Q. With reference to the Investor Education and Protection Fund (IEPF), consider the following statements:
1.It has been established under Companies Act, 1956 by way of Companies (Amendment) Act,1999.
2.The amounts such as dividends, applications money, matured deposits, which have remained unpaid or unclaimed for a period of 7 years are required to be transferred to the IEPF.
3.The amount credited to IEPF is maintained under the Consolidated Fund of India.
Which of the statements given above are correct?
Answer: D
Notes:
Explanation –
Statements 1, 2 and 3 are correct. IEPF has been established under Companies Act, 1956 by way of Companies (Amendment) Act,1999. The amounts such as dividends, applications money, matured deposits, which have remained unpaid or unclaimed for a period of 7 years are required to be transferred to the IEPF. The amount credited to IEPF is maintained under the Consolidated Fund of India.
Source: Forum IAS
