Court :
High Court
Brief :
Section 205A of the Companies Act, 1956 - Unpaid dividend to be transferred to special dividend account - Respondent filed a complaint under section 205A alleging that petitioner-company had declared dividend but did not transfer amount of dividends to special dividend account in respect of those dividends warrants which had been posted within stipulated time but had not been encashed - From perusal of complaint, it was apparent that complaint related to balancesheet of company as of 31-3-1981 - Whether in view of section 205A(1) as it existed prior to amendment on 15-6-1988, requirement of transfer of unpaid dividend account was only when either dividend warrant was not posted within 42 days to shareholder or was not otherwise tendered - Held, yes - Whether since in instant case petitioner-company had already posted dividend warrant within stipulated time in view of aforesaid legal position, complaint filed against it was to be quashed - Held, yes
Citation :
Yet to Report
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