09 August 2011
a public company redeme preference share in year1984-85. As on current period this redeem preference share has been unclaimed. So, what will be treatment in books regarding unclaimed redemption of preference share.
10 August 2011
It will be taken in Current Liability as the Shareholder/Legal Heir of Those Preference Shares has a Right to Claim at any point of Time during The Year. They will Claim as and when it will come to their Knowledge It will be a Liability for The Company in a current Nature. Nowhere in the Companies Act 1956 written that it should be Deposited With Govt. as Old unclaimed dividend. Further it may be a matter of litigation is the Person go for Interest Claim for un-redeemed Capital Investment. However, he may not be allowed for the same, as no correspondence pertaining to said claim was made with the Company. Manish J. Agrawal {CA SAP DISA DIRM}
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