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The dividend declared at an annual general meeting is required to be paid within 30 days from the date of declaration. As per Section 205A of the Companies Act, 1956, any dividend amount which remains unpaid or unclaimed during the said 30 days are required to be deposited to an unclaimed dividend account within 7 days from the date of expiry of 30 days. Any amount lying in the said account is termed as unclaimed dividend amount.
Dividends that are not encashed or claimed, within seven years from the date of its transfer to the unpaid dividend account, will, in terms of the provisions of section 205A of the Companies Act, 1956, be transferred to the Investor Education and Protection Fund (IEPF) established by the Government of India.
In terms of the provisions of section 205C of the Companies Act, 1956 and the Ministry of Corporate Affairs Notification No. G.S.R 352 (E) dated May 10, 2012, no claim shall lie against the Company or IEPF after the said transfer. The details of unclaimed/ unpaid dividend/Interest as of the date/(s) of Annual General Meeting are as follows.
