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of <h1>Companies Must Transfer Unpaid Dividends to Special Account Under Section 205A; Fines for Non-Compliance</h1> Under Section 205A of the Companies Act, 1956, if a company declares a dividend but does not pay or it remains unclaimed within thirty days, the company must transfer the unpaid amount to a special account named 'Unpaid Dividend Account' within seven days. If a dividend declared before the 1974 amendment remains unpaid, it must be transferred within six months. Unclaimed dividends for seven years are moved to a government fund. Companies must report details of unpaid dividends to the government, and failure to comply results in fines. Interest on unpaid amounts benefits shareholders.
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