The Ministry of Corporate Affairs (‘MCA’) Vide its Notification No. 07/05/2017-IEPFA, dated July 19, 2018 has revised and updated the guidelines for the company to facilitate the refund of the claims by IEPF Authority in light of the resubmission option provided in e-form IEPF-5.
Following are the revised procedure prescribed by the guidelines:
The entire process has been summarized below:
Proforma for Verification Report
Please tick the appropriate box:
Original Claim ∏ Resubmitted Claim ∏
Name of the Company:
Verification Report of claim made vide SRN ……………… to IEPF Authority
1. Name of the Claimant:
2. Folio No./DP ID/Client ID
3. Amount Claimed:
4. Type of security:
5. Period for which the claim relates:
6. Detail of challans through which amount was deposited, with verified copy of challans and year wise details:
|Name of Claimant||SRN of form IEPF-1/ INV-1||Challan No (SRN)||Date||Amount of Refund|
7. Detail of shares transferred with verified copy of year wise details:- Name of Claimant | SRN of form Date of Number of | Type of share IEPF-4 transfer shares to be |
|Name of Claimant||SRN of form IEPF-4||Date of transfer||Number of shares to be refunded||Type of share (Physical / Demat)|
8. Whether claimant’s bank details tally with the cancelled cheque leaf:
9. Whether the claimants Demat account details tally with Company’s records
If approved then:
(a) Proposed refund amount:
(b) Amount in Figures:
(c) Proposed number of shares:
If rejected, reason thereof: –
a) Data Bank of company does not find the name of the applicant as security holder.
b) Mismatch in Folio No./DP ID/Client ID
c) Signature mismatch.
d) Mismatch in nature of Security
e) Any Litigation is pending (Give Details)
f) Incomplete documents (Give Details)
g) Duplicate claim made by applicant (Give details of earlier claim allowed)
h) Any other reason.
Note: – Mismatch of amount claimed is not a reason for rejection.
Attachments with resubmitted claim:
» The Company shall be solely liable under all circumstances whatsoever to indemnify the IEPF Authority in case of any dispute or lawsuit that may be initiated due to any incongruity or inconsistency or disparity in the verification report or otherwise.
» The IEPF Authority shall not be liable to indemnify the security holder or company for any liability arising out of any discrepancy in Verification report submitted etc leading to any litigation or complaint arising thereof.
Name of Nodal Officer
LIST OF ANNEXURES TO BE ATTACHED IN VERIFICATION REPORT
|Required Annexures to Process IEPF Claim|
|Sr. No.||List of Annexures||Documents||Remarks|
|Self-attested copy of Form IEPF-5
|If case of joint holder, all the holders are required to sign the e-form IEPF-5.|
|2||Annexure II||Acknowledgement Receipt
|As generated against the SRN on MCA Portal after filing of IEPF 5 Form.|
|In format as updated from time to time on IEPF Portal. (http:/ /www.iepf.gov.in/IEPF/ pdf/Revised Profor ma_03052018.pdf)|
|4||Annexure IV||Indemnity Bond
|In case of Shares & Dividend amount more than Rs. 10000, Indemnity bond is required on Non Judicial Stamp Paper with amount of stamp duty to be paid as per state laws. Also, both dividend amount and shares to be clearly filled as applicable. In case of joint holding; to be signed by all the holders.|
|Advance Receipt||Duly filled as per latest format and both dividend amount and shares to be clearly filled as applicable. In case of joint holding; to be signed by all the holders.|
|6||Annexure VI||Proof of Entitlement (Original Share Certificate, Dividend Warrant, Original Bond Certificate, Matured Deposit, Letter of Entitlement & Letter from Registrar and Transfer Agent)||a) Dividend warrant or self-attested copy of share certificate in case of claiming Unpaid/Unclaimed Dividend.
b) Original share certificate & Letter from Registrar & Transfer Agent of company duly verified by Nodal Officer for shares & any Unpaid/ Unclaimed Dividend transferred to IEPF. (in case shares held in Physical form).
c) Letter from Registrar & Transfer Agent, if shares held in Demat form for share and Unpaid/ Unclaimed Dividend transferred of IEPF, duly verified by Nodal Officer
d) Letter from Registrar & Transfer Agent is mandatory in every case of shares & dividend, duly verified by Nodal Officer.
e) In case of transmission/legal heir/successor/nominee, the applicant shall ensure that the transmission process is completed before filing any claim as required under Rule 7(8) of IEPF Rules, 2016. Further, the company shall issue a letter of entitlement as per Rule 7(9) of IEPF Rules, 2016 in case the request for transfer/ transmission is received after transfer of shares to IEPF Authority.
|7||Annexure VII||Self-attested copy of Aadhaar Card / Passport
|In case of Joint holding, self-attested copy of Aadhar card of all the holders.|
|8||Annexure VII||Self-attested copy of PAN Card
|In case of Joint holding, self-attested copy of PAN card of all the holders.|
|9||Annexure IX||Self-attested copy Client Master list||In case of Joint holding, Client Master List by all the holders or NOC from other holders, in case Individual demat account enclosed.|
|10||Annexure X||Original Cancelled cheque leaf||It must bear name of claimant; alternately attach self-attested copy of passbook with cancelled cheque leaf.|
|11||Annexure XI||Other Optional Documents: In case of Death of holder, transmission, transfer, NOC, Affidavit||In case of Death of holder- death certificate;
In case of individual Demat Account- NOC from other holders;
In case of change in name and address from corresponding documents – Affidavit for change in name and address with necessary documents.
|12||Annexure XII||Verified copy of challans||By which amount deposited in IEPF (IEPF-1/ INV- Annexure XII Challans 1/ Form 1 as applicable)|
|13||Annexure XIII||Verified copy of Year wise details (for Shares & Dividend)||Copy of Year wise details for Shares & Dividend amounts to IEPF till the date of Filing e-form IEPF-5 with complete details in tabular format with the respective SRNs.|
Author – CS Nikita Snehil, firstname.lastname@example.org