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of <h1>Amendment to Companies Act: Unclaimed Funds Over 7 Years to Investor Education and Protection Fund, Schedule V Updated.</h1> The Central Government has amended Schedule V of the Companies Act, 1956, specifically Part II concerning the 'Annual Return.' The amendment replaces clause (c) with a requirement that any amounts specified in clauses (a) to (e) of subsection (2) of section 205C, which remain unpaid or unclaimed for seven years from their due date, must be credited to the Investor Education and Protection Fund. This change is enacted under the authority of sub-section (1) of section 641 of the Companies Act, 1956, and was officially notified by the Ministry of Finance and Company Affairs on November 2, 2002.
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