Investor education & protection fund
This query is : Resolved
Rishi Vyas
(Querist)
26 July 2012
As per Section 205C and The Investors Education and Protection Fund (awareness and protection of investors) Rules, 2001 read with IEPF (Uploading of information regarding unclaimed and unpaid amounts lying with companies( Rules, 2012, following amounts are to be credited to the IEPF fund on expiry of seven years from the date they were transferred to special account.
(a) amounts in the unpaid dividend accounts of companies ;
(b) the application moneys received by companies for allotment of any securities and due for refund ;
(c) matured deposits with companies ;
(d) matured debentures with companies ;
(e) the interest accrued on the amounts referred to in clauses (a) to (d);
(f) grants and donations given to the Fund by the Central Government, State Governments, companies or any other
institutions for the purposes of the Fund ; and
(g) the interest or other income received out of the investments made from the Fund.
My query is that whether the redemption amount on redeemable preference shares, if unclaimed and unpaid, should be paid to IEPF?
(a) amounts in the unpaid dividend accounts of companies ;
(b) the application moneys received by companies for allotment of any securities and due for refund ;
(c) matured deposits with companies ;
(d) matured debentures with companies ;
(e) the interest accrued on the amounts referred to in clauses (a) to (d);
(f) grants and donations given to the Fund by the Central Government, State Governments, companies or any other
institutions for the purposes of the Fund ; and
(g) the interest or other income received out of the investments made from the Fund.
My query is that whether the redemption amount on redeemable preference shares, if unclaimed and unpaid, should be paid to IEPF?
CS Ankur Srivastava
(Expert)
27 July 2012
No, the amounts remain due with the Company and is specifically mentioned in section 205C(2) shall be transferred to IEPF.
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