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Use of Unclaimed Funds Lying With Companies

As specified in Section 205C of the Companies Act, 1956, companies are required to transfer such amounts as have remained unclaimed and unpaid on account of dividends, matured deposits and debentures with companies for a period of seven years from the date that they become due for payment to Investor Education and Protection Fund (IEPF). Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that an amount of Rs. 693.37 crore has been credited to the IEPF, which forms part of the Consolidated Fund of India (CFI), for the period 2001-02 up to 2012-13.

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About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

One response to “Use of Unclaimed Funds Lying With Companies”

  1. To the corporatelawreporter.com admin, You always provide great examples and real-world applications.

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