It is to inform that the investors of erstwhile Oriental Bank of commerce (merged with Punjab National bank) are unable to claim the dividends and share transferred to IEPF.
The reason being that the decision on finalizing the CIN number for OBC is lying with the Department of Financial Services authorities as per the information of the IEPF authorities
It is also mentioned that many reminders have been given and till now no response have been given from Department of Financial Services .
This has being going on for 1 year(since amalgamation).
he erstwhile Oriental Bank of Commerce (e-OBC) was amalgamated with Punjab National Bank (PNB) with effect from 01.04.2020 pursuant to the Scheme of Amalgamation notified by the Central Govt. Public Sector Banks (PSBs) being body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970/80 do not have a 22 digit Corporate Identification Number (CIN) as allocated to companies incorporated under the Companies Act. Ministry of Corporate Affairs (MCA) has advised all PSBs that the first four digits of their respective IFSC Codes shall be the CIN for the limited purpose of filing of necessary IEPF forms with the MCA by the PSBs. However, while lodging of claims for unpaid/unclaimed dividend from IEPF (Form IEPF 5), the investors are unable to trace the CIN/Name of the Bank as it is not the standard 22 digit CIN. The matter has already been taken up with MCA for mapping of the CIN for all IEPF related activities and the reply to the same is awaited from MCA.
How to move forward????
DIRECT TAXES - ( DEDUCTION OF INDIRECT TAXES PAID )
A company has wrongly availed Input Tax Credit under erstwhile CENVAT Rules in 2015-16. During GST Audit in current year, this was found out and the company paid the wrong credit availed in earlier years as above now, i.e. in FY 2019-20. The same has been expensed off. Is it an allowable expenses under Income Tax Act? Please provide any case laws, if available.
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