Multiple Choice Questions on If the Dividend remains unpaid or unclaimed for 7 consecutive years it has to be transferred to ........ for SEBI Grade A ( Officer) Exam Preparation

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Multiple Choice Questions

If the Dividend remains unpaid or unclaimed for 7 consecutive years it has to be transferred to ........

Companies Act-Phase (I & II) Paymentofdividends
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    If the Dividend remains unpaid or unclaimed for 7 consecutive years, it has to be transferred to:

    Current Account of Company

    Incorrect Answer

    General Revenue account of Central Government

    Incorrect Answer

    Unpaid Dividend Account in a Scheduled Bank

    Incorrect Answer

    Investor Education and Protection Fund

    Correct Answer

    None of the above

    Incorrect Answer
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    Explanation:

    As per section 124(6) of Companies Act, 2013, all shares in respect of which dividend remains unpaid or unclaimed for 7 consecutive years has to be transferred to Investor Education and Protection Fund.

    By: Vikas Goyal
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