27 March 2012
Section 205c(2) does not refer the above mentioned amount.
The clause is very specifically mentioning the amount that have to be transferred to IEPF in which unpaid amount of capital reduction is not mentioned.
27 March 2012
We have to understand the intention of the law, if any specific provision is not available for the issue, we have to refer the similar provisions of the law. There is no specific provisions are available for such issue hence treatment of similar issues will prevail.
27 March 2012
We have to understand the intention of the law, if any specific provision is not available for the issue, we have to refer the similar provisions of the law. There is no specific provisions are available for such issue hence treatment of similar issues will prevail.
I can't find the specific provision for same, if you are able to find the specific treatment then go for it.
As this is not Comapny's fund.Amount pertains to that of the shareholders. In my view also the amount shall be transfered to IEPF account after 7 years.
But another ques in which name the account shall be opened. Can it be opened in the name of "unclaimed scheme of arrangement account'?
CAclubindia
