C.V.O. Chartered & Cost Accountants' Association

Legal Updates
Corporate Laws Update

Compiled by : Shri Rajesh P. Chheda (C.A.)

40 SCL (St.) 125
Amendment to schedule VI to the Companies Act 1956

The department of company affairs issued a Notification No. GSR762(E) dated 30/11/2002. It amends schedule VI of the Companies Act providing for details to be submitted under the head liabilities, under sub heading current liabilities and provisions by replacing the item of unclaimed dividend of with the following:
"Investor Education and Protection Fund shall be created by the following amounts namely:
a) Unpaid dividend

b) Unpaid application money received by the companies for allotment of securities and due for refund.

c) Unpaid matured deposits

d) Unpaid matured Debentures

e) Interest accrued on (a) to (d) above

40 SCL (St.) 114
Format of the Annual return under the Companies Act amended

By Notification No. GSR757(E) dated 2/11/2002, the department of company affairs has amended the format of annual return by inserting the following clauses V.
"(c) the whole of amounts envisaged in classes (a) to (e) of sub-section (2) of section 205C of the Companies Act, 1956 remaining unpaid or unclaimed for a period of seven years from the date they became payable by a company have been credited to the investor education and protection fund".

C.V.O. CA's News & Views

Vol.5 No.3 Jan - Feb 2003