Glc wealth Recovering unclaimed asstes

Ministry of Corporate Affairs came out with Investor Education and Protection Fund Rules, 2017. As per the provisions in these rules, any amount transferred to the Unpaid Dividend Account of the company pursuant to Section 124(1) of the Companies Act. 2013, which is unpaid or unclaimed for more than 7 years from the date of declaration dividend shall be transferred along with interest accrued, if any, to the Investor Education and Protection Fund (IEPF). The company shall submit the statement stating the details of such transfer in the prescribed format to the IEPF Authority and the authority shall issue a receipt as a proof of the transfer. In case of shares for which the dividend is not paid or claimed for more than 7 years continuously shall be transferred to the IEPF by the company attaching with it the statement providing details about the transfer. Share recovery Procedure for IEPF Claim/ IEPF Refund Any investor whose shares, unclaimed dividend, matured deposits or debentures, a...

  Do you have some money or shares that you forgot to keep track of, and are now locked with the IEPF? If that is the case, you would wonder what exactly can be done to reclaim the assets you rightfully own but sadly — don’t possess anymore? First of all, you need to understand where the securities go when you lose track of them as they remain unclaimed. Any dividend money, interest income, matured debentures, matured deposits, redemption amount of preference shares and sale proceeds of fractional shares when remains unclaimed for seven years is transferred to the IEPF What is IEPF? IEPF stands for Investor Education and Protection Fund which is maintained by the IEPF Authority, a division of the Ministry of Corporate Affairs, Government of India. This authority (IEPFA) is responsible to carry out refunds of shares, unclaimed dividends, matured deposits and debentures to investors, and also to promote awareness among investors.. Proposed integrated portal In the Budget 2023, Financ...

Many people invest their money in stocks and forget to claim it, or many expire before claiming it. In such cases, the money goes unclaimed for many years. The Ministry of Corporate Affairs (MCA) has therefore established the Investor Education and Protection Fund (IEPF) to ensure that unclaimed shares can be transferred and received by the right person. The shareholders of the Company may receive a refund of their unclaimed shares transferred by the Company to the IEPF in accordance with the provisions of Section 124 of the Companies Act, 2013 and the Investor Education and Protection Authority (Accounting, Audit, Transfer, and Refund) Rules, 2016. Let us discuss the procedure for the recovery of shares in India. What does recovery of shares mean? Even after the Demat system is implemented, the materialization of securities remains an issue for a long time. However, some of the securities mentioned above never made it to digital form and still exist in the traditional format, i.e. ph...

IEPF stands for Investor Education and Protection Fund. Set up by the Ministry of Corporate Affairs (MCA) under Section 125 (1) of the Companies Act 2013, Investor Education and Protection Fund (IEPF), is a government body which was established by the central government to educate investors about their investments, protection of interests and to manage the unclaimed dividends and other securities of companies. As per Section 124 (5) of Companies Act 2013 any dividend which is lying unclaimed for 7 consecutive years is bound to be transferred to the IEPF. Also, as per Section 124 (6) of  Companies Act 2013 all shares in respect of which dividends have not been claimed for 7 or more consecutive years will also be transferred to the IEPF. Recovery of shares Recover of shares and dividends from the IEPF Authority can be a cumbersome process if not done correctly. With years of expertise in this field we aim to simplify the process for our clients. To file an IEPF claim, one requires fo...

  “ At some point of time in life, everyone is destined to face Death as no one can deny death .” An owner of a property has a discretion to plan the transfer of his property by making a Will during his lifetime by the concept of ‘ Testamentary Succession ’, which takes effect as soon as the testator dies. But if he dies intestate i.e., without making a Will, then the Indian Succession Act, 1925 and Hindu Succession Act, 1956 come into play and the transfer will take place by way of ‘Intestate Succession’. It is a rule of law that a property can never be owner-less. As soon as the owner dies, the property floats to the person(s) named under the Will or to the legal heirs of the Deceased in the absence of Will. The property can be transmitted in two different ways: By way of Probate of Will By way of obtaining a Succession Certificate PROBATE OF WILL Death is an undeniable truth which can never be avoided so why not make ourselves prepared for it? An owner of a property may reduce t...

  IEPF stands for Investor Education and Protection Fund. Set up by the Ministry of Corporate Affairs (MCA) under Section 125 (1) of the Companies Act 2013, Investor Education and Protection Fund (IEPF), is a government body which was established by the central government to educate investors about their investments, protection of interests and to manage the unclaimed dividends and other securities of companies. As per Section 124 (5) of Companies Act 2013 any dividend which is lying unclaimed for 7 consecutive years is bound to be transferred to the IEPF . Also, as per Section 124 (6) of  Companies Act 2013 all shares in respect of which dividends have not been claimed for 7 or more consecutive years will also be transferred to the IEPF.   IEPF