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TMI BlogInvestor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... the chairperson of the authority appointed under sub-section (6) of section 125 of the Act ; (d) Company means company as defined in sub-section (20) of section 2 of the Act and includes corresponding new bank' as defined in sub-section (d) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and clause (b) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980); (e) Existing IEPF means the Investor Education and Protection Fund (IEPF) constituted under section 205C of the Companies Acts 1956 (1 of 1956) ; (f) Fund means the Investor Education and Protection Fund (IEPF) constituted under section 125 of the Act ; (g) Investor means any person, who has committed money in shares, or debentures, bond or deposits under a scheme or plan of a company registered under the Act; (h) Member means member of the Authority appointed under sub-section (6) of section 125 of the Act ; and (i) Section means the section of the Act. (2) Words and expressions used in these rules and not defined herein but defined in the Act or in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other institutions for the purpose of the Fund as also the interest or other income received out of the Investments made from the Fund shall be credited to a separate sub-head under 800 - Other Receipts below the MH 0075 - Misc. General Services. (iii) Amount booked under the above receipt head shall be transferred to the Fund account under Major Head 8235 - General and other Reserve Fund - 116 -IE PF' by the PAO, Ministry of Corporate Affairs after making suitable budget provision under Major Head '3451 - Secretariat Economic Services 797 - Transfer to Reserve Fund Deposit Account - Transfer to Investor's Education and Protection Fund'. In case the amounts of receipts in a year is more than the budget provision made under Major Head 3451 transfer to the Fund, the difference shall be transferred to the Fund in subsequent year, after obtaining approval of the Budget Division of Department of Economic Affairs and after making adequate budget provision in the relevant year. (iv) Budget provision in connection with the activities to be financed from the Fund shall be made under Major Head 3451 - Secretariat Economic Services 090 Secretariat - Investor's ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Of such amounts becoming due to be credited to the Fund. (2) The amount shall be tendered by the Companies along with challan (in triplicate) to the specified Bank Branches Of Punjab National Bank and other authorised banks under MCA- 21 system who will return two copies of the challan, duly stamped in token Of having received the amount, to the Company. The third copy of the challan Will be forwarded along with the daily credit scroll by the receiving branch to its Focal Point Branch of the Bank for Onward transmission to the pay and Accounts Office, Ministry Of Corporate Affairs. (3) Every company shall file with the concerned Authority one copy Of the challan referred to in sub-rule (2) indicating the deposit of the amount to the Fund and shall fill in the full particulars of the amount tendered. including the head Of account to which it has been credited. (4) the company Shall, along with the copy of the challan as required under sub-rule (3), furnish a Statement in Form No. IEPF 1 containing details of such transfer to the Authority within thirty days of submission of challan. (5) The amount may also be remitted by Electronic Fund Transfer in such manner, as ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority within a period of thirty days of such shares becoming due to be transferred to the Fund: Provided that, in case the beneficial owner has encashed any dividend warrant during the last seven years, such shares shall not be required to be transferred to the Fund even though some dividend warrants may not have been encashed. (2) For the purposes of effecting transfer of such shares, the Board shall authorise the Company Secretary or any other person to sign the necessary documents. (3) The company shall follow the following procedure, namely:- (a) The shall inform at the latest available address, the shareholder concerned regarding transfer of shares three months before the due date of transfer of shares and also simultaneously publish a notice in the leading newspaper in English and regional language having wide circulation. and on their website giving details of such shareholders and shares due for transfer. Provided that in cases, where the seven years as provided under sub-section (5) of section 124 have been completed or are being completed within three months from the date of Coming into force of these rules, the company shall initiate the aforesa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. (4) The company or depository, as the case may be, shall preserve copies of the depository instruction slips, transfer deeds and duplicate certificates for its records (5) While effecting such transfer. the company shall send a statement to the Fund in Form NO. IEPF 4 containing details of such transfer. (6) voting rights on shares transferred to the Fund shall remain frozen until the rightful owner claims the shares: Provided that for the purpose of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the shares which have been transferred to the Authority shall not excluded while calculating the total voting rights. (7) Once the physical shares are transferred in the name of the Authority, the Authority Shall dematerialise these shares and it shall keep only those shares in physical form, where dematerialisation of shares is not possible. (8) The Authority shall maintain IEPF Suspense account (name of the company) with depository participant o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of claim form, send a verification report to the Authority in the format specified by the Authority along with all documents submitted by the claimant. (4) After verification of the entitlement of the claimant- (a) to the amount claimed, the Authority and then Drawing and Disbursement Officer of the Authority shall present a bill to the Pay and Accounts Office for e- payment as per the guidelines. (b) to the shares claimed. the Authority shall issue a refund sanction order with the approval of the Competent Authority and shall either credit the shares which are lying with depository participant in IEPF suspense account (name of the company) to the demat account of the claimant to the extent Of the claimant's entitlement or in case of the physical certificates, if any, cancel the duplicate certificate and transfer the shares in favour of the claimant. (5) The Authority shall, in its records, a note to be made of all the payments made under sub-rule (4). (6) An application received for refund of any claim under this rule duly verified by the concerned company shall be disposed of by the Authority within sixty days from the date of receipt of the verificatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... instrument shall be deemed as a reference to the Authority; (b) all properties and assets, movable and immovable, of, or belonging to, the existing IEPF, shall vest in the Authority; (c) all rights and liabilities of the existing IEPF shall be transferred to, and be the rights and liabilities of the Authority; (d) without prejudice to the provisions of clause (c), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the existing IEPF immediately before that date, for or in connection with the purpose of the said existing IEPF shall be deemed to have been incurred. entered into, or engaged to be done by, with or for, the Authority; (e) all sums of money due to the existing IEPF immediately before that date shall be deemed to be due to the Authority; and (f) all suits and other legal proceedings instituted or which could have been instituted by or against the existing IEPF, immediately before that date may be continued or may be instituted by or against the Authority. 10. Returns and reports. (1) The Authority shall furnish to the Central Government at such time and in such f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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