MCA issues clarification regarding online generation of challans for offline payment cases.

MCA issues clarification regarding online generation of challans for offline payment cases.

May 8, 2017 Corporate 0

The Ministry of Corporate Affairs (“MCA”) has issued a Circular dated 20th April, 2017 relating to the online generation of challans for offline payment cases.

As you may be aware that under the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“Rules”) companies are required to transfer the amounts to the  Investor Education and Protection Fund (“Fund”) through challans generated on MCA 21 portal. However, it had been observed that companies which have transferred amount to the Fund prior to 15th December, 2016, were not being able to generate challans on MCA 21 portal.

Therefore, the MCA has clarified the following relating to challan generation:

  • Companies which are required to transfer amount to the Fund through Challans generated on MCA 21 portal but could not do so are required to submit the details of such challans in the specified format [titled “Annexure”, attached for your reference ] to the IEPF Authority on email id “challan.iepfa@mca.gov.in “. The details of the challan must be submitted to IEPF Authority by 20th May, 2017.
  • The copy of the challans (mentioned in the above point 11.) and certificate for authentication of the details submitted are required to be obtained from practicing professionals’ i.e. Chartered Accountants, Company Secretaries and Cost Accountants.
  • The submitted data will be processed by the IEPF Authority and a Front Office service will be made available on IEPF website from 5th June, 2017 for a period of 30 days upto 5th July, 2017.
  • An automated generated number will be provided by the MCA 21 system on validation of entries and using this automated generated number as SRN.

Source: Ministry of Corporate Affairs

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