Transfer (Deemed Transmission) of Shares to Investor Education and Protection Fund (IEPF)
Transfer (Deemed Transmission) of Shares to Investor Education and
Protection Fund (IEPF)
MCA has issue [1]Notification
on 13th October, 2017 in respect of clarification on transfer of
shares of Company to “IEPF”.
As per Section 124(6) of Act, 2013
All shares in respect of which dividend has not been paid
or claimed for seven consecutive years
or more shall be transferred by
the company in the name of Investor Education and Protection Fund.
As per Rule 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.
NOTE – I:
As per above mentioned provisions of the Act Company
have to transfer the “SHARES” to IEPF within 30 days of from the date of
completion of 7 years.
Relaxation
by Ministry: However,
MCA has amended the Rules by Second Amendment Rules, dated 13.10.2017 i.e. “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 October, 2017,the due date of
transfer of such shares shall be deemed to be 31st October, 2017.”
Accordingly, the last date for completing all the formalities in connection with transfer shall be 30th November, 2017.
Rules pursuant to transfer of Shares to IEPF came
into effect from 07th September, 2016, Therefore, every company
whose 7 year completing between 07.09.2016- 31.10.2017 have to transfer the
shares to IEPF with relaxation period
till 30th November, 2017.
NOTE – II:
This process of Transfer of shares by Companies
to the IEPF shall be deemed
to “Transmission of Shares”.
NOTE – III:
The procedure to be followed for transmission of shares shall be followed by the
companies while transferring the shares to the fund. Procedure for transmission
of shares given under section 56 of the Act.
Now
few days are there to meet due date i.e. 30.11.2017.
(Author
– CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice
from Delhi and can be contacted at csdiveshgoyal@gmail.com).
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I want to know howto transmit the shares if shares are im ief fund
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