unpaid dividend fund account transfer
This query is : Resolved
30 August 2012
As per Comapines Act 1956 section 205 C Any amount in the unpaid dividend Account of the Company which remains unclaimed and unpaid for a period of seven years from the date of transfer of such amount to the unpaid dividend account should be trasferred to the investor education and protection fund.
my question is above Amount unpaid dividend account transfer is book Account amount or Bank Account Amount ? Incase before expiry of seven years within 6 to 3 month before we reissue cheque to shareholders in repect of their request for claim their eligble dividend but till date not that amount to paid by bank/ not enhance by shareholers in that case unpaid dividend account amount differ in book Balance and bank balance which amount we transfer to IEPF?
my question is above Amount unpaid dividend account transfer is book Account amount or Bank Account Amount ? Incase before expiry of seven years within 6 to 3 month before we reissue cheque to shareholders in repect of their request for claim their eligble dividend but till date not that amount to paid by bank/ not enhance by shareholers in that case unpaid dividend account amount differ in book Balance and bank balance which amount we transfer to IEPF?
Ajay Mishra
(Expert)
31 August 2012
Hi
If you company have unpaid/unclaimed dividend for a period of 7 years, one month and 5 days then it is mandatory to transfer the amount mentioned in Bank Account as on due date to IEPF. After unpaid or unclaimed amunt transferred to IEPF, such bank account will be closed for dividend purpose.
In case, you have issued cheque against dividend warrant before 7 years and they are not en cash in above mentioned period, then such amount will also be transferred to IEPF, because at due date they are not en cash by shareholders and which are in bank account.
If you company have unpaid/unclaimed dividend for a period of 7 years, one month and 5 days then it is mandatory to transfer the amount mentioned in Bank Account as on due date to IEPF. After unpaid or unclaimed amunt transferred to IEPF, such bank account will be closed for dividend purpose.
In case, you have issued cheque against dividend warrant before 7 years and they are not en cash in above mentioned period, then such amount will also be transferred to IEPF, because at due date they are not en cash by shareholders and which are in bank account.
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