MCA General Circular on Transfer of Shares to IEPF Authority
Pursuant to second proviso to Rule 6 of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017 notified on February 28, 2017, where the seven year period provided under subsection (5) of section 124 is completed during September 7, 2016 to May 31, 2017, the due date for transfer of such shares by companies is May 31, 2017.
The Ministry of Corporate Affairs has issued General Circular 03/2017 dated 27th April 2017 in relation to transfer of shares to IEPF Authority.
The following clarifications have been made:
1. The IEPF Authority has decided to open a special demat account with NSDL through a Depository Participant of NSDL.
2. The special demat account will have features and functionality to support IEPF operations using paperless, digital processes.
3. All companies required to transfer shares to IEPF Authority, whether such shares held in dematerialised form or physical form, to the demat account of IEPF Authority by way of corporate action.
4. NSDL will prescribe the file formats and operational procedures for transfer of shares to special demat account of the IEPF Authority by April 30th 2017 and May 15th 2017 respectively.
Click here to view the General Circular 03/2017 dated 27.04.2017
News update by New Corporate Laws Treatise www.nclt.in All rights reserved.
Email us: email@example.com Call us. +91 8447778422