Unpaid dividend transfer requirement: companies must move declared but unpaid dividends to a designated bank account and follow reporting rules. Companies must transfer dividends that remain unpaid or unclaimed after the prescribed period to a specially opened Unpaid Dividend Account in a scheduled bank within seven days; transitional provisions require earlier unpaid dividends to be transferred within six months. Defaults attract interest payable for the benefit of shareholders. Funds unpaid for the long statutory period must be transferred to the Fund established under section 205C, accompanied by a prescribed statement identifying entitled persons, and the company receives a receipt as discharge; non compliance incurs daily fines.