📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    ⚡ Month End Offer - Flat 52% Off On All Courses! Enroll Now ⚡
    00:00:00 AM Left

    Question

    Any money transferred to the Unpaid Dividend Account of

    a company and which remains unpaid or unclaimed for a period of ___________ from the date of such transfer shall be transferred by the company along with interest accrued, if any, thereon to the Investors Education and Protection Fund
    A Seven days Correct Answer Incorrect Answer
    B Seven months Correct Answer Incorrect Answer
    C Seven years Correct Answer Incorrect Answer
    D Seventeen days Correct Answer Incorrect Answer
    E Seventeen months Correct Answer Incorrect Answer

    Solution

    Section 124.Unpaid Dividend Account -(5)Any money transferred to the Unpaid Dividend Account of a company in pursuance of this section which remains unpaid or unclaimed for a period of seven years from the date of such transfer shall be transferred by the company along with interest accrued, if any, thereon to the Fund established under sub-section (1) of section 125 and the company shall send a statement in the prescribed form of the details of such transfer to the authority which administers the said Fund and that authority shall issue a receipt to the company as evidence of such transfer.

    Practice Next
    More Administrative Interpretation and Maxims Questions
    ask-question