MCA Clarification on FORM 5 INV

[R V Seckar]

Dear Professional Colleagues,

 

I have consistently followed with the MCA for more clarification on the filing of FORM 5 INV . Due to my consistent follow , MCA has issued two further circulars on the subject to remove the ambiguity.

 

The latest circular on the subject is detailed below: From the circular , it is very clear that every company has to file form 5INV about their balances in

(a)    amounts in the unpaid dividend accounts of companies;

 

(b)    the application moneys received by companies for allotment of any securities and due for refund;

 

(c)    matured deposits with companies;

 

(d)    matured debentures with companies;

 

(e)    the interest accrued on the amounts referred to in clauses (a) to (d);

 

(f)    grants and donations given to the Fund by the Central Government, State Governments, companies or any other institutions for the purposes of the Fund; and

 

(g)    the interest or other income received out of the investments made from the Fund:

 

Provided that no such amounts referred to in clauses (a) to (d) shall form part of the Fund unless such amounts have remained unclaimed and unpaid for a period of seven years from the date they became due for payment.

 

It is now clear that every company has to file form 5 INV mentioning the balances available in the above heads detailed from (a) to (h).

 

Further , due to my follow up , MCA has now given time extension for filing of excel sheet that can be uploaded upto 31st August, 2012.

 

I really wish to extend my thanks to MCA for giving such clarification and removal of doubts.

 

Details of the Recent Circular of MCA

 

Ministry had issued Investor Education and Protection Fund(Uploading of Information regarding unpaid an unclaimed amounts lying withcompanies) Rules, 2012 on 10th May, 2012 wherein it was made mandatory for every company to identifythe unclaimed and unpaid amount as referred to in section 205C(2)and file thesame in form 5 INV within 90 days of the AGM.

 

To remove the confusion, if any, in the minds ofstakeholders, Ministry has issued a Circular on 23rd July, 2012 and has provided clarifications as under:

 

The     details of unpaid and unclaimed amount shall be upto the date of AGM and     it shall be filed within 90 days of the AGM.

 
For     the Financial Year 2010-11, form 5 INV is required to be filed upto 31st     July, 2012 or within 90 days of AGM whichever is later.

 
In     case any company could not file correct excel template within 14 days of     filing form 5 INV, the excel template shall can be uploaded upto 31st     August, 2012.

 
Companies     are required to file 1 form 5 INV each year for furnishing information of     unpaid/unclaimed amount lying with companies as on the date of Annual     General Meeting
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R.V.Seckar

Mobile- 09848915177

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[Bidu Bhusan Dash]

Dear Seckar sir

Still its not clear to me the point no.b that our is a private limited company and we have received some amount as share application money and more than 6 months has been lapsed and now my management want to refund the same, now my query is should we file form no.5INV and can my company refund the same after a period of 6 months...........further we can tell you that the money we have received not foreign remittance but from Indian concern.pls clarify it w.r.t. the recent circular

Regards

Bidu

[R V Seckar]

Dear Mr. Bidu ,

 

 

You have to file form 5INV as on 31st March 2011 whether you have any balances in share application or unpaid dividend account or not. That is the MCA stand .

 

 

Refund is not the criteria , Balances as on 31st March and also nil balances also , you have to file form 5 INV.

 

 

R.V.S

Bidu

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[Indrani Sanka]

Hi,

With regard to the below circular I have filed the form with the ROC while uploading the investor's information in the IEPF portal on selecting the CIN number of the company we are incurring a problem, as the companies name is not appearing. has any one incurred the same problem.



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Thanks,

Indrani

[ASHOK KUMAR TRIPATHY]

Dear Friends

 

 

      As per details till we have discussed with ourself it was cleared that the company who are declared Dividend for the Financial year ended 31.03.2011 and afterwards not the year before financial year ending 31.03.2011 are  to be filed Form 5INV. 

 

           So my quary is , if any company declared dividend for the financial year ending 31.03.2010,31.03.2009,31.03.2008,31.03.2007 ,then whether form No 5INV is to be required to filed .If No then it is Ok.

 

If yes the  then what is the meaning  of recent circular  dated 23 July 2012 point no (b)

 

 

Request for views at earlist for common interest.

 

 

Thanking You

 

 

CS Ashok Kumar

 

 

On Thu, Jul 26, 2012 at 10:47 AM, R V Seckar <rvsek...@gmail.com> wrote:

[Bidu Bhusan Dash]

Dear Mr. Ashok

As per my understanding this circular refers to only dividends declared for the fy ending 31.03.2011 not for any other year/years

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Regards,

Bidu

[ACS DIVYA LAL]

Mr. Bidu,

 

According to me, Application money due for refund and its interest thereon data is to be given. In your case if Application money due for refund is  there so, u need  to file eform 5INV.

 

I am suggesting you this by going through the blocks or points to filled in both in eform and Excel sheet. There is a separate block as such where the data should be put in.

 

Please refer point 7 (b) of eform 5INV an din excel sheet left hand side 4 item to be filled in

 

Other learned members please suggest him.

 

Divya

 

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Thanks and Warm Regards,

 Divya Lal

Company Secretary 

Bangalore

 

   

[Bidu Bhusan Dash]

Dear Friends

What about the consequences if one company will not file the Form 5INV before the due date i.e. before 31.08.2012

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Regards,

Bidu

[ACS DIVYA LAL]

 

I am suggesting what I heard, Now the form 5INV is without fees later . they will start charging if u file it after the due date.. (I am not sure just heard this so request you search a bit more )

 

Please Note- According to me eform 5INV due date of filing is still 31.07.2012 . Only Excel sheet filing is extended till 31.08.2012

 

 

Divya

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Regards,

Bidu

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