In case company fails to transfer the unpaid unclaimed divided in a separate Unpaid Divide...........

Companies Act-Phase (I & II) Paymentofdividends

In case company fails to transfer the unpaid/unclaimed divided in a separate Unpaid Dividend Account within stipulated period as allowed by the Act, the company shall be liable to a fine which shall _____________________________________and every officer of company in default shall be liable to a fine which shall__________________________________________.

Not be less than Rs. 5,00,000/- but which may extend to Rs. 25,00,000/-; Not be less than Rs. 1,00,000/-

Not be less than Rs. 3,00,000/- but which may extend to Rs. 15,00,000/-; Not be less than Rs. 1,00,000/-

Not be less than Rs. 10,00,000/- but which may extend to Rs. 25,00,000/-; Not be less than Rs. 2,00,000/-

Not be less than Rs. 5,00,000/- ; Not be less than Rs. 1,00,000/-

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Explanation:

As per section 124 of Companies Act, 2013, where the dividend has been declared by a company but has not been paid or claimed by shareholder within 30 days from the date of the declaration, the company has to transfer the unpaid dividend to separate account known as Unpaid Dividend Account within 7 days from the date of expiry of such 30 days. If company fails to comply with these provisions , company shall be liable to a fine not be less than Rs. 5,00,000/- but which may extend to Rs. 25,00,000/- and every officer in default shall be liable to a fine not be less than Rs. 1,00,000/-