Ministry seeks legal reform to ease transferring shares from firms to govt

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Ministry seeks legal reform to ease transferring shares from firms to govt

The amendment, the officials said, would centralise and smoothen the process of share transfer, besides addressing the problem of unclaimed dividends, which currently stand at Rs 2,000 crore

The Ministry of Corporate Affairs (MCA) is pushing for an amendment to the Companies Act to shift the task of transferring shares from companies to the government.

The amendment, the officials said, would centralise and smoothen the process of share transfer, besides addressing the problem of unclaimed dividends, which stand at Rs 2,000 crore. After the changes to the Companies Act, the claimant has to approach the government to transfer shares in his or her name, said senior ministry officials. “At present, the company transfers shares, but we want to start doing that. …

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