Ministry of Corporate affairs has issued General circular no. 12/2017 dated 16/10/2017 has clarified that where the period of seven years as provided under section 124(5) has been completed for unpaid/unclaimed dividends during the period September 7, 2016 to October 31, 2017, then in such case the due date for transfer of such shares by the Companies shall be October 31, 2017.

The Ministry also informed vide this Circular that the IEPF authority has opened Demat accounts with NSDL & CDSL through the respective Depository participants – Punjab National bank and SBICAP securities limited. The DP ID and Client ID is mentioned thereunder. The Companies which are required to transfer shares under the IEPF rules are required to transfer such shares to IEPF authority through the aforesaid Demat accounts.

It is clarified vide circular that certain amounts in respect of shares transferred to IEPF account shall be transferred by the Company to the Bank Account opened by the Authority with the Punjab National bank, New Delhi, which has been linked to the Demat accounts mentioned above. The ministry has specifically clarified that transfer of amounts due to be transferred under section 125(2) of the Companies Act, 2013 to the aforesaid bank account is strictly prohibited.

The said General Circular can be accessed from the following link:MCA Gen Circular_12_16.10.2017_Tranfer of Shares to IEPF