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Companies Unpaid Dividend (Transfer to General Revenue Account of the Central Government) Rules, 1978 Complete Act - Bare Act

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COMPANIES UNPAID DIVIDEND (TRANSFER TO GENERAL REVENUE ACCOUNT OF THE CENTRAL GOVERNMENT) RULES, 1978

1. Short title and commencement.-
(1) These Rules may be called the Companies Unpaid Dividend (Transfer to General Revenue Account of the Central Government) Rules, 1978.
(2) They shall come into force on the date1A of their publication in the Official Gazette.

2. Definitions.-
In these Rules, unless the context otherwise requires:-
(a) "Act" means the Companies Act, 1956 (1 of 1956);
(b) "Central Government" means the Department of Company Affairs of the Central Government for the time being in charge of the administration of the Act;
(c) "Form" means a form annexed to these rules;
(d) "Punjab National Bank" includes its branches.

3. Transfer of moneys to the General Revenue Account of the Central Government.-
Any money required to be transferred to the general revenue account of the Central Government under sub-section (5) of section 205A of the Act shall be transferred to any of the branches of the Punjab National Bank specified below, within a period of fourteen days from the date on which such money is required to be so transferred under that sub-section which shall be accounted under the Major/Minor Head of Account "068-Miscellaneous General Services-Unpaid Dividends of Companies":-
City
Name of the branch of the Punjab National Bank
1. Ahmedabad
Ashram Road.
2. Allahabad
Civil Lines.
3. Bangalore
City Branch.
4. Bombay
Phiroz Shah Mehta Road
5. Calcutta
Brabourne Road.
6. Chandigarh
Sector 17.
6A. Coimbatore
Oppanakara Street
7. Cuttack
Cuttack
8. Delhi
Barakhamba Road, New Delhi
9. Ernakulam
Ernakulam
10. Gwalior
Naya Bazar.
11. Hyderabad
Bank Street.
12. Jaipur
M.I. Road.
13. Jodhpur
Ratnada Colony.
14. Jullundur
Civil Lines.
15. Kanpur
Swaroop Nagar.
16. Madras
Mount Road.
17. Nagpur
Kingsway
18.Panaji
Pifferlekar Road
19. Patna
Boring Road.
20. Shillong
Shillong
21. Srinagar
Amirkadal.

4. Statement to Registrar.-
(1) A company shall, when making a transfer under rule 3, furnish to the Registrar of Companies concerned a statement in Formduly certified by a chartered accountant or a company secretary or a cost accountant practising in India or by the auditors of the company.
(2) Every company shall furnish a certificate along with the annual return to be filed immediately thereafter under section 159 to the Registrar concerned to the effect that the whole of the amount of dividend remaining unpaid or unclaimed for a period of three years from the date of transfer to the special account has been transferred to the General Revenue Account of the Central Government as required under sub-section (5) of section 205A.

4A. Every company shall inform the shareholders.-
Concerned about the particulars of the dividend transferred to the General Revenue Account of the Central Government, along with the notice of the next Annual General Meeting.

5. Claim for payment.-
(1) Any person applying to the Central Government under section 205B of the Act shall make such application in Form II, to the Registrar of Companies concerned under his own signature or through a person holding a power of attorney.
(2) On receipt of the application referred to in sub-rule (1), the Registrar of Companies concerned shall verify from his records and certify whether the claimant is entitled to the money claimed by him.
(3) Where the claimant's title to the aforesaid money has been established to the satisfaction of the Registrar of Companies, the Registrar of Companies may direct the claimant (not being the Central Government, a State Government, a Government company within the meaning of section 617 of the Act or a public financial institution within the meaning of section 4A of the Act or a local authority) to execute an indemnity bond with or without surety in Form III, or as near thereto as may be, on a non-judicial stamp paper of the value payable in the state of execution.
(4) On receipt of the indemnity bond, if any duly executed by the claimant, the Registrar of Companies shall issue a payment order in Part B of Form II sanctioning the payment of the amount due to the claimant giving directions to the Pay and Accounts Officer of the Department of Company Affairs to issue a cheque in favour of the claimant and the pay and Accounts Officer shall draw the cheque accordingly and send it to the Registrar of Companies.
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(5) Notwithstanding anything contained in sub-rules (3) and (4), the Registrar of Companies may, where the amount claimed is not more than two thousand five hundred rupees and the claimant established his title to the money claimed to his satisfaction, issue an order sanctioning the payment of the amount due to the claimant without production of the indemnity bond referred to sub-rule(4).
(6) The claimant shall deliver to the Registrar of Companies a stamped pre-receipt bearing his signature and signatures of two witnesses with his application in Form II.
(7) The Registrar of Companies shall, in the accounts maintained by him cause a note to be made of all payments made under sub-rule (6).
(8) The amounts paid to the claimants under this rule shall be classified in the accounts as "Deduct Refunds" under "068 - Miscellaneous General Services - Unpaid Dividends of Companies."
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