Yes, if the company defaults in transferring the total amount or any part thereof to the Unpaid Dividend Account, it shall pay, from the date of such default, interest on so much of the amount as has not been transferred, at the rate of 12% per annum. "... and the interest accruing on such amount shall ensure to the benefit of the members of the company in proportion to the amount remaining unpaid to them.
Also if a company failed to comply with any of the requirements, it shall be punishable with fine which shall not be less than Rs 5 lakh but which may extend to Rs 25 lakh and every officer of the company who is in default shall be punishable with fine which shall not be less than Rs 1 lakh but which may extend to Rs 5 lakh, the bill stipulates.
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