Transfer of unpaid dividend ‑ Scope of the section explained in the context of expressions “has not been paid” and “warrant in respect thereof has not been posted” used therein.
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Transfer of unpaid dividend principle: timely posting of the dividend warrant prevents transfer despite later non encashment. The Department clarifies that the expressions 'has not been paid' and 'warrant in respect thereof has not been posted' denote separate contingencies; therefore, where a company has posted the dividend warrant within the prescribed posting period, the transfer provision does not apply merely because the warrant was not encashed within the subsequent presentation period.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transfer of unpaid dividend principle: timely posting of the dividend warrant prevents transfer despite later non encashment.
The Department clarifies that the expressions "has not been paid" and "warrant in respect thereof has not been posted" denote separate contingencies; therefore, where a company has posted the dividend warrant within the prescribed posting period, the transfer provision does not apply merely because the warrant was not encashed within the subsequent presentation period.
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