Transfer of Shares pursuant to Section 124(6) of the Companies Act to the Investor Education and Protection Fund
In terms of Section 124 of the Companies Act, 2013, recently notified by the Ministry of Corporate Affairs, Government of India (MCA), Ordinary Shares of the Company, in respect of which dividend entitlements have remained unclaimed or unpaid for seven consecutive years or more, are required to be transferred by the Company to the Investor Education and Protection Fund (IEPF) of the Government of India.
Unclaimed or unpaid dividend for F.Y 2008-09 (Final) & 2009_2010 (Final) have been transferred by the Company to the IEPF within the statutory time period.
In terms of the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, all formalities have been complied with by the Company.
Finally, the Company has transferred the shares in line with the above Rule / Notification dated 13th October, 2017 & 16th October, 2017 issued by MCA.
The concerned Members may click here for details of the shares transferred to the IEPF.
Any person, whose unclaimed or unpaid amount has been transferred by the company to IEPF may claim their refunds to the IEPF authority. For claiming such amount, claimant needs to file form IEPF-5 along with requisite documents. Kindly download the form IEPF-5 and follow the instructions as provided in the link given below :
Restriction on Transfer of Shares in Physical Form
Regulation 40 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been amended in terms of which with effect from 5th December, 2018 requests for effecting transfer of shares of listed companies shall not be processed unless the shares are held in dematerialized form.
In view of the same, shareholders are advised that to facilitate transfer of shares of the Company, the same require to be dematerialized. For the purpose, an account would need to be opened with a Depository Participant (DP) with whom the physical share certificates would have to be lodged along with a request for dematerialization of the same. Upon dematerialization of the said shares, the same would be reflected in the account held by the shareholder with the DP and thereafter such shares held in dematerialized form can be transferred.
For any assistance in the matter, you may please communicate with Mr. Goutam Das of CB Management Services Private Limited, P-22, Bondel Road, Kolkata 700 019; e-mail ID email@example.com, phone no. +91 33 40116700.
Dematerialisation of Physical Shares
Process of converting physical shares into demat account (steps involved):
- Open an account with a Depository Participant (DP)
- Surrender physical share certificate(s) to the DP
- The DP would intimate the Depository (NSDL or CDSL) regarding this request
- The DP would thereafter submit the share certificate(s) to the Registrar of the Company
- The Registrar would soon confirm the dematerialisation request from the concerned Depository
- After dematerialising the share certificate(s), the Registrar would update the record
- The concerned Depository would also update its record and inform the DP
- The DP would then update the demat account of the investor
- End of process