How do I transfer unpaid dividends to IEPF?
1. The amount of unclaimed or unpaid dividend required to be credited by the companies to the Fund shall be remitted online along with a statement in Form No. IEPF-1 containing details of such transfer to the Authority within a period of thirty days of such amounts becoming due to be credited to the Fund.
How do you recover unclaimed dividends?
With N200bn Unclaimed Dividends, Here’s How to Retrieve your Money through SEC e-Dividend Portal
- Apply through the SEC e-Dividend Portal. …
- Search for a List of Your Company Shares. …
- Identify Your Unclaimed Dividends. …
- Download and Fill Your Registrar’s e-Dividend Mandate form. …
- Submit Completed forms to Claim Dividends.
The Company to file Form IEPF-3 within 30 days from the end of financial year, furnishing details of such shares. Procedure for transferring shares to fund: Shares to be credited to DEMAT Account of IEPF Authority within 30 days of such shares becoming due for transfer to IEPF.
Does the company have to transfer the amount of unpaid dividend to iepf after 30 days?
However, with the enforcement of the corresponding section, i.e. 124 (6) under the Act, 2013, every Company is mandatorily required to transfer the underlying shares for which the dividend has remained unpaid or unclaimed for a consecutive period of seven years within a period of thirty days of such shares becoming due …
Can dividend be transferred?
As per Section 124 of Companies Act, 2013 and rules made there under (“the Act”), where a dividend has been declared by a company but has not been paid or claimed within thirty days from the date of the declaration to any shareholder entitled to the payment of the dividend, the company shall, within seven days from the …
How do I claim unclaimed dividends after 7 years?
As per the provisions of the Section 124 of the Companies Act, 2013, any money which remains unpaid or unclaimed for a period of seven years from the date of transfer to Unpaid Dividend Account shall be transferred by the company along with interest accrued, if any, thereon to the Investor Education and Protection Fund …
How do you process unclaimed dividends in Nigeria?
Once you have confirmed an unclaimed dividend under your name, the process is easy:
- Take note of your Registrar’s name.
- Note the name of the company you have their shares.
- Take note of your investment account number.
- Click on the link at the top of the SEC Portal and download your Registrar’s e-mandate form.
The IEPF website usually has all the details of unclaimed amounts. To make a claim, you can use IEPF-5 form. In case an investor doesn’t want to go through the hassles and wants to outsource it to some agency then they can also avail that option.
Is unpaid and unclaimed dividend same?
An unclaimed dividend is recorded when a shareholder fails to claim an already paid dividend while an unpaid dividend is the failure of a company to distribute dividends to shareholders after it has been announced. Shareholders are required to claim dividend within 30 days of when the dividend are declared.
How are unclaimed dividend treated in the books of accounts of a company?
Any unpaid or unclaimed dividend is a current liability and is shown on the liabilities side of the balance sheet. The company should transfer any unpaid dividend within forty-nine days from the date of declaration of the dividend to a special bank account.