Any amount transferred to Unpaid Dividend Account of the Company, which is unpaid or unclaimed for more Seven Years shall be transferred along with interest accrued, to Investor Education & Protection Fund. (IEPF) and the company shall send a statement in Form IEPF-1 the details of such transfer to the authority which administers the said Fund and that authority shall issue a receipt to the company as evidence of such transfer.
Investor can claim unpaid or unclaimed Dividend, matured deposits, matured debentures, application money due for refund, or interest thereon, sale proceeds of fractional shares, redemption proceeds of preference shares etc., from IEPF by following this procedure
PROCEDURE FOR CLAIMING IEPF REFUND
1. Claimant (Investor) has to fill form IEPF-5, available online on website, www.iepf.gov.in.
PARTICULARS OF IEPF-5
a. Name of Applicant along with address, phone number, mobile number and email id.
b. Particulars of the Company/Bank from which the amount is due.
c. Details of shares claimed.
d. Details of amount Claimed.
e. Year wise details of Securities/ Deposits for which the amount is claimed.
f. Aadhar Number or Passport/OCI/PIO Card No.(In case of NRI/foreigners)
g. Details of Bank Account.
2. Save the form on your desktop and upload the same on MCA website and a challan or acknowledgment receipt will be generated .
3. Investor shall take the print out of the form and send it to the Nodal Officer (IEPF) of the Company Concerned at its registered office in an envelope marked “claim for refund from IEPF Authority) along with following documents:-
a. Copy of acknowledgement/Challan,
b. Indemnity Bond(original) with claimant signature on non judicial stamp paper if the claim is more than Rupees 10,000 and if the claim is less than 10,000 Rupees the bond is on plain paper,
c. Advance Stamped receipt(original) with Claimant Signature ,a revenue receipt to be pasted and claimant has to cross sign the receipt,
d. Proof of Entitlement in original (Certificate of Shares/ Interest warrant Application No.),
e. Copy of self attested Aadhaar Card and PAN card,
f. Cancelled Cheque Leaf,
g. Copy of Passport, OCI and PIO card in case of foreigners and NRI,
h. Self attested Latest Client Master List of Demat Account,
4. The company shall, within fifteen days from the date of receipt of claim, send a verification report to the Authority in the format specified by the Authority along with all the documents submitted by the claimant.
5. After verification of the entitlement of the claimant
a) to the amount claimed, the Authority and then Drawing and Disbursement Officer of the Authority shall present a bill to the Pay and Accounts Office for e- payment as per the guidelines,
b) to the shares claimed, the Authority shall issue a refund sanction order with the approval of the Competent Authority and shall credit the shares to the DEMAT account of the claimant to the extent of the claimant’s entitlement.
6. In cases, where the application is incomplete or not approved, a communication shall be sent to the claimant and the concerned company by the Authority detailing deficiencies of the application.
NOTE:-
* The claimant shall file only one consolidated claim in respect of a company in a financial year.
* An application received for refund of any claim duly verified by the concerned company shall be disposed off by the Authority within sixty days from the date of receipt of the verification report from the company, complete in all respects and any delay beyond sixty days shall be recorded in writing specifying the reasons for the delay and the same shall be communicated to the claimant in writing or by electronic means.
* In case, claimant is a legal heir or successor or administrator or nominee of the registered share holder, he has to ensure that the transmission process is completed by the company before filing any claim with the Authority.
CAclubindia
