Quantum of UN-Claimed/Unpaid Dividends Lying with the Companies

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..... Quantum of UN-Claimed/Unpaid Dividends Lying with the Companies - News and Press Release Dated:- 30-11-2012 - News - Press Information Bureau Government of India Ministry of Corporate Affairs 30-November-2012 18:48 IST The provisions of sections 205, 205A, 205C and 207 of the Companies Act, 1956 (Act), read with relevant rules, require the companies to pay/distribute the divide .....

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..... nd declared by them within 30 days of declaration and keep the unpaid/unclaimed dividend, if any, in a Special Bank Accounts for a period up to seven years (for subsequent payment to relevant shareholders claimants). Giving this information in written reply to a question in the Lok Sabha, Shri Sachin Pilot, Minister of Corporate Affairs, said that after the expiry of the said period of seven year .....

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..... s, the amount is required to be transferred to the Investor Education and Protection Fund (IEPF) set up under section 205C of the Act. The procedural requirements/mechanism with regard to manner of such transfer has been provided under relevant rules. Non-compliance with these provisions is a punishable offence and necessary action is taken against the companies in appropriate cases. Further, i .....

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..... n order to protect the interests of the investors and create awareness among them about the amounts of un-claimed and unpaid dividend, deposits and debentures lying in Special Bank Accounts of the companies, a web-site based disclosure framework has been notified by the Government. The Companies Bill, 2011 retains these provisions. Further, the said Bill allows refund of these amounts to the claim .....

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..... ants even after such amounts have been transferred to IEPF. The quantum of un-claimed and unpaid dividend, deposits and debentures lying with the companies transferred to the Government during the last three years, year-wise is given below: Financial year Amount (in Lakh Rs.) 2009-10 1079.88 2010-11 1218.16 2011-12 2090.27 .....

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..... ------------------------ KKP - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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