PROCEDURE FOR TRANSFER OF SHARES TO THE IEPF AUTHORITY

PROCEDURE FOR TRANSFER OF SHARES TO THE IEPF AUTHORITY

Dear Professional Colleagues,

ARTICLE No 1 on Transfer of Share to IEPF

For detailed procedure related to Transfer of Share to IEPF Account go through the below link and provide feedback

http://csravi2014.blogspot.in/2017/03/iepf-amended-rules-2017.html

ARTICLE No 2 on Transfer of Share to IEPF

Here I come up with my second article along the practical aspects and timeline as prepared for one of the listed Company, hope this will be helpful for you to analyse in details.

(The Shares on which dividend warrant has not been encashed by the shareholders for a continuous period during the last seven years)

Sl No	Step	Regulatory provision	Action to be taken	Due Date
1	All such shares in respect of  which dividend has not been paid or claimed for seven consecutive years or more shall be transferred to IEPF	Section 124(6) of CA, 2013	Company to identify and prepare a list of all the shareholders who have not encashed the dividend warrants for a continuous period of last seven years, containing the details of name of the shareholder, Folio No, Demat Account No and number of shares etc, except the shares on which there is specific order of the court of Tribunal or statutory authority restraining any transfer of shares and where such shares are pledged or hypothecated under the provisions of Depositories Act, 1996.	31-10-2017
2	The Shares shall be credited to the demat account of the Authority  to be opened by the Authority for the said purpose, within a period of  thirty days of such shares becoming due to be transferred to the Fund	Rule 6(1) of IEPF Authority ( Accounting, Audit, Transfer and Refund) Rules, 2016 (“IEPF Rules”)		30-11-2017
3	Provided that, in case the beneficial owner has encashed any dividend warrant during the last seven years, such shares shall not be required to be transferred to the Fund even though some dividend warrants may not have been encashed.	Proviso (1) to Rule 6		31-10-2017
4	The due date for  transfer of shares,  where the period   of seven years has been completed or being completed during the period from September 7, 2016 to October 31, 2017, shall be deemed to be October 31, 2017	Second Proviso to Rule 6 (1) of IEPF Rules		31-10-2017
5	Provided that the transfer of shares by the companies to the Fund shall be deemed to be transmission of shares and the procedure to be followed for transmission of shares shall be followed by the companies while transferring the shares to the Fund.	Third  proviso to the Rule 6 of IEPF Rules
6	Board of Directors of the Company to pass a resolution authorizing the company secretary or any other person to sign the necessary documents.	Rule 6(2)	Hold a board meeting or pass a resolution by circulation	31-07-2017
7	Display the details of the shareholders whose shares are proposed to be transferred to the IEPF authority, on the website	Rule 6(3)(a)	Display on the website	31-07-2017
8	Company shall inform the shareholder concerned regarding the proposed transfer of shares	Rule 6(3)(a)	Send letter to all the shareholders at the latest available address	31-07-2017
9	Simultaneously publish a notice in the leading newspaper in English and regional language having wide circulation informing the concerned that the names of such shareholders and their folio Number or DP ID and Client Id are available on their website duly mentioning the website address	Rule 6(3)(a)	Publish newspaper advertisements in English and regional language	31-07-2017
10	Every company which has remitted the amount to the Fund shall nominate a Nodal Officer for the purpose of coordination with the IEPF authority and communicate the contact details of the Nodal Officer duly indicating his or her designation, postal address, telephone and mobile number and the company authorised email id to the IEPF authority, within 15 days from the date of publication of these rules and the company shall display the name of the Nodal Officer and his email Id on its website.	Rule 7(2A)	Company to communicate the contact details of the Nodal Officer duly indicating his or her designation, postal address, telephone and mobile number and the company authorised email id to the IEPF authority, within 15 days from the date of publication of these rules and the company shall display the name of the Nodal Officer and his email Id on its website.	28-10-2017

