Tag Archives: Audit

NODAL OFFICER


Originally, neither the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 nor the Companies Act, 2013 have any mention of Nodal Officer except Form IEPF – 5. The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2017 first time bring this term in main rules. Now the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 strengthen and formalized the office of Nodal Officer. New Provision came into effect with effect from 20th August 2019.

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REFUND OR RECLAIM FROM IEPF


Ministry of Corporate Affairs amended the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 rules published in Official Gazette on 14th August 2019. In this post, we will discuss amended provisions related to refund of such amount and shares related to unpaid dividend transferred to the Investor Education and Protection Fund Authority. Amendment relevant to this post comes into effect with effect from 20th September 2019 except fraudulent claim and deceitful impersonation related provisions under Rule 7(11) which came into effect on 20th August 2019.

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EFFECT OF TRANSFER OF SHARES TO IEPF


Sub – Section (6) of Section 124 mandates transfer of all shares in respect of which dividend has not been paid or claimed for seven consecutive years or more in the name of Investor Education and Protection Fund along with a statement containing such details as prescribed. Rule 5 of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 prescribe the manner of such credit.  We discussed procedure amended with effect from 20th August 2019 in the last post here. In this post, we will discuss the post-transfer effects and procedures.

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CREDIT OF CERTAIN AMOUNTS TO IEPF


Section 124 of the Companies Act, 2013 and other provisions of laws mandates credits of certain amounts to the Investor Education and Protection Fund (IEPF). Rule 5 of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 prescribe the manner of such credit.  The procedure is now amended with effect from 20th August 2019. We will discuss the updated process which is more logical and easy to comply.

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Curious Case of IEPF – 7


Ministry of Corporate Affairs on 22nd May 2018 notified the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Third Amendment Rules, 2017 to amend Rule 6 of principal Rules and to insert Form IEPF – 7. The nomenclature of these amendments charily indicates that thought process to introduced Form IEPF -7 was started during the year 2017 but somehow delayed. Let us discuss these amendments.

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Transfer of Shares related to Unpaid Dividend


Ministry of Corporate Affairs recently amended Indian companies, the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2017 published in Official Gazette on 13th October 2017 and came into force on the same date. We discussed original rules here and earlier amended rules here.  In this post, we will discuss amended law related transfer of shares related to unpaid dividend to the Investor Education and Protection Fund Authority.

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Specified Banks Notes – Amendment in Companies Law


Ministry of corporate affairs inserted a clause (d) in rule 11 of the Companies (Audit and Auditors) Rules, 2014. The Companies (Audit and Auditors) Amendment Rules, 2017 was published in official gazette on 30th March 2017 and came into force from that date.

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