Old/time-barred instruments/ unclaimed dividend/ interest

I have an old warrant which I forgot to encash and is now time-barred? Can I still obtain the amount due to me?

Yes. Provided the amount is not transferred to the General Revenue Account of the Central Government or the Investor Education and Protection Fund.

Please mail the outdated instrument to LIIPL to enable issue of a fresh instrument, if the amount reflects an outstanding status in the records of the company.

When is unclaimed dividend/ interest amount transferred to the General Revenue Account/ Investor Education Protection Fund of the Central Government ?

As per the Companies Act, all unclaimed and unpaid dividend maintained in the separate dividend account of the Company was to be transferred to the General Revenue Account of the Central Government after the prescribed period of approximately 3 years. Prior to such transfer, an intimation requesting the investor to claim the amount has always been sent by LIIPL. In spite of this, if an investor did not make the claim, the outstanding dividend amount would get transferred to the Central Government after the stipulated period. Any claim thereafter would have to be made to the Registrar of Companies in the prescribed form available with LIIPL.

However as per the Amendment vide the Companies (Amendment) Ordinance, 1998, Section 205 (A) of the Companies Act 1956, this clause has been amended with effect from 31st October, 1998. Accordingly, any amount, which remains unpaid or unclaimed for a period of 7 years, shall be transferred by the company to the "Investor Education and Protection Fund"("The Fund").

No investor can claim this amount thereafter from the Fund.

Tara Jewels Limited (TARAJEWEL.NS)