Refund of Share Application Money
This query is : Resolved
24 January 2009
In one of the company, they make public issue in 1993-94. They put the application money in separate bank account in CENTRAL BANK. However, today they are a showing balance in that bank and application money refundable account eventhough more than 15 months passed.
However, as per section 205c of the companies act, it has to be transferred to INVESTOR PROTECTION FUND. The official of the company has told that CENTRAL BANK did not give any debit advise so they kept the account as it is.
However, I am not convenience with the answer and I think that amount has to be transferred to INVESTOR PROTECTION FUND. Give your valuable suggestions.
Regards,
Jigar
However, as per section 205c of the companies act, it has to be transferred to INVESTOR PROTECTION FUND. The official of the company has told that CENTRAL BANK did not give any debit advise so they kept the account as it is.
However, I am not convenience with the answer and I think that amount has to be transferred to INVESTOR PROTECTION FUND. Give your valuable suggestions.
Regards,
Jigar
24 January 2009
First get the certificate from the Bank whether, funds are available.
Next get the reconciliation statement from the company which cheques are outstanding
Find out the returned cheques from post.
Then after concluding it is an unclaimed amount it has to be transferred to INVESTOR PROTECTION FUND.
Next get the reconciliation statement from the company which cheques are outstanding
Find out the returned cheques from post.
Then after concluding it is an unclaimed amount it has to be transferred to INVESTOR PROTECTION FUND.
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