• Companies Unpaid Dividend (Transfer to General Revenue Account of the Central Government) Rules, 1978: Bare Act

  • 2. Definitions.- In these Rules, unless the context otherwise requires:-

    (a) "Act" means the Companies Act, 1956 (1 of 1956);

    (b) "Central Government" means the Department of Company Affairs of the Central Government for the time being in charge of the administration of the Act;

    (c) "Form" means a form annexed to these rules;

    (d) "Punjab National Bank" includes its branches.

    3. Transfer of moneys to the General Revenue Account of the Central Government.- Any money required to be transferred to the general revenue account of the Central Government under sub-section (5) of section 205A of the Act shall be transferred to any of the branches of the Punjab National Bank specified below, within a period of fourteen days from the date on which such money is required to be so transferred under that sub-section which shall be accounted under the Major/Minor Head of Account "068-Miscellaneous General Services-Unpaid Dividends of Companies":-

    City

    Name of the branch of the Punjab National Bank

    1. Ahmedabad

    Ashram Road.

    2. Allahabad

    Civil Lines.

    3. Bangalore

    City Branch.

    4. Bombay

    Phiroz Shah Mehta Road

    5. Calcutta

    Brabourne Road.

    6. Chandigarh

    Sector 17.

    6A. Coimbatore

    Oppanakara Street

    7. Cuttack

    Cuttack

    8. Delhi

    Barakhamba Road, New Delhi

    9. Ernakulam

    Ernakulam

    10. Gwalior

    Naya Bazar.

    11. Hyderabad

    Bank Street.

    12. Jaipur

    M.I. Road.

    13. Jodhpur

    Ratnada Colony.

    14. Jullundur

    Civil Lines.

    15. Kanpur

    Swaroop Nagar.

    16. Madras

    Mount Road.

    17. Nagpur

    Kingsway

    18.Panaji

    Pifferlekar Road

    19. Patna

    Boring Road.

    20. Shillong

    Shillong

    21. Srinagar

     

     

    4. Statement to Registrar.- (1) A company shall, when making a transfer under rule 3, furnish to the Registrar of Companies concerned a statement in Formduly certified by a chartered accountant or a company secretary or a cost accountant practising in India or by the auditors of the company.

    (2) Every company shall furnish a certificate along with the annual return to be filed immediately thereafter under section 159 to the Registrar concerned to the effect that the whole of the amount of dividend remaining unpaid or unclaimed for a period of three years from the date of transfer to the special account has been transferred to the General Revenue Account of the Central Government as required under sub-section (5) of section 205A.

    4A. Every company shall inform the shareholders.- concerned about the particulars of the dividend transferred to the General Revenue Account of the Central Government, along with the notice of the next Annual General Meeting.

    6. Claim for payment.- (1) Any person applying to the Central Government under section 205B of the Act shall make such application in Form II, to the Registrar of Companies concerned under his own signature or through a person holding a power of attorney.

    (2) On receipt of the application referred to in sub-rule (1), the Registrar of Companies concerned shall verify from his records and certify whether the claimant is entitled to the money claimed by him.

    (3) Where the claimant's title to the aforesaid money has been established to the satisfaction of the Registrar of Companies, the Registrar of Companies may direct the claimant (not being the Central Government, a State Government, a Government company within the meaning of section 617 of the Act or a public financial institution within the meaning of section 4A of the Act or a local authority) to execute an indemnity bond with or without surety in Form III, or as near thereto as may be, on a non-judicial stamp paper of the value payable in the state of execution.

    (4) On receipt of the indemnity bond, if any duly executed by the claimant, the Registrar of Companies shall issue a payment order in Part B of Form II sanctioning the payment of the amount due to the claimant giving directions to the Pay and Accounts Officer of the Department of Company Affairs to issue a cheque in favour of the claimant and the pay and Accounts Officer shall draw the cheque accordingly and send it to the Registrar of Companies.

    Sl. No.

    Folio in register ledger containing particulars

    Name of the member to whom the amount of dividend is due (to be given in alphabetical order)

    Last known address of the person(s) entitled to receive the amount

    No. of shares heldParticulars of dividends

    Particulars of dividends

    Amount due

    Interest thereon, if any

    Total amount due unpaid as per the company’s unpaid dividend account in _____ (Name of the Scheduled Bank) and the date of payment into the Punjab National Bank

    Details of payment (Entries to be made by Registrar as and when payment is made by him

     

     

     

     

    Equity

    Preference

    Date of declaration

    Date of transfer to Unpaid Dividend Account

    On equity shares

    On preference shares

     

     

     

    1

    2

    3

    4

    5

    6

    7

    8

    9

    10

    11

    12

    13

     

     

     

     

     

     

     

     

     

     

     

     

     

    (5) Notwithstanding anything contained in sub-rules (3) and (4), the Registrar of Companies may, where the amount claimed is not more than two thousand five hundred rupees and the claimant established his title to the money claimed to his satisfaction, issue an order sanctioning the payment of the amount due to the claimant without production of the indemnity bond referred to sub-rule(4).

