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INDIRECT TAX UPDATE
Unclaimed Deposits or Inoperative Accounts in Banks- RBI Revised Instructions
CS authorized to do compliance audit of labor laws for shops or factories in Haryana
NOTIFICATION NO.11/38/2016-4Lab Dated 10th August 2016
MCA amends Schedule V of the Companies Act,2013, w.e.f. 12th September 2016. MCA Notification dated 12.09.16.
An MCA has enforced certain provisions of the Companies Act, 2013 w.e.f 9th Sept 2016. Section 227, 242, 246,241 or 245 and Sec 337 to 341 (to the extent of their applicability for Section 246.
MCA vide Notification dated 9 Sept. 2016 has notified the Companies Mediation and Conciliation Rules 2016, which shall come into force from the date of their publication in the Official Gazette.
The MCA has designated Special Courts for the States of Chhattisgarh, Manipur, Rajasthan, Punjab, Haryana, Chandigarh, Districts of Coimbatore, Dharmapuri, Dindigul, Erode, Krishnagiri, Namakkal, Nilgiris, Salem and Tiruppur, Pandichery for the purposes of providing speedy trial of offenses punishable with imprisonment of 2 years or more under the Companies Act, 2013.
Query: Whether section 186 shall be applicable to NBFCs. Kindly advice
Answer: Section 186(11) provides an exception to banking company, insurance company, housing finance company that lends loan in the ordinary course of business and to companies that are engaged in the business of financing companies or providing infrastructural facilities.
Further, Rule 11(2) of Companies (Meetings of Board and its Power) Rules, 2014 provides that for the purpose of Section 186(11), the expression ‘business of financing companies’ shall include, with regard to, a Non-Banking Financial Company registered with Reserve Bank of India, the business of giving of any loan to a person or providing any guarantee or security for due repayment of any loan availed by any person in the ordinary course of business.
Query: What is the procedure to file details of the unclaimed and unpaid amounts?
Answer: Form IEPF-2 is required to be filed by the company/Corresponding New Bank which shall contain investor-wise details of unclaimed and unpaid amounts in respect of dividends, debentures, deposits, etc. The details of unclaimed and unpaid amounts shall need to be provided as on the Annual General Meeting (AGM) date. This form is to be filed annually within 90 days from the date of AGM. The form can be downloaded from the IEPF portal of the Ministry.
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