New One Goal, Three Exams: Strategies for Mastering RBI, SEBI, and IFSCA Exams
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Question

In case where such dividend remained unpaid or unclaimed within _______ from the date of declaration, the amount is transferred to ‘Unpaid Dividend Account’ within ______.

A 7 days, 5 days Correct Answer Incorrect Answer
B 5 days, 30 days Correct Answer Incorrect Answer
C 30 days, 7 days Correct Answer Incorrect Answer
D 30 days, 5 days Correct Answer Incorrect Answer
E 7 days, 14 days Correct Answer Incorrect Answer

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)

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