Investor Education and Protection Fund created to receive long-unclaimed company amounts and finance investor awareness and protection. Section provides for creation of the Investor Education and Protection Fund, to be credited with specified company monies-unpaid dividends, application moneys due for refund, matured deposits, matured debentures and accrued interest-only after they have remained unclaimed and unpaid for the prescribed dormancy period; it bars individual claims once amounts transfer. The Fund is to be used for investor awareness and protection under prescribed rules, administered by a Central Government notified authority or committee required to keep separate accounts and empowered to spend Fund moneys for its objects.
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Provisions expressly mentioned in the judgment/order text.
Investor Education and Protection Fund created to receive long-unclaimed company amounts and finance investor awareness and protection.
Section provides for creation of the Investor Education and Protection Fund, to be credited with specified company monies-unpaid dividends, application moneys due for refund, matured deposits, matured debentures and accrued interest-only after they have remained unclaimed and unpaid for the prescribed dormancy period; it bars individual claims once amounts transfer. The Fund is to be used for investor awareness and protection under prescribed rules, administered by a Central Government notified authority or committee required to keep separate accounts and empowered to spend Fund moneys for its objects.
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