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Question

Any money transferred to the Unpaid Dividend Account of a company which remains unpaid or unclaimed for a period of________________ shall be transferred by the company along with interest accrued, if any, thereon to the Investor Education and Protection Fund established 

A Seven consecutive years Correct Answer Incorrect Answer
B Seven years from the date of transfer Correct Answer Incorrect Answer
C Seven years from the date of declaration Correct Answer Incorrect Answer
D Such period as the Board may decide Correct Answer Incorrect Answer
E Such period which the Central Government may prescribe 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.

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