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TMI BlogClarifications regarding provisions of Section 205C with respect to Unpaid DividendX X X X Extracts X X X X X X X X Extracts X X X X ..... ects:- Clarifications regarding provisions of Section 205C with respect to Unpaid Dividend To All Chambers of Commerce, FICCI, ICAI, ICSI, ICWAI, ASSOCHAM RBI It has been brought to the notice of the Central Government that provisions of Section 205C, inserted into the Companies Act on 31.10.1998, is being interpreted by various companies, and other concerned persons, in a n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned unpaid or unclaimed on 30th October, 1998 should have been transferred to the general revenue account of the Central Government. 3.3 With the amendment of Section 205A and the enactment of Section 205C by the Companies (Amendment) Act, 1999, it is now provided with effect from 31st October, 1998 that any moneys transferred to the 'unpaid dividend account' of the company and remaining unp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts to be credited to the Investor Education and Protection Fund (the Fund) : (a) The application moneys received by companies for allotment of any securities and due for refund; (b) Matured deposits with companies; (c) Matured debentures with companies; (d) The interest accrued on the amounts referred to in clauses (a) to (c). 4.2 The above amounts have to be transfe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the Fund 5.1 Since the Fund became operational only on 1st October, 2001 all amounts due for transfer between 1st November, 1998 and 30th September, 2001 should have been transferred within the grace period of 30 days, i.e., by 31st October, 2001. 5.2 All concerned are advised, that all transfers required to be made in terms of the above clarification, if not already made, should be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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