Companies Act, 1956
Pankaj
(Querist) 01 April 2011
This query is : Resolved
Dear All,
a company reduces its share capital by paying off Rs. 1/- per share to shareholders and there by Reducing the face value to Rs. 9/- per share from Rs. 10/- per share. (with high court approval)
The DD for the above are dispatched to all the shareholders.
However some of the shareholders do not claim the above amount and the same is remaining unpaid with the company under 'unclaimed scheme of arrangment'.
Now the question is if the amount remained in the unclaimed account should be transferred to IEPF account or which traetment sould be given after 7 years?
M V Gupta
(Expert) 03 April 2011
After seven years the unclaimed amounts should be transferred to the IEPF under the provisions of the Companies Act.
valentine thakkar
(Expert) 03 April 2011
What happens if the Scheme of Arrangement is approved and in a sweeping order all creditors including NCD holders are covered. However, the Co. has not appointed trustees as per Sec. 56 of Co. Act?
2. If the demand note is sent before the Co.
going into litigation and formulation of SOA?
3. If the NCD holder disputes his inclusion in the Scheme?
Pankaj
(Querist) 05 April 2011
Sir the amount is transferred under which section as section 205(C) does not talk about the Unclaimed money on reduction of share capital?
As distribution of securities premium account to shareholders is Reduction of share capital, whether it is regarded as Dividend for section 205(C)
Please guide on above sir,
Thanking You,
Pankaj