Sl No	Step	Regulatory provision	Action to be taken	Due Date
	FOR EFFECTING THE TRANSFER OF SHARES HELD IN DEMAT FORM
01	Company shall inform the depository by way of corporate action, where the shareholders have their account for transfer in favour of the authority	Rule 6(3)(c ) (i)	Company to prepare a list of shareholders containing the details of Name of the shareholder, Demat Account No (DP Id, Client Id) and number of shares held separately for CDSL and NSDL.	31-10-2017
02		Rule 6(3)(c ) (i)	Company to  inform  CDSL and NSDL by way of corporate action requesting them to transfer the shares to the demat account  of  IEPF authority	31-10-2017
03	Upon receipt of such intimation from the Company, depository shall effect transfer of shares in favour of the Demat account of the IEPF Authority		CDSL and NSDL to transfer the shares to the Demat account of IEPF authority	01-11-2017 to 30-11-2017
SHARES HELD IN PHYSICAL FORM
04	Company Secretary or  person authorised by the Board to make an application, on behalf of the concerned shareholder, to the Company, issue of new  share certificate	Rule 6(3)(d)(i)	Company Secretary/ authorised Person to submit application along with a list of shareholders containing details of name, Folio No, Share Certificate No and number of shares held	01-11-2017
05	On receipt of application, Company to issue a new  share certificate for each such shareholder	Rule 6(3)(d)(ii)	State on the face of the new share certificate, “issued in lieu of share certificate No ….. for the purpose of transfer to IEPF”	07-11-2017
06	Particulars of every share certificate issued as above shall be recorded in the register maintained for the purpose	Rule 6(d)(iii)	Maintain the Register of share certificates issued  in Form No SH-02 for this purpose separately	07-11-2017
07	Company shall inform the depository by way of corporate action to convert the  share certificates into Demat form and transfer in favour of the IEPF authority	Rule 6(d)(iv)	Company to inform CDSL  or  NSDL by w ay of corporate action to convert the duplicate share certificates into Demat form	10-11-2017 to 30-11-17
08	Company shall make such transfers through corporate action and shall preserve the copies for its records	Rule 6(4)	Company shall preserve  the copies of letters/corporate action forms and records of transfers	10-11-2017 to 30-11-2017
09	While effecting such transfer, the company shall send a statement to the Authority in Form No IEPF-4 containing details of such transfer	Rule 6(5)	Company to send the statement in Form  IEPF-4	30-11-2017
10	Company to file the details of shares which are not going to  be transferred to the IEPF due to the reason that there is specific order of the court of Tribunal or statutory authority restraining any transfer of shares and where such shares are pledged or hypothecated under the provisions of Depositories Act, 1996	Proviso to Rule 6(3)(b)	File Form No IEPF-3 Within 30 days of the end of the Financial year	30-04-2018
GENERAL PROVISIONS
11	Voting rights on the shares transferred to the IEPF shall remain frozen until the rightful owner claims the shares	Rule 6(6)
12	Company shall maintain the details of shareholding of each individual shareholders whose shares have been credited to the Demat account of the IEPF	Rule 6(8)
13	All benefits accruing on such shares e.g. bonus shares, split, consolidation, fraction shares etc, except right shares shall also be credited to such Demat account	Rule 6(9)
14	Any further dividend on such shares shall be credited to the Fund and a separate ledger account shall be maintained for such proceeds	Rule 6(12)

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  Ravi Garg

(Company Secretary)

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Recognition to CS Professionals in Report of SEBI Committee on Corporate Governance - 05.10.2017

Recognition to CS Professionals in Report of SEBI Committee on Corporate Governance submitted today i.e. 5th Oct., 2017.

Dear Professional Colleagues,

Subject: Report of the SEBI Committee on Corporate Governance

The Institute of Company Secretaries of India set its foot into its Golden Jubilee Year on 4th October, 2017 in the august presence of Shri Narendra Modi, Hon’ble Prime Minister of India. 

We are delighted to share the recommendations made specifically pertaining to the CS Profession:

1. Secretarial Audit

The Committee recognizing that secretarial functions are critical to efficient board functioning recommended that Secretarial audit may be extended to all material unlisted Indian subsidiaries. This is in line with the theme of strengthening group oversight and improving compliance at a group level.

2.  Disclosures Pertaining to Disqualification of Directors

The Committee felt that investors are often unaware whether the directors of the company have been debarred from acting as directors of a company. Therefore, the Committee recommended that in the annual report, a certificate from a company secretary in practice be included providing that none of the directors on the board of the company have been debarred or disqualified from being appointed or continuing as directors of companies by the SEBI/MCA or any such statutory authority.

This bears significance particularly in the context of some of the recent ongoing industry issues.

3. The Committee while defining senior management recommends that the term ‘senior management’ shall specifically include Company Secretary.

