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of <h1>Companies Act Section 124: Unpaid Dividends Must Be Transferred Within 7 Days, Penalties for Non-Compliance Apply.</h1> Section 124 of the Companies Act, 2013 mandates that if a declared dividend is unpaid or unclaimed within 30 days, the company must transfer it to an Unpaid Dividend Account within seven days. Within 90 days, the company must publish a statement of unpaid dividends on its website. Failure to transfer the funds incurs a 12% annual interest penalty. Unclaimed dividends after seven years are transferred to the Investor Education and Protection Fund. Non-compliance results in financial penalties for the company and its officers. Shareholders can claim unpaid dividends or shares transferred to the fund.
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