08 August 2010
As per the provisions of section 205C of Companies Act, 1956, amounts in the unpaid dividend accounts of companies, remaining unpaid for 7 years shall be transferred to Investor Education and Protection Fund. In terms of sub clause 1(e), interest accrued on such amount shall also have to be transferred to IEPF. What is the date for transfer of such interest to IEPF i.e. whether seven years from the day the interest was credited to the company’s account or on the date and along with the unpaid dividends are transferred to IEPF on yearly basis?
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