Maintained by V2Technosys.com, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), Transfer of Unpaid / Unclaimed Dividend and Respective Shares to IEPF Authority, 1. Brief Notation B. Statutory aspects and provisions in brief C. Step-wise procedure for refund of securities from IEPF (unclaimed dividend and shares) D. Statutory provisions E. Practical aspects/procedure on the part of shareholder/claimant F. Most important things to Details of unclaimed dividend to be transferred to IEPF Pursuant to Sections 124(5) of the Companies Act, 2013 read with Rules framed thereunder, the Company is required to transfer the amount of dividend remained unclaimed for a period of seven years from the date of transfer to the Investor Education and Protection Fund (IEPF). FY 2019-20 unclaimed dividend/ shares as aforesaid are liable to be transferred to IEPF requesting them to claim their dividend(s) on or before August 20, 2021, failing which the shares held by them shall be transferred to IEPF Authority. Finanzas. Contact Details. Whenever we go on any social media platform be it YouTube, Facebook, Twitter or Quora, and type IEPF, then there are thousands of posts in which people are asking: If you are one of them who’s the same question why the Unclaimed Shares are transferred to IEPF then you have arrived at the right place. the Company shall inform the depository by way of corporate action, where the shareholders have their accounts for transfer in favour of the Authority. Details of shareholders' dividend outstanding for 7 consecutive years from August 2010 to February 2017. Unclaimed Principal/ Interest amount of bonds issued by ICICI Bank/erstwhile ICICI Ltd. . Details of unclaimed dividend to be transferred to IEPF Pursuant to Sections 124 (5) of the Companies Act, 2013 read with Rules framed thereunder, the Company is required to transfer the amount of dividend remained unclaimed for a period of seven years from the date of transfer to the Investor Education and Protection Fund (IEPF). However, to a layperson like me, it is unclear whether, even then,the regstered owner being still on record, he will continue to exercise the other significantly valuable rights, – such as, right to vote, to join in a ‘class action’ against the management , and the like. on receipt of the application, a duplicate certificate for each such shareholder shall be issued and it shall be stated on the face of it and be recorded in the register maintained for the purpose, that the duplicate certificate is “Issued in lieu of share certificate No….. for purpose of transfer to IEPF” and the word “duplicate” shall be stamped or punched in bold letters on the first page of the share certificate. Whether it is mandatory to transfer the unclaimed or unpaid dividend amount and the underlying shares for the same on the same day to the IEPF? While effecting such transfer, the company shall send a statement to the Authority in Form No. Contact us to know IEPF Refund process rules. Dividend amount credited to IEPF on Shares transferred to IEPF; Dividend amount already transferred to the IEPF; Dividend amount yet to be transferred to the IEPF ; Transfer of Equity Shares to IEPF Account. Details of unclaimed / unpaid dividend amounts already transferred to IEPF Investor-wise list of unpaid/unclaimed dividend for the year 2007-08 transferred to IEPF (transferred on November 6, 2015) Investor-wise list of unpaid/unclaimed Interim dividend for the year 2008-09 transferred to IEPF (transferred on April 28, 2016) The investor then can claim that shares/dividend or any interest accrued over the years from IEPF authority after following a due process. as a Back Drop. Then this print out along with all the requisite different documents which are required on case to case basis must be arranged and are required to be sent to Nodal Officer for further processing. a) All shares in accordance with sub-section (6) of section 124 of the Act. First read sec. Effective Sept. 2017 it is not just an Unclaimed Dividend, all the shares on which dividends have not been claimed for seven years are treated as unclaimed shares i.e., if dividend is not encashed for a continuous period of 7 years, then the shares on which such dividends remain unclaimed will also be transferred to IEPF … For the purposes of effecting the transfer,- (a) where the shares are dealt with in a depository- … Investors may claim their unclaimed / unpaid amount due to them by making a request to the Company giving their particulars before the same are transferred to the IEPF. 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 Effective Sept. 2017 it is not just an Unclaimed Dividend, all the shares on which dividends have not been claimed for seven years are treated as unclaimed shares i.e., if dividend is not encashed for a continuous period of 7 years, then the shares on which such dividends remain … 5. Circular letter and Advertisement published on June 24, 2017 - for transfer of shares to IEPF Account. Download PDF … Ans. Shares transferred to IEPF - 2019. IEPF-4: Statement of shares to be transferred to the IEPF: N.A. Procedure for Transfer of Unpaid / Unclaimed Dividend to IEPF 1. Saturday: 10AM to 1PM, iZuZ Consultancy Private Limited As an investor, you are allowed to claim your unclaimed dividends even after the shares have been transferred to the IEPF account. 