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Matured deposits & IEPF

This query is : Resolved 
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(Querist)
04 April 2010 Please enlighten whether section 206C of Companies Act, 1956 is applicable to banking companies i.e. whether they are required to transfer unclaimed and unpaid matured deposits to the IEPF.
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Rasesh

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Rasesh (Expert)
06 April 2010 It is nowhere stated that banking companies are exempt from the provisions of 206C of the Act. Since they are also companies incorporated under the Act.

PSU banks that are incorporated under seperate legislations might have been given some relaxations.
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