For web Link: Click Here

 Ravi Garg
(Company Secretary)

Mobile  :  7838204665
Email    :  csravi2014@gmail.com
Website:  http://csravi2014.blogspot.in/

How to apply as trademark agent in India?

How to qualify as trademark agent India?

How to apply as trademark agent India?

CS Ravi Garg

How to qualify as trademark agent in India?

A trademark attorney or agent is considered to be a qualified individual, who offers plenty of valuable deals and advice that are related to all legal aspects of filing trademark applications, opposition cases, granting application, and much more. For qualifying as trademark agent, it is important for the individual to clear a preliminary examination that is conducted once a year by Trademark Registry. This is the trademark agent exam, which when qualified helps the individual to go the next stage of becoming a successful trademark agent.

Eligibility :

An individual is said to be eligible for applying for examination under Trademark Act of 1999 only after completing 21 years of age. Also, he needs to possess a graduate degree from any recognized Indian university or other qualification that is equal to it, or hold a law degree.

There are two ways to become an India Trademark Attorney.

                                              (A)  

One being eligible by professional qualification to practice before the Trade Mark Registry of India       

                                                                         or                              

                                               (B)

By pasing the qualifying examination conducted for becoming a Trade Mark Agent

The Trademarks Registry conduct an examination to admit persons to become Trademark Agents entitled to practice before the Trademarks Registry. The qualification for becoming a Trademark Agent is prescribed in the Trademarks Act 1999 and the Trademark Rules 2002. In addition Advocates who are enrolled under the Advocates Act and Company Secretaries who have passed the examination conducted by the Institute of Company Secretaries of India and are licensed to practice as Company Secretary are entitled to represent their clients before the Trademarks Registry without the need for appearing in the Trademark Agent examination.

Section 145 of the Trade Marks Act 1999 provides as to who can act as a Trademark Agent

Where, by or under this Act, any act, other than the making of an affidavit, is required to be done before the Registrar by any person, the act may, subject to the rules made in this behalf, be done instead of by that person himself, by a person duly authorized in the prescribed manner, who is –

(a) a legal practitioner, or

(b) a person registered in the prescribed manner as a trademark agent, or

(c) a person in the sole and regular employment of the principal

Rule 19 of TM Rules, 2017

AGENCY: The authorization of an agent for the purpose of section 145 is to be executed in form TM-M.

In case of such authorization, service upon agent of any document relating to the proceeding upon the agent is deemed to be service upon the applicant for trademark. The duly authorized agent is entitled to perform any act required to be done before the Registrar on behalf of his client, except the making of an affidavit. Thus it has been held that an agent of India Trademark Attorney is entitled to enter into a compromise, acting in a bona fide manner, unless there are express directions to the contrary.

REGISTRATION OF TRADE MARKS AGENTS

Section 149: Registration of existing registered trademarks agents, code of conduct etc.- (1) Notwithstanding anything in rule 150, every person whose name has been entered in the register of trade marks agents maintained under the old law shall be deemed to be registered as a trade marks agent under these rules. (2) The Registrar may publish in the Journal a code of conduct for registered trade marks agent authorising them to act as such.

Section 150: Qualification for registration .- Subject to the provisions of rule 151, a person shall be qualified to be registered as a trade marks agent if he- is a citizen of India; is not less than 21 years of age; has passed the examination prescribed in rule 154 or is an Advocate within the meaning of the Advocates Act, 1961 (25 of 1961), or is a Member of the Institute of Company Secretaries of India; is a graduate of any university in India or possess an equivalent qualification; and is considered by the Registrar as a fit and proper person to be registered as a trade mark agent. 

Purpose of Form and related rules along with Fees Structure:

IMPORTANT LINKS

Form TM-G_Apply for TRADEMARK AGENT

Trademark Registration Process TRADEMARK- Intellectual Property Right
http://csravi2014.blogspot.in/2017/03/trademark-registration-process-byCSRaviGarg.html

Reference of Laws:

Trade Marks Act 1999 (as amended till date)

TradeMarks (Amendment) Act, 2010

TrademarkRules of 2017

​​If you like this article then please follow and Subscribe so that you can get our updates in future ……..” freely “ Ravi Garg

Company Secretary

Mobile 7838204665

Email csravi2014@gmail.com

Website http://csravi2014.blogspot.in/  Address  D-83, Laxminager, Near Metro Pillar 51

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