The Dividend declared and distributed by the Company to its shareholders which remains unclaimed gets accumulated with the Company. The Ministry of Corporate Affairs (MCA) proactively addressed the issue by introducing Section 205C of the Companies Act, 1956, through Companies (Amendment) Act, 1999, thereby making it compulsory to deposit unclaimed dividend lying with the Companies for a period of seven years to the Investor Education and Protection Fund (IEPF), administered by the Central Government.
Recently, MCA has issued a Circular, notified in the Gazette of India G.S.R. 352(E) dated May 10, 2012, notifying the Rule “Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with Companies) Rules, 2012”. As per this Rule, companies have to identify and upload details of unclaimed dividend on their website.
Accordingly detailed information is provided for the benefit of our Investors.
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