205C about transfer of unclaimed dividend to IEPF. The company shall inform, at the latest available address, the shareholder concerned regarding transfer of shares three months before the due date of transfer of shares and also simultaneously publish a notice in the leading newspaper in English and regional language having wide circulation informing the concerned that the names of such shareholders and their folio number or DP ID – Client ID are available on their website duly mentioning the website address. In case, claimant is a legal heir or successor or administrator or nominee of the registered share holder, he has to ensure that the transmission process is completed by the company before filing any claim with the Authority. Granular details of such dividend transfer alongwith the procedure for lodging claims with IEPF will be uploaded on the IEPF site Statement of Unclaimed Dividend Unclaimed dividend transferred to IEPF in the year 2020. Details of Unpaid/ Unclaimed Dividend alongwith corresponding Equity Shares liable for Transfer to IEPF Demat Account. Details of Unpaid/ Unclaimed Dividend alongwith corresponding Equity Shares liable for Transfer to IEPF Demat Account. Seven years from the date it is declared as unclaimed dividend is the date on which dividend has to be transferred to IEPF account. To claim due from IEPF authority the investor needs to fill an IEPF claim form-5 which is available on the website. All shares in respect of which dividend has not been paid or claimed for seven consecutive years or more shall be transferred by the company in the name of Investor Education and protection Fund along with a statement containing such details as may be prescribed. The displayed 2 commernts are on the other Article published herein above ! In raising such a serious doubt, -under the belief that is not miscionceived- one has in mind the provisions of the IT Act and in the Rules thereunder, by virtue whereof, a ‘beneficial owner’ is enabled to claim right to dividend, so also credit for TDS on dividend, in place of the registered owner. IEPF-2: Statement of unclaimed and unpaid amounts: Earlier Form5 INV was used for the same purpose. The investor then can claim that shares/dividend or any interest accrued over the years from IEPF authority after following a due process. Click here to login/signup to join the discussion. Our Company Our Heritage Our Business Our Management Team Business Opportunities Press Releases Advertisements Sustainability CSR Programmes. Under the erstwhile act, there was no requirement to transfer the shares for which the dividend is unpaid or unclaimed to the iepf. Accordingly, information (as on March 31, 2020) is provided for the benefit of our share/debenture-holders. Unclaimed dividends declared by the HDFC banks for the fiscal year 2013 were transferred to the IEPF account on June 26, 2020. If the dividend declared by the company remains unpaid / unclaimed for a period of seven years, the company is required to transfer the same to IEPF. If not, then contact us now as we at ShareTransferZone are daily handling such IEPF cases and have the team of CAs, Lawyers, IEPF experts to help investors in settling their claim quickly without any hassle. All benefits accruing on such shares e.g., bonus shares, split, consolidation, fraction shares etc., except right issue shall also be credited to such DEMAT account. For the purposes of effecting the transfer,-, (a) where the shares are dealt with in a depository-. Download PDF (34.3 KB) 2010-2011. on receipt of such intimation, the depository shall effect the transfer of shares in favour of DEMAT account of the Authority. So if you are facing any issue in getting your claim settled then feel free to contact us. Seven days from the day there after, it is required to be declared as unclaimed dividend. In due compliance with provisions of Section 124 (6) of the Companies Act, 2013 read with rules made thereunder, the Company has completed transfer of shares in respect of financial year 2012-13 to the demat account of IEPF Authority in the year 2020. The Authority shall, in its records, cause a note to be made of all the payments made. Below is the step by step procedure of the same. In accordance with section 124 of the Act, if any dividend has not been paid or claimed within thirty days from the date on which divided has been declared by the shareholders or interim dividend been declared by the Board of Directors , the company shall, within seven days from the date of expiry of the said period of thirty days, transfer the total amount of dividend which remains unpaid to a … To Ignore the topline, which reads: – “onsulting /advising professinals, – with no ready answer – Agree ? 6. Shares transferred to IEPF - 2017. Property and trasferable in accordance with section 105. All Rights Reserved. Unclaimed Dividends - 2020. Any money transferred to the Unpaid Dividend Account of a company in pursuance to section 124 (5) which remains unpaid or unclaimed for a period of seven years (7 year and 37 days from the date of declaration of dividend) from the date of such transfer shall be transferred by the company along with interest accrued, if any, thereon to IEPF. to the amount claimed, the Authority and then Drawing and Disbursement Officer of the Authority shall present a bill to the Pay and Accounts Office for e- payment as per the guidelines. IEPF-1 – For reporting the transfer of unpaid dividend, which remains unpaid or unclaimed for a period of seven years, within 30 days from the date of such transfer along with interest accrued, if any, and afterwards an excel sheet with complete break … © 2020-2021 iZuZ Consultancy Private Limited. Hope now you’ve got the answer of Unclaimed Shares transfer to IEPF – How and Why? However, later on with the introduction of Section 124 of the Companies Act, 2013, all shares in respect of which dividend has not been paid or claimed for seven consecutive years or more shall also be transferred by the company in the name of Investor Education and Protection Fund (IEPF). 