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of <h1>Section 127: Directors Face Jail and Daily Fines for Unpaid Dividends, Company Owes 18% Interest on Delays</h1> Where a company declares a dividend but fails to pay it or post the warrant within thirty days to an entitled shareholder, every director knowingly party to the default is liable to imprisonment up to two years and a fine of at least one thousand rupees for each day of continuing default. The company must also pay simple interest at eighteen per cent per annum for the period of default. No offence arises where non-payment is due to operation of law, shareholder's unworkable directions (duly communicated), disputes over entitlement, lawful adjustment against dues owed by the shareholder, or other reasons not attributable to the company's default.
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