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        Corp. Laws, SEBI & IBC

        Use of Unclaimed Funds Lying With Companies

        December 9, 2013

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        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.

        Unclaimed corporate funds transfer to Investor Education and Protection Fund required, reinforcing investor protection and consolidated public ownership. Under Section 205C, companies must transfer unclaimed and unpaid amounts in respect of dividends, matured deposits and debentures to the Investor Education and Protection Fund after seven years from the due date; such transfers are credited to the Fund, which forms part of the Consolidated Fund of India.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Unclaimed corporate funds transfer to Investor Education and Protection Fund required, reinforcing investor protection and consolidated public ownership.

                                Under Section 205C, companies must transfer unclaimed and unpaid amounts in respect of dividends, matured deposits and debentures to the Investor Education and Protection Fund after seven years from the due date; such transfers are credited to the Fund, which forms part of the Consolidated Fund of India.


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