In case where such dividend remained unpaid or unclaimed

Solution

•       In case where such dividend remained unpaid or unclaimed within 30 days from the date of declaration, the amount is transferred to ‘ Unpaid Dividend Account ’ within 7 days from expiry of such 30 day period •       After transferring in unpaid dividend account, within 90 days prepare the statement containing the names, last known address and unpaid dividend and place it on website. •       Default made in transfer to unpaid dividend account, company shall pay 12% interest. •       If amounts transferred to ‘ Unpaid Dividend Account ’ remains unclaimed for 7 years –      Transfer the amounts along with relevant shares to Investor Education and Protection Fund (IEPF)