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Govt asks companies to transfer unclaimed investor deposits to IEPF

Updated : July 29, 2019 09:33 PM IST

The Corporate Affairs Ministry has sent notices to 20 companies for not transferring unclaimed investor deposits of over 10 years to the Investor Education and Protection Fund.

The government has sent notices to companies for not complying with the Section 206 of the Companies Act. This section is regarding transferring of unclaimed investor funds that needs to be transferred after seven years to Investor Education and Protection Fund (IEPF).

Notice asks companies to declare amount of unclaimed investor deposits lying with it. It also asks companies to state reasons for non-transfer of funds to IEPF.

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