Use of Unclaimed Funds Lying With Companies

As specified in Section 205C of the Companies Act, 1956, companies are required to transfer such amounts as have remained unclaimed and unpaid on account of dividends, matured deposits and debentures with companies for a period of seven years from the date that they become due for payment to Investor Education and Protection Fund (IEPF). Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that an amount of Rs. 693.37 crore has been credited to the IEPF, which forms part of the Consolidated Fund of India (CFI), for the period 2001-02 up to 2012-13.