    (6) The claimant shall deliver to the Registrar of Companies a stamped pre-receipt bearing his signature and signatures of two witnesses with his application in Form II.

    (7) The Registrar of Companies shall, in the accounts maintained by him cause a note to be made of all payments made under sub-rule (6).

    (8) The amounts paid to the claimants under this rule shall be classified in the accounts as "Deduct Refunds" under "068 - Miscellaneous General Services - Unpaid Dividends of Companies."

    FORM No. I: Statement of unpaid or unclaimed dividend and interest thereon transferred to general revenue account of the Central Government

    [See rule 4]

    THE COMPANIES ACT, 1956

    Registration No ___________  

      Nominal capital Rs._______

    Pursuant to section 205A(6)

    1. Name of the company and address of its registered office.

    2. Date of payment from the Company's Unpaid Dividend Account in the _____ to Punjab National Bank for credit to Central Government.

    3. Particulars of the Challan under which paid into Punjab National Bank.

    4. Financial year to which the dividend relates.

    Certified that whole of the amount remaining unpaid or unclaimed for a period of three years from the date of transfer to the special account under sub-sections (1) and (2) of section 205A has been transferred to the General Revenue Account of the Central Government.

    Total amount Rs. ____________ (Sd.)

    1.Secretary

    2. Director

    3. Director

    Dated this day _________ of _______ 19 ________ •

    To be signed by Secretary and one Director or at least by two Directors.

    FORM No. II

    (See rule 6(1)

    PART 'A' : Application to the Central Government for an order for payment of the dividend amount out of the General Revenue Account of the Central Government pursuant to section 205B of the Companies Act, 1956

    1. Name of the applicant:

    2. Postal address of the applicant:

    3. Name, registration number and registered address of the company from which the amount is due:

    4. Number of shares held:

    (i) Preference shares (with distinctive numbers)

    (ii) Equity shares (with distinctive numbers).

    5. Financial year to which the dividend relates;

    6. Amount due:

    (i) On preference shares

    (ii) On equity shares

    (iii) Interest, if any, payable to him pursuant to sub-section (4) of section 205A of the Act, and

    (iv) Total of (i), (ii) and (iii) above:

    7. Reasons for non-receipt of the amount from the company:

    Place

    Date

    ____________________________________

    (Signature of the applicant or a person holding a power of attorney, from the applicant).

    Received from the Registrar of Companies _________ the sum of Rs. _______ (Rupees ____________ in words) being the amount payable to me/us from the General Revenue Account of the Central Government as unclaimed or unpaid dividend (which was originally) due from M/s. _________________

    1. Signature of witness. 
    With name, date, address and occupation.

    Signature of claimant with name, date, address and occupation. (on revenue stamp of 20 paise, if the claim is for Rs. 20 or more).

    2. Signature of witness.
    With name, date, address and occupation.

     

    Notes:

    1. Indemnity bond should be furnished on a non-judicial stamp paper of the requisite value, in case the claim exceeds Rs. 2,500.

    2. In the case of deceased shareholder, the legal representative(s) of the deceased shareholder, who is (are) preferring the claim, is (are) required to furnish succession certificate/probate/letters of administration. In case the charge have been transmitted in the name of the claimant, a certificate in this behalf from the company be furnished.

    3. Dividend warrant or a photo-copy of the share certificate should be furnished.

    4. Separate applications should be made for claims in respect of each company.

    PART 'B' : Payment Order by the Registrar

    Classification 
    "068-Miscellaneous General Services-Unpaid Dividends of Companies-Deduct Refund".

    Certified that the amount claimed, namely, Rs. ______________ has actually been deposited by the company to the General Revenue Account of the Central Government under Major Head "068-Miscellaneous General Services-Unpaid Dividends of Companies" on _________________ (date) Necessary note for refund has been kept in the accounts maintained by me.

    ________________

    (Registrar)

    Passed for payment for Rs. _____________ in favour of Shri __________ . The cheque/demand draft may please be issued in favour of Shri ___________

    ____________

    (Registrar)

    FORM NO. III: Form of Indemnity Bond

    See rule 6(3)

    To

    The Registrar of Companies,

    __________________

    __________________

    In consideration of your agreeing to pay me the sum of Rs. ____________ (Rupees _________________) only, being the amount due to me on dividend for the year _____________ from M/s. __________________________ out of the

    (Name of the company)

    General Revenue Account of the Central Government,I ________________ son/daughter/wife of _________________ do hereby agree to indemnity you to the extent of any claim not exceeding the amount hereinbefore mentioned which may be preferred against you, and which you may have to lawfully discharge

    Date _____________

    Place ____________

    ____________________

    (Signature)

    Witnesses

    1. _________________________________________

    (Signature)

    Address _____________________________________

    2. __________________________________________

    (Signature)

    Address ______________________________________

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