Notification, F.No. 5/29/2013-IEPF, dated
27th March, 2014
Investor Education and Protection Fund (Awareness
and Protection of Investors) Amendment Rules, 2014
G.S.R. (E)
-- In exercise of the powers conferred by sub-section (1) of section 642 read
with sub-section (3) of section 205C of the Companies Act,
1956 (1 of 1956), the Central Government hereby makes the following rules
further to amend the Investor Education and Protection Fund (awareness and
protection of investors) Rules, 2001, namely:-
1. (1)
These rules may be called the Investor Education and Protection Fund (awareness
and protection of investors) Amendment Rules, 2014.
(2) They shall come into force with
effect from the 31′ March, 2014.
2. In
rule 2 of Investor Education and Protection Fund (awareness and protection of
investors) Rules, 2001 (hereinafter referred to as the said rules), after
clause (d), the following clause shall be inserted, namely:-
‘(da) “corresponding new bank”
means the corresponding new bank as defined in clause (d) of section 2 of the
Banking Companies (Acquisition and Transfer of
Undertakings) Act, 1970 (5 of 1970) and clause (b) of section 2 of the Banking
Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980);’
3. In
rule 3 of the said rules, in sub-rule (i), after the words
“Any money required to be credited by the companies to the
fund, as provided in the Act”, the following shall be inserted, namely:-
“and any money transferred to the
Unpaid Dividend Account of a corresponding new bank in
pursuance of section 10B of Banking Companies (Acquisition and Transfer of
Undertakings) Act, 1970 and section 10B of Banking Companies (Acquisition and
Transfer of Undertakings) Act, 1980, which remains unpaid or unclaimed for a
period of seven years from the date
of such transfer”
4. In
Form 1 annexed to said rules, for the word “company”, wherever it occurs, the
words “company and corresponding new bank” shall be substituted.
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