Unpaid Dividend Account

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....s from the date of expiry of the said period of thirty days, transfer the total amount of dividend which remains unpaid or unclaimed to a special account to be opened by the company in that behalf in any scheduled bank to be called the Unpaid Dividend Account. (2) The company shall, within a period of ninety days of making any transfer of an amount under sub-section (1) to the Unpaid Dividend A....

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....d to them. (4) Any person claiming to be entitled to any money transferred under sub-section (1) to the Unpaid Dividend Account of the company may apply to the company for payment of the money claimed. (5) Any money transferred to the Unpaid Dividend Account of a company in pursuance of this section which remains unpaid or unclaimed for a period of seven years from the date of such transfer ....

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.... accordance with such procedure and on submission of such documents as may be prescribed. ^2[Explanation. - For the removals of doubts, it is hereby clarified that in case any dividend is paid or claimed for any year during the said period of seven consecutive years, the share shall not be transferred to Investor Education and Protection Fund.] ^3[(7) If a company fails to comply with any of....

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....5) before it was read as,  "unpaid or unclaimed dividend has been transferred under sub-section (5) shall also be" 2. Inserted vide Section 11 of the Companies (Amendment) Act, 2015 w.e.f. 29-05-2015 (Notified vide Notification No. S.O. 1440(E) dated 29-05-2015)  3.  Substituted vide Section 23 of the Companies (Amendment) Act, 2020....