Section 205c

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

08 January 2013 Dear Sir/ Mam

I have a query on the applicability of section 205C.

Company's date of AGM where dividend is declared: September 30,2007

so, according to the section, last date for payment: October 29, 2007

Transfer of amount to separate account: November 5,2007

Query 1: Company did not transfer the amount to a separate account. As on date, the same dividend account remains open.

Query 2: Should company entertain any claim of dividend after October 29, 2007.

Query 3: Company pays dividend to a claimant in November 2008. is this a violation under law.

Query 4: exact date of completion of 7 years for transfer of amount to Investor & Protection fund

Request an urgent opinion . Thank you

CS Nagesh Rudrakanthwar

CS Nagesh Rudrakanthwar (Expert)
Follow

08 January 2013 for your query first - it is mandate to transfer after 30 days to unpaid dividend account.

second - until mand unless claim is not transefer to investr protection fund, company can entertain the claim

Third- not it cant entertain the claim of nov 2008

fourth - after 7 years of the trasfer to unclaim dividend account

Querist : Anonymous

Querist : Anonymous (Querist)

08 January 2013 Thanks sir. But my concern is the status as on date stands as explained by me for a company.

what is the procedure for rectification or further steps ahead?