Where a transfer deed has been delivered to the company for registration but the transfer of shares ...........

Companies Act-Phase (I & II) Paymentofdividends

Where a transfer deed has been delivered to the company for registration, but the transfer of shares has not yet been registered by the company, the company shall –

Pay the dividend to the registered shareholder, if it is so authorised by the articles

Pay the dividend to the transferor, if the transferee has authorized the company to do so

Transfer the dividend in relation to such shares to the Investor Education and Protection fund

Transfer the dividend in relation to such shares to the Unpaid Dividend Account.

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Explanation:

Further, any money transferred to the Unpaid Dividend Account of a company in pursuance of Section 124 the Act, which remains unpaid or unclaimed for a period of seven years from the date of such transfer shall be transferred by the company along with interest accrued, if any, thereon to the Investor Education and Protection Fund established under sub-section (1) of section 125 of the Act.