If an individual has not claimed dividend given on shares held by him or her for seven consecutive years, then the company has to transfer those shares and the dividend money to Investor Education and Protection Fund (IEPF), which is managed by Ministry of Corporate Affairs (MCA). However, an individual can claim back those shares by following an online process.
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The Supreme Court has granted three weeks to the Ministry of Finance to file its response to a plea seeking directions to create a centralised database providing information about bank accounts, insurance, post office funds etc