Iepf - due date of transfer

Others 1874 views 1 replies

Dear Members,

We are in the process of transferring the unpaid and unclaimed Dividend amount of 2004-05.

 

The AGM was held on 30th September, 2005, accordingly teh dividend becomes unpaid on 30th oct, 2005 (30 days of declaration) and we transfereed the unclaiemd amount on 31st oct 2005, the next day itself as the account was opened in the same bank.

 

Now the 7 years from the date of transfer to unpaid divident amount comes to 31st october, 2012. And the unpaid dividend amount to be transferred to IEPF is Within 30 days of becoming due for the transfer i.e within 30th November, 2012.

 

Today is 5th November, 2012. So can we transfer the unpaid amount to IEPF by tommorow?

 

Please guide

 

Replies (1)

Section 205A(5) of the Act reads as under:

"Any money transferred to the unpaid dividend account of a company in pursuance of this section which remains unpaid or unclaimed for a period of seven years from the date of such transfer shall be transferred by the company to the Fund established under sub-section (1) of section 205C."

Hence due date for transfer to the Fund in your case was 31.10.2012.

 


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