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In this piece of writing, we will discuss the concept and procedure for transfer of shares by the Company to Investor Education and Provident Fund, a fund established by Central Government under section 125 of the Companies act, 2013
Brief Procedure for Transfer of Shares to IEPF: The shares shall be credited to DEMAT Account of the Authority to be opened by the Authority for the said purpose, within a period of thirty days of such shares becoming due to be transferred to the Fund. As per aforementioned General Circular due date of transfer of shares for unpaid/unclaimed dividends during 7th September, 2016 to 31st October, 2017 is 31st October, 2017.
Further to Circular No. NSDL/CIR/II/4/2017 dated April 28, 2017 regarding transfer of shares to the demat account of IEPF Authority, attention of Issuers/R&T Agents is invited to notification of Ministry of Corporate Affairs vide its General Circular no. 12/2017 dated October 16, 2017 wherein the Ministry has notified demat account opened by IEPF Authority in NSDL system through Punjab National Bank having DP ID: IN300708 and Client ID 10656671.
Issuers/RTAs are advised to refer to communiqué no CDSL/OPS/RTA/POLCY/2017/63 dated October 17, 2017 regarding notification and circular issued by Ministry of Corporate Affairs for transfer of shares to IEPF account.
MCA has issued Notification on 13th October, 2017 in respect of clarification on transfer of shares of Company to IEPF. This is article no. 279 of the series of editorials written by the author on corporate laws {Including Companies Act, 2013, SEBI, RBI Regulations, IBC, LLP Act, 2008 etc.}.
Provided further that 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 31 st October, 2017, the due date of transfer of such shares shall be deemed to be 31st October, 2017.
It has been stated that since transfer of shares to IEPF under section 124 (6) of the Companies Act, 2013 read with rules referred to above takes place on account of operation of law hence the procedure followed during transmission of shares may be followed in such cases and duplicate shares need not be issued in such cases.
Attention of Issuers/ R&T Agents is invited to Notification dated February 28, 2017 issued by Ministry of Corporate Affairs (MCA) notifying the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017 (Copy enclosed as Annexure 1)
Procedure for transferring shares against which dividend has not been paid or claimed for seven consecutive years [Section 124(6) read with Rule 6 of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017]
These rules may be called the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017. They shall come into force from the 28th February, 2017.
