TMI BlogManner of transfer of shares under sub-section (9) of section 90 of the Act to the FundX X X X Extracts X X X X X X X X Extracts X X X X ..... hares and the procedure to be followed for transmission of shares shall be followed by the companies while transferring the shares to the fund: Provided further that such shares shall be transferred to the Authority without any restrictions and no application shall be filed for claiming back such shares from the Authority. (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) 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 corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n taken under sub-rule (4) of rule 6A containing details of such transfer and the company shall also attach a copy of order of the Tribunal under sub-section (8) of section 90 of the Act along with a declaration that no application under sub-section (9) of section 90 of the Act has been made or is pending before the Tribunal. (6) The voting rights on shares transferred to the Fund shall remain frozen: 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 all such statements filed under sub r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Bank [and the details thereof shall be furnished to the Authority in Form No. IEPF-7 within thirty days from the date of remittance]. Provided further that all such amounts shall be transferred to the Authority without any restrictions and no application shall be filed for claiming back such amounts from the Authority. (13) Authority shall furnish its report to the Central Government as and when noncompliance of the rules by companies came to its knowledge. ] ************** NOTES:- 1. Inserted vide Notification No. G.S.R. 396 (E) dated 09-06-2021 - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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