Question

Write short note on Provisions regarding unclaimed / unpaid dividend.

Answer 1

The dividend which has not been paid to the shareholders within 30 days of its declaration is called ‘unpaid dividend’. If the declared dividend is not claimed by the shareholders and remains unpaid with the company’s bankers, it is called ‘unclaimed dividend’ The amount of final dividend as well as interim dividend may remain unpaid/unclaimed.

Answer 2

Answer:

Here is required answer.

Explanation:

An unclaimed dividend is recorded when a shareholder fails to claim an already paid dividend while an unpaid dividend is the failure of a company to distribute dividends to shareholders after it has been announced.

The dividend which has not been paid to the shareholders within 30 days of its declaration is called ‘unpaid dividend’. If the declared dividend is not claimed by the shareholders and remains unpaid with the company’s bankers, it is called ‘unclaimed dividend’. The amount of final dividend as well as interim dividend may remain unpaid/unclaimed.

Any person entitled to any amount transferred in IEPF is required to make an application for refund to the authority or committee appointed by the Central Govt. If any company commits default in compliance of above requirements, every officer of such company responsible for this lapse shall be punishable with fine up to 5,000 per day during which the default continues.

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