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TMI BlogChapter VIII - Draft Rules under Companies Act, 2013X X X X Extracts X X X X X X X X Extracts X X X X ..... ll below fifteen per cent of its paid up share capital. 8.2 No company shall declare dividend unless the loss or depreciation, whichever is less, in previous years is set off against the profit of the company for the year for which dividend is declared or paid. Statement of persons whose dividend is unpaid or unclaimed. 8.3 (1) For the purposes of sub-section (2) of section 124 , where a company has transferred the amount of dividend remaining unpaid or unclaimed to Unpaid Dividend Account, it shall, within a period of ninety days of making such transfer, prepare and place on its website and on any other website approved by the Central Government in pdf format, a statement in Form No.8.1, in respect of such unpaid or unclaimed amount of dividend: Provided that such a statement shall appear on the website in a prominent manner and shall be: (a) accessible free of charge; and (b) readable and made convenient for printing Provided further that if such statement requires any particular version of software for accessing such statement, a facility to download the relevant version of the software shall be provided free of cost together with such statement, along with inst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ountant or cost accountant : (4)(a) On receipt of this statement, the Authority shall enter the details of such receipt in a register maintained by it in respect of each company every year and reconcile the amount so remitted and collected, with the concerned designated bank on monthly basis. (b) Each designated bank shall furnish an abstract of such receipts during the month to the Authority within seven days after the close of every month. (c) The company shall keep a record consisting of name, last known address, amount, folio number/client ID, certificate number, beneficiary details etc. of the persons in respect of whom unpaid or unclaimed amount has remained unpaid or unclaimed for a period of seven years and has been transferred to the Fund, for a period of eight years from the date of such transfer to the said Fund and the Authority shall have the powers to inspect such records. (5) The provisions of this rule shall be applicable mutatis mutandis in respect of the amounts to be credited to the Fund in pursuance of clauses (h) to (m) of sub-section (2) of section 125 . Manner of transfer of shares in respect of which unpaid or unclaimed dividend has been transfer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... certificate. (iii) Particulars of every share certificate issued as above shall be entered forthwith in a Register of Renewed and Duplicate Share Certificates maintained in Form No. 4.3 pursuant to rule 4.3(3). (iv) After issue of duplicate share certificates, the company secretary or the person authorised by the Board, shall sign the necessary securities transfer Form No. 4.7, pursuant to section 56(1) rule 4.9(1), for transferring the shares in favour of the Fund. (v) On receipt of the duly filled transfer forms along with the duplicate share certificates, the Board or its committee shall approve the transfer and thereafter the transfer of shares shall be effected in favour of the Fund in the records of the company. (3) The company/depository, as the case may be, shall preserve copies of the depository instruction slips, transfer deeds and duplicate certificates for its records. (4) While effecting such transfer, the company shall send a statement to the Fund in form 8.3 containing details of such transfer duly certified by a company secretary in practice or a chartered accountant or a cost accountant. (5) The voting rights on shares transferred to the Fund shall re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the directions of the Authority, the company and the officers in default shall be punishable with fine which may extend to five thousand rupees and where the contravention is a continuing one, with further fine which may extend to five hundred rupees for every day of such failure to pay. Refunds to claimants from Fund. 8.7. For the purposes of clause (a) of sub-section (3) and proviso to sub-section (3), of section 125, refund of the amount credited to the Fund shall be made in the following manner:- (1) Any person, whose unclaimed dividend, matured deposits, proceeds of matured debentures, application money due for refund, or interest thereon, sale proceeds of fractional shares, redemption proceeds of preference shares, etc. has been transferred to the Fund, may apply for refund, to the Authority under clause (a) of sub-section (3) of section 125 or under proviso to sub-section (3) of section 125 , by making an application in Form No. 8.4 under his own signature or through a person holding a valid power of attorney granted by him. (2) The application for refund shall be accompanied by the following documents: (a) An indemnity bond in Form No. 8.5 on a non-judicial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Protection Fund under section 205C of the Companies Act, 1956 and which has been transferred to the Fund under clause (e) of sub-section (2) of section 125 , shall be forwarded by the Authority to the concerned company for verification. (4) After certification of the title of the claimant to the amount claimed, the Authority shall issue a payment order in Form No. 8.6 sanctioning the payment of the amount due to the claimant and issue and deliver the cheque in favor of the claimant. (5) The Authority shall, in its records, cause a note to be made of all payments made under rule (4). (6) An application received for refund of any claim under this rule shall be disposed of by the Authority within thirty days from the date of receipt of the application of refund complete in all respects and any delay beyond thirty days shall be recorded in writing specifying the reasons for the delay and the same shall be communicated to the claimant in writing or by electronic means. In case of an incomplete application, a communication shall be sent to the claimant by the Authority detailing deficiencies of the application. - Circular - Trade Notice - Public Notice - Instructions - Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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