2. Join our newsletter to stay updated on Taxation and Corporate Law. (OPEN to EDIT). 2. Many times the form gets rejected for any of the reason which makes the situation more complex for an investor. The company shall inform, at the latest available address, the shareholder concerned regarding transfer of shares... 2. In view thereof,for formng an opinion and giving publicity,- for information or public consumption,- any professiinal (CS or any other, in pratice or in-house employmnt), – the implifications of those other sectiions, not only sec 89,may have to be closely examined and kept in due focus, as is warranted. IEPF is Investor Education and Protection Funds has been established in 1999 under the company’s act 1956 for protection and awareness of investors’ interest. The central government shall establish a Fund to be called the Investor Education and Protection Fund (“the IEPF” or “the Fund”), There shall be credited to the Fund, the amount in the unpaid dividend account opened by the companies under sub-section (1) of section 124, Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“the Rules”). The Titan company. 2. Date Of Transfer To IEPF From the date of transfer of dividend, it is required to be encashed within 30 days. In cases where the period of seven years provided under sub-section (5) of section 124 has been completed or being completed during the period from 7th September, 2016 to 31st May, 2017, the due date of transfer of such shares shall be deemed to be 31st May, 2017. IEPF Claim helps people recover unclaimed shares ; dividends, help with transfer ; transmission of shares. Don’t worry IEPFClaim can help you update your addresses and recover all unclaimed dividends and unclaimed shares due to change in address. 1. And, there could , loudly thinking, anyone or more similar points of doubt, in the absence of necessary clarity, might prove problem areas for shareholders,- if not, for the nonce, for the consulting /advising professinals, – with no ready answer – Agree ?! In case, claimant is a legal heir or successor or administrator or nominee of any other registered security or in cases where request of transfer or transmission of shares is received after the transfer of shares by company to the Authority, the company shall verify all requisite documents required for registering transfer or transmission and shall issue letter to the claimant indicating his entitlement to the said security and furnish a copy of the same to the Authority while verifying the claim of such claimant. How to get IEPF Claim? List of shareholders w.r.t transfer of shares to IEPF. SH-2 as specified in the Companies (Share Capital and Debentures) Rules, 2014, after issue of duplicate share certificates, the company shall inform the depository by way of corporate action to convert the duplicate share certificates into DEMAT form and transfer in favour of the Authority. All Rights Reserved. First generate the challan for offline payment under mis. Transfer Of Shares To IEPF. Details of such shareholders whose shares are transferred to IEPF and their unpaid dividends for the subsequent years are available … 1. . Further, all shares in respect of which dividend has not been paid/claimed for seven consecutive years or more is required to be transfer by the company in the name of IEPF Rule 5 (1) of the IEPF Rules provides for a time period of 30 days for transferring the unpaid or unclaimed amount to the IEPF Fund from the date of its becoming due to be credited. Unclaimed Dividend details from July 2010 to February 2017. After verification of the entitlement of the claimant-. Unclaimed Dividend. You are requested to claim the unpaid / unclaimed dividend on or before 31st July, 2021 failing which, the shares shall be transferred to the IEPF Suspense Account. The claimant shall after making an application in Form IEPF-5, send the same duly signed by him along with, requisite documents as enumerated in Form IEPF-5 to the concerned company at its registered office for verification of his claim. Any money transferred to the Unpaid Dividend Account of a company in pursuance to section 124(5) which remains unpaid or unclaimed for a period of seven years (7 year and 37 days from the date of declaration of dividend) from the date of such transfer shall be transferred by the company along with interest accrued, if any, thereon to IEPF. So the company after 7 years have to compulsory transfer the shares/dividend or any interest accrued to IEPF authority. b) All the resultant benefits arising out of shares held by the Authority pursuant to this rule. 6. 832, Sector 2B, particulars of every share certificate issued as above shall be entered forthwith in a register of renewed and duplicate share certificates maintained in Form No. If the dividend declared by the company remains unpaid / unclaimed for a period of seven years, the company is required to transfer the same to IEPF. AUTHOR OF THIS ARTICLE IS CS YOGESH GUPTA & CAN BE REACHED AT [email protected] OR 7742681270. Fixed Deposit Advertisement ... No transfer of Shares in Physical Form with effect from 1st April 2019.

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