Time computation for transferring unclaimed dividend to IEPF
This query is : Open
25 October 2016
pls advise time computation from date of declation of Divident to max time allowed to tfr unclaimed dividend to IEPF after 7 Yrs.
26 October 2016
ACCORDING TO SECTION 124 OF THE COMPANIES ACT 2013, WHERE THE DIVIDEND IS NOT PAID WITHIN 30 DAYS, THE COMPANY WITHIN 7 DAYS ON EXPIRY OF 30 DAYS, I.E (30+7)= 37 DAYS TRANSFER THE UNPAID OR UNCLAIMED DIVIDEND TO UNPAID OR UNCLAIMED DIVIDEND ACCOUNT. IF THE COMPANY FAILS TO TRANSFER THE TOTAL AMOUNT WITHIN 7 DAYS ON EXPIRY OF 30 DAYS, COMPANY SHALL PAY THE INTREST @ 12% PA FOR PERIOD OF DELAY.
ANY MONEY TRANSFERED TO UNCLAIMED OR UNPAID DIVIDEND ACCOUNT REMAIN UNPAID FOR 7 YEAR, THEN SUCH A AMOUNT SHALL BE TRANSFERED TO IEPF. COMPANY SHALL SEND THE STATEMENT IN FORM DIV 5
ANY MONEY TRANSFERED TO UNCLAIMED OR UNPAID DIVIDEND ACCOUNT REMAIN UNPAID FOR 7 YEAR, THEN SUCH A AMOUNT SHALL BE TRANSFERED TO IEPF. COMPANY SHALL SEND THE STATEMENT IN FORM DIV 5
27 October 2016
Time limit after 7 yrs and
27 October 2016
Time limit after 7 yrs ? pls advise penalty, if any for delay.
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