Pursuant to the Section 124(5) of the Companies Act, 2013 and Investor Education
and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“the Rules”) notified
by the Ministry of Corporate Affairs effective w.e.f. September 7, 2016, all unpaid or unclaimed dividends
are required to be transferred by the Company to the Investor Education and Protection Fund (“IEPF”) established
by the Central Government, after expiry of seven years. Section 124(6) of the Companies Act, 2013
and the Rules made thereunder contain provisions for transfer of all shares in respect of which dividend has
not been paid or claimed by the shareholders for seven consecutive years or more in the name of IEPF suspense account.
The detailed rules are available on the websites www.mca.gov.in & www.iepf.gov.in.