Under Sections 124 and 125 of the Companies Act, 2013, if dividend declared by a company remains unpaid or unclaimed for a period of seven consecutive years from the date of transfer to the Unpaid Dividend Account, the amount shall be -

Section 124(1) requires a company to transfer the total amount of dividend which remains unpaid or unclaimed within thirty days from the date of declaration to a special account to be opened in a scheduled bank, called the 'Unpaid Dividend Account'. Section 124(5) provides that any money transferred to the Unpaid Dividend Account which remains unpaid or unclaimed for a period of seven years from the date of such transfer shall be transferred by the company to the Investor Education and Protection Fund established under Section 125. Section 124(7) further requires the transfer to the Fund of all shares in respect of which dividend has not been paid or claimed for seven consecutive years or more.