Where the Dividend is not paid by the company within stipulated time as specified in Act the unpaid ...........

Companies Act-Phase (I & II) Paymentofdividends

Where the Dividend is not paid by the company within stipulated time as specified in Act, the unpaid dividend shall be transferred to:

Current Account of the company within 7 days

Unpaid Dividend Account in a Scheduled Bank within 7 days

Unpaid Dividend Account in a Scheduled Bank within 15 days

Investors Education and Protection Fund within 7 days

Unpaid Dividend Account in a Scheduled Bank within 30 days

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Explanation:

The amount of dividend (final as well as interim) shall be deposited in a separate bank account within 5 days from the date of declaration. dividend has to be paid within 30 days from the date of declaration. Once dividend transferred in Dividend account but has not been claimed by the shareholder within 30 days of declaration of dividend, the company shall transfer such unpaid amount within 37 days(7 more date from expiry of 30 days) from the date of declaration in a special account "Unpaid Dividend Account".