We earlier here discussed law related to refund and reclaim of amount and shares from the Investor Education and Protection Fund under the amended Rules. For this purpose, the Government launched New Form IEPF-5 in its web version on 20th September 2019. In this post, we will discuss the practical aspect of filing this form.
Posted in Chapter VIII - CA2013, Companies Act 2013
Tagged Corresponding New Bank, Form IEPF – 5, IEPF Rules, Investor Education and Protection Fund, Investor Education and Protection Fund Authority, Investor Education and Protection Fund Authority (Accounting, Transfer and Refund) Rules 2016, Transfer and Refund) Second Amendment Rules 2019, unclaimed dividend, Unpaid Dividend
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.
Posted in Chapter VIII - CA2013, Companies Act 2013
Tagged Audit, Form IEPF – 2, IEPF Rules, Investor Education and Protection Fund, Investor Education and Protection Fund Authority, Investor Education and Protection Fund Authority (Accounting, tagged Corresponding New Bank, Transfer and Refund) Rules 2016, Transfer and Refund) Second Amendment Rules 2019, unclaimed dividend, Unpaid Dividend
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.
Posted in Chapter VIII - CA2013, Companies Act 2013
Tagged Audit, Corresponding New Bank, Form IEPF – 5, IEPF Rules, Investor Education and Protection Fund, Investor Education and Protection Fund Authority, Investor Education and Protection Fund Authority (Accounting, Transfer and Refund) Rules 2016, Transfer and Refund) Second Amendment Rules 2019, unclaimed dividend, Unpaid Dividend
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.
Posted in Chapter VIII - CA2013, Companies Act 2013
Tagged Audit, Corresponding New Bank, Form IEPF – 1, Form IEPF – 4, IEPF Rules, Investor Education and Protection Fund, Investor Education and Protection Fund Authority, Investor Education and Protection Fund Authority (Accounting, Transfer and Refund) Rules 2016, Transfer and Refund) Second Amendment Rules 2019, unclaimed dividend, Unpaid Dividend
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. The procedure is now amended with effect from 20th August 2019.
Posted in Chapter VIII - CA2013, Companies Act 2013
Tagged Form IEPF – 4, IEPF Rules, Investor Education and Protection Fund, Investor Education and Protection Fund Authority, Investor Education and Protection Fund Authority (Accounting, Transfer and Refund) Rules 2016, Transfer and Refund) Second Amendment Rules 2019, unclaimed dividend, Unpaid Dividend
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.
Posted in Chapter VIII - CA2013, Companies Act 2013
Tagged Audit, Form IEPF -1A, Form IEPF – 1, Form IEPF – 2, IEPF Rules, Investor Education and Protection Fund, Investor Education and Protection Fund Authority, Investor Education and Protection Fund Authority (Accounting, Transfer and Refund) Rules 2016, Transfer and Refund) Second Amendment Rules 2019, unclaimed dividend, Unpaid Dividend
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.
Posted in Chapter VIII - CA2013, Companies Act 2013
Tagged Audit, declaration of dividend, Dividend, Form IEPF - 7, Form IEPF – 1, Form IEPF – 4, IEPFA, Section 124, Section 125, the Investor Education and Protection Fund Authority (Accounting, Transfer and Refund) Rules 2016, Transfer and Refund) Third Amendment Rules 2017
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.
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.
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) Amendment Rules, 2017 rules published in Official Gazette on 28th February 2017 and came into force on even date. In earlier post here and here(original)/here(amended), we discussed transfer of amounts of unpaid and unclaimed dividends etc to the Investor Education and Protection Fund Authority Fund and transfer of shares in respect of which dividend is remain unpaid and unclaimed for continuous seven years. 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.
Posted in Chapter VIII - CA2013, Companies Act 2013, Governance and Responsibility, Investor Education, Truth of Our Time
Tagged Audit, Form IEPF – 5, IEPF, Investor Education and Protection Fund, Refund Claim, the Investor Education and Protection Fund Authority (Accounting, Transfer and Refund) Amendment Rules 2017, Transfer and Refund) Rules 2016, unclaimed dividend, 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) Amendment Rules, 2017 published in Official Gazette on 28th February 2017 and came into force on same date. We discussed original rules earlier 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.
Ministry of Corporate Affairs recently issued Indian companies, the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. These rules published in Official Gazette on 5th September 2016 and came into force on 7th September 2016. In earlier post here and here, we discussed transfer of amounts of unpaid and unclaimed dividends etc to the Investor Education and Protection Fund Authority Fund and transfer of shares in respect of which dividend is remain unpaid and unclaimed for continuous seven years. In this post, we will refund of such amount and shares related to unpaid dividend transferred to the Investor Education and Protection Fund Authority.
UPDATE – provisions in this post are redundant from 28th February 2017 due to amendment in relevant Rules. Please click here to know new provisions.
Ministry of Corporate Affairs recently issued Indian companies, the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. These rules published in Official Gazette on 5th September 2016 and came into force on 7th September 2016. In this post, we will discuss transfer of amount of unpaid dividend to the Investor Education and Protection Fund Authority.
At peak time of dividend declaration, Ministry of Corporate Affairs gifted Indian companies, the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. These rules published in Official Gazette on 5th September 2016 and came into force on 7th September 2016. In this post, we will discuss reporting of unpaid dividend to the Investor Education and Protection Fund Authority.
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