Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012

GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS

NOTICE

Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, has mandated every company to file eForm 5INV containing the information of unclaimed and unpaid amounts as referred to in sub­section (2) of section 205C of the Companies Act, 1956.

This information is required to be filed every year within a period of 90 days after the holding of Annual General Meeting or the date on which it should have been held as per the provisions of section 166 of the Act, and every year thereafter till completion of the seven years’ period.

The information is to be filed in Form 5- INV as per the above mentioned rules; and thereafter an excel sheet containing detailed investor wise details is to be filed separately. The eForm, the excel template and detailed steps are provided in the IEPF application link on the portal www. iepf. gov. in.

For financial year ended on 31^st March 2011, the eForm should be filed latest by 31^st July 2012.

For more details, refer the website www.iepf.gov.in and the Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012.

Issued in public interest by the Ministry of Corporate Affairs under the aegis of Investor Education and Protection Fund

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MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 10th May, 2012

G.S.R. 352(E).—In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of Section 642 of the Companies Act, 1956 (1 of 1956), read with sub-section (3) of Section 205C of that Act, the Central Government hereby makes the following rules, namely :—

Short title and Commencement—

1. (1) These rules may be called the Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012.

(2) They shall come into force with effect from 20th May, 2012.

2. Definitions:

In these rules, unless the context otherwise requires

(a) ‘Act‘ means the Companies Act, 1956;

(b) ‘eForm‘ means eform specified in the rules;

(c) Financial year means the financial year as defined under Sub section (17) of Section 2 of the Companies Act, 1956;

(d) Words and expressions used in these rules and not defined herein but defined in the ALL shall have the meaning as assigned to them in the Act;

3. filing of information regarding unpaid and unclaimed amounts

Every Company (including Non-banking Financial Companies and Residuary Non-banking Companies) shall, within a period of 90 days after the holding of Annual General Meeting or the date on which it should have been held as per the provisions of section 166 of the Act and every’ year thereafter till completion of the seven years period, identify the unclaimed amounts as referred to in sub-section (2) of section 205C of the Act, separately furnish and upload on its own website as also on the Ministry’s website or any other website as may be specified by the Government a statement or information through eForm 5 INV, separately for each year, containing following information, namely:-

(a) the names and last known addresses of the persons entitled to receive the sum;

(b) the nature of amount;

(c) the amount to which each person is entitled;

(d) the due date for transfer into the Investor Education and Protection Fund; and

(e) such other information as considered relevant for the purpose;

Provided that, for the financial year ended March 31, 2011, the information shall be filed, latest by the July 31, 2012.

4. Verification of eForm—

The information referred to in rule 3 shall be duly verified and certified by a chartered accountant or a company secretary or a cost accountant practicing in India or by the statutory auditors of the company.

5. Default in filing of information—

If a company fails to furnish and upload information or furnishes and uploads false information on the website, the company, and every officer of the company who is in default, shall be liable and in such case the provisions of Section 629A of the Companies Act, 1956 shall be applicable.

[F. No. 5/1012011-IEPF]

A. K. Srivastava – Jt. Secy.

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