The MCA issued clarification vide General Circular No. 16/2020 dated April 13, 2020, for filings required under Section 124 and 125 of the Companies Act, 2013.
Background: Pursuant to provisions of Section 124 of the Companies Act, 2013 if a company declares adividend but did not pay or remains unclaimed for a period of 30 days, then such unpaid or unclaimed dividend shall be transferred to Unpaid Dividend Account within 7 days from the expiry of 30 days.
Any money transferred to Unpaid Dividend Account remains unpaid or unclaimed for a consecutive 7 years from the date of such transfer, then the company shall transfer such amount (including interest if any) to the Fund established under Section 125 of the Companies Act, 2013 i.e. Investor Education and Protection Fund.
The Company is required to submit information in various Forms under Section 124(5) and 124(6) of the Companies Act, 2013 read with IEPFA (Accounting, Audit, Transfer and Refund) Rules, 2016.
As the MCA has already allowed filing of Forms in MCA registry without additional fees till September 30, 2020. It is hereby clarified that the same relaxation is available insofar filing of various IEPF e-forms and filing of e-verification of claims is concerned. The company is therefore allowed to file below-mentioned e-forms without additional fees till September 30, 2020.
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