In another attempt to allow body corporates to adhere to the required social distancing norms amid the coronavirus outbreak, the Ministry of Corporate Affairs (MCA) has further relaxed the provisions under Section 124 (5) of the Companies Act and Section 124 (6) of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules which deal with procedure for transfer of money remaining unpaid or unclaimed over the period of seven years and transfer of shares respectively.
The MCA vide General Circular No. 16/2020 has clarified on April 13, 2020 that the filing in MCA-21 has already been allowed without additional fees till September 30, 2020 vide General Circular No. 11/2020 and General Circular No. 12/2020. Therefore, for the filing of various IEPF e-forms (IEPF-1, IEPF-2, IEPF-3, IEPF-4, IEPF-5, IEPF-6, IEPF-7) the deadline has also been extended to September 30, 2020.
The aforesaid relief measure has been notified by MCA in response to concerns raised by stakeholders regarding various difficulties raised by them particularly with respect to procedures related to transfer of money remaining unpaid or unclaimed as mentioned above.
Hence, stakeholders can now plan their other concomitant actions accordingly.