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of <h1>Unpaid declared dividends: transfer to Unpaid Dividend Account within 7 days, then to section 125 fund after 7 years</h1> Where a declared dividend remains unpaid or unclaimed for 30 days, the company must, within the next 7 days, transfer the unpaid amount to a scheduled-bank 'Unpaid Dividend Account'; failure attracts interest at 12% per annum on the untransferred amount, with such interest benefiting the entitled members proportionately. Within 90 days of the transfer, the company must publish a prescribed statement of entitled persons and amounts on its website (if any) and on a Government-approved website, enabling identification of claimants. Any person entitled to sums in the Unpaid Dividend Account may apply to the company for payment. Amounts remaining unpaid or unclaimed for 7 years must be transferred, with accrued interest, to the fund under section 125, and shares with dividends unpaid or unclaimed for 7 consecutive years must be transferred to that Fund, subject to prescribed reclaim procedures and non-transfer if any year's dividend is paid or claimed; non-compliance attracts prescribed monetary penalties on the company and defaulting officers.
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