THE MINISTER OF STATE (INDEPENDENT CHARGE) IN THE MINISTRY OF CORPORATE
AFFAIRS (SHRI SACHIN PILOT)
(a): The quantum of un-claimed and unpaid dividend, deposits and debentures lying
with the companies transferred to the Government during the last three years,
year-wise is given below:
Financial year Amount (in Lakh Rs.)
2009-10 1079.88
2010-11 1218.16
2011-12 2090.27
(b) & (c): The provisions of sections 205, 205A, 205C and 207 of the
Companies Act, 1956 (Act), read with relevant rules, require the companies to
pay/distribute the dividend declared by them within 30 days of declaration and
keep the unpaid/unclaimed dividend, if any, in a Special Bank Accounts for a
period up to seven years (for subsequent payment to relevant shareholders
claimants). After the expiry of the said period of seven years, the amount is
required to be transferred to the Investor Education and Protection Fund (IEPF)
set up under section 205C of the Act. The procedural requirements/mechanism with
regard to manner of such transfer has been provided under relevant rules.
Non-compliance with these provisions is a punishable offence and necessary action
is taken against the companies in appropriate cases. Further, in order to protect
the interests of the investors and create awareness among them about the amounts
of un-claimed and unpaid dividend, deposits and debentures lying in Special Bank
Accounts of the companies, a web-site based disclosure framework has been notified
by the Government. The Companies Bill, 2011 retains these provisions. Further,
the said Bill allows refund of these amounts to the claimants even after such
amounts have been transferred to IEPF.
