IEPF Unclaimed Shares
According to these regulations, any amount transferred to the firm's Unpaid Dividend Account pursuant to Section 124(1) of the Companies Act, 2013, that is unpaid or iepf unclaimed shares for more than 7 years after the date of declaration dividend shall be transferred to the Investor Education and Protection Fund, along with any interest accrued, if any (IEPF). The company must submit a statement to the IEPF Authority in the prescribed format detailing the details of the transfer, and the authority will issue a receipt as proof of the transfer.
In the case of shares where the dividend has not been paid or claimed for more than 7 years, the company must transfer the shares to the IEPF and attach a statement detailing the transfer.
Procedure for IEPF Claim/ iepf unclaimed shares Claiming
Any shareholder whose shares, unclaimed dividends, matured deposits or debentures, file money to be refunded and interest managed to accumulate on the same, if any, sale proceeds of fractional shares, etc. have been transmitted to the IEPF can claim the shares under the procedure outlined in subsection (6) of section 124 or can apply under clause (a) of subparagraph (3) of section 125 to the appropriate officials.
Important note on how to claim shares from IEPF
In a financial year, a claimant can only file one consolidated claim for a company against one Aadhaar Number. The consolidated claim must include details from multiple Folios from the same company.
To know more about:- https://muds.co.in/recovery-shares-iepf/
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