explain the provisions of companies act 2013 relating to unpaid and unclaim dividends
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According to Section 124 of Companies Act, 2013 and rules made thereunder where a profit has been announced by an organization yet has not been paid or asserted inside thirty days from the date of the statement to any investor qualified for the installment of the profit, the organization will, inside seven days from the date of expiry of the said time of thirty days, move the aggregate sum of profit which stays neglected or unclaimed to a unique record to be opened by the organization for that benefit in any booked bank to be known as the Unpaid Dividend Account.
Further, any cash moved to the Unpaid Dividend Account of an organization incompatibility of Section 124 the Act, which stays neglected or unclaimed for a time of a long time from the date of such exchange will be moved by the organization alongside premium accumulated, if any, consequently to the Investor Education and Protection Fund laid out under sub-section(1) of segment 125 of the Act.
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