the Fund. The company shal .....

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ansmission of shares shall be followed by the companies while transferring the shares to the fund. The Board shall authorize the Company Secretary or any other person to sign the necessary documents. The company shall inform, at the latest available address, the shareholder concerned regarding transfer of shares three months before the date of transfer of shares. The company shall simultaneously publish a notice in the leading newspaper in English and regional language having wide circulation in .....

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shares to be transferred are held in physical form- the Company Secretary or the person authorized by the Board shall make an application, on behalf of the concerned shareholder, to the company, for issue of a new share certificate; on receipt of the said application, a new share certificate for each such shareholder shall be issued; 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 .....

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