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of <h1>Regulation 39 mandates liquidators deposit unclaimed dividends in a special account, with penalties for non-compliance.</h1> Regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, mandates the establishment of a Corporate Voluntary Liquidation Account managed by the Board with a scheduled bank. Liquidators are required to deposit unclaimed dividends and undistributed proceeds from liquidation processes into this account. Failure to deposit incurs a 12% annual interest penalty. Stakeholders can claim amounts before and after a corporate person's dissolution through specific forms, with verification by the liquidator and Board. Unclaimed funds after 15 years are transferred to the Consolidated Fund of India. The Board maintains detailed records and audits the account annually.
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