Filing of form 5 inv

PRANIT DALVI (ACCOUNTANT PLUS COMPLIANCE OFFICER) (97 Points)
Replied 01 March 2014

Dear Sir,

I had also faced similar problem in my company. File Form 5INV & disclosing the amount of Share Application money received will become due for transfer to Investor Education and Protection fund.Even if you are keeping application for allotment of shares then also you have to file the form as you had not alloted shares and will be alloting shares at a future date.

Link for the Same : https://www.iepf.gov.in/IEPF/services.html

Steps are as follows :

Steps sequentially to file statement of investor-wise unclaimed and unpaid amounts

Install the Pre-requisite Software's to proceed. To know and install the same click on 'Prerequisite Software' link
Download Form 5 INV.
Fill the form according to the instructions given in its instruction kit
Upload the filled form on the IEPF portal
After the Form 5- INV is filled and uploaded on the MCA21 portal, you are required to provide the investor wise details of unclaimed and unpaid amount in an excel file
Download the excel template from the IEPF Portal
Fill in the excel template with investor-wise detail. Refer the read Me instruction provided in the excel template
Upload the excel file with investor-wise details of unclaimed and unpaid amounts
After all the details are uploaded confirm upload of unclaimed and unpaid amount details

Regards,

Pranit

1 Like

Bhagwati Prasad Singh (Company Secretary) (170 Points)
Replied 05 March 2014

Dear Pranit,

Thanks for ur reply.

But in XCEL sheet what should be the date of refund where as I have to allot the shares.

Thanks

PRANIT DALVI (ACCOUNTANT PLUS COMPLIANCE OFFICER) (97 Points)
Replied 05 March 2014

What is the date of receipt of share application money

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 05 March 2014

Section 205C(2)(b) requires share application money due for refund to be transferred to the Fund. You can argue that the money was not due for refund. You are advised to make allotment immediately, file Form 2 and then reply to MCA accordingly.

PRANIT DALVI (ACCOUNTANT PLUS COMPLIANCE OFFICER) (97 Points)
Replied 05 March 2014

U cannot keep share application for more than 7 years....u can allot shares by filing form 2 today but still u have to file form inv -5 Eg.. if my co received share application money of rs 2000000 on 14-02-2009 it will become due for transfer to IEPF fund on 13-02-2016.... ie after 7 years and between that period of 7 years u can allot shares or refund it...

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 05 March 2014

Pl read Proviso to Sec.205C(2) carefully. The period of seven years is to be counted 'from the date they became due for payment' and not from the date of acceptance of money. Share application money will not be due for refund on the date of acceptance itself. When it will be due for refund will depend upon the circumstances of each case and the arguments put forth by the company. For example, if company receives share application money for 100 shares and the Board makes allotment of 50 shares only, application money for remaining 50 shares will become due for refund on the date of Board meeting. If no allotment is made, and unreasonable period has not lapsed, you can argue that it is not due for refund.

PRANIT DALVI (ACCOUNTANT PLUS COMPLIANCE OFFICER) (97 Points)
Replied 05 March 2014

Sir Roc want to check whether that resonable period has been lasped or not....and the notice is for fy 2012 13 u will need e to file form inv5 updating in the excel sheet of iepf the deatils of share application money received upto the date of agm of 2012 2103

anjali (service) (85 Points)
Replied 07 March 2014

pls help. ours is a private limited company share application money recd in 2011-12. refunded back in 2013-14. recd notice from MCA on non filing of form 5INV.

what to do

PRANIT DALVI (ACCOUNTANT PLUS COMPLIANCE OFFICER) (97 Points)
Replied 07 March 2014

U can file form inv 5...as u have refunded back in 13-14....they will come to kmw this by when u file form 23ac....but the notice is for 12-13 so u have to file form inv 5 within 30 days of notice....

CS Vinita Kulkarni (CS + IPR + Teaching) (143 Points)
Replied 19 May 2014

Dear All,

Please advice. A Pvt Ltd Co. has received the same notice as you all stated above.

It has Share Application Money Pending for Allotment in the Balance Sheet as on 31.03.2013.

They are not due for refund as they are ready to allot the shares immediately to shareholders. (Husband & Wife both are directors as well as Share holders).

We dont want to show back-dated allottment as it will attract late fees.

What is your advice? What should we do?

Should we do allotment first and reply to ROC accordingly?

saurabh jain (Audit Specialist) (271 Points)
Replied 04 August 2014

Form 5 INV will be filed 1st or Excel sheet will be uploaded 1st.

Regards,

Sourabh Jain

Ekta (Practicing CS) (423 Points)
Replied 11 August 2014

Hi all,

I have received same kind of notice from ROC.

In my case, The application money has been kept pending for allotment of shares for more than 7 years. They are since 1999. On 31st March, 2014 the Company allotted shares to the person. Afterwards, the Company now receives notice to upload the details of such application money on site. Please advise what should I do? Because as on date, there is no application money pending to allot and which were pending since 1999 are alloted on 31st March, 2014.

Please advise.