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Unclaimed dividend

Others 2802 views 6 replies

What are the responsibility of Statutory Auditor with respect to unclaimed dividend (more than 7 years old) standing in Balance Sheet of the Company?

Further what is the procedure for crediting the unclaimed dividend a/c to the credit of Central Govt. (like Form No., Challan No., its format etc.)

Please reply with linking it to statutory provisions if possible.

Replies (6)

Section 205C of the Companies Act, 1956-is prescribed the following amounts should be credited to IEPF within 30 days from the date of it’s become as due: 

 

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.

 

 *Provided that no such amounts referred to in clauses (a) to (d) shall form part of the Fund unless such amounts have remained unclaimed and unpaid for a period of seven years from the date they became due for payment.  

 

Pass a board resolution in this regard. 

 

Remittance Mode:

 

Pay Miscellaneous Fee Pay Fee for IEPF Enter particulars of Payment and Amount pay either challan or online mode get SRN.

 

Form-1(Compliance Related Filing Section) to be file with SRN of said remittance.

 

well explained by Mr. Vannan.

and one another thing is here if u dont transfer the fund with in 30 days than u have to pay panelty on transferable fund.

 

You can get Challan for it and Form 1 for it from   "mca.gov.in" than go in MCA21 Download E-Forms (for Form) and for fee challan log in on site and than follow procedure described by Mr. Vannan as above ( in yellow).

 

Regards

Thank you sir.....

sir,

in one company having unclaimed dividend for more than seven years and which was not transfered to IEPF account, Because that village Thasildar has put stay on it because of some reasons between shareholder and Thasildhar.....

Wat are formalities to be done with ROC and to others (if any)?

Dear Santosh

Can u pls explain the powers / value of Thasildar in Law eyes. Whether he have power to put stay on order or not

If YES than after the decision company will deposit the Money

If NOT than its liability of Company to pay money with interest.

 

if Stay is by High Court, Sup. Court is Valid or any applicable authority

 

So pls tell.

 

Regards

Thank you M.J. MANI Vannan sir


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