The Ministry of Corporate Affairs, recently extended the due date of transfer of shares to Investor Education and Protection Fund (IEPF) Authority. As per the earlier notification, the deadline given for Companies to complete the transfer of such shares were 31st March 2017, which has been extended by the current notification.
However, the Notification stated that the new date will be notified soon.
It is stated that “the modalities for transfers/ transmittal of shares from Companies Accounts to the Demat accout of the IEPF Authority are being finalized with the depositories. IEPF Authority is considering to open special Demat account and till opening of Demat account, the due date for transfer of shares stands extended. In view of this, a revised due date for transfer or transmittal of shares shall be notified soon.”
However, the Notification advices the Companies to complete all formalities, as required in the respective rules without waiting for fresh dates. Companies which are already given notices through news papers and notices to shareholders need not give fresh notices due to extension of due date.
Read the full text of the Circular below.
