Section - 555 - Unpaid dividends and undistributed assets to be paid into the Companies Liquidation Account
Unpaid dividends and undistributed assets to be paid into the Companies Liquidation Account.555.[(1) Where any company is being wound up, if the liquidator has in his hands or under his control any money representing— (a) dividends payable to any creditor which had remained unpaid for six months after the date on which they were declared, or (b) assets refundable to any contributory which have remained undistributed for six months after the date on which they become refundable, the liquidator shall forthwith pay the said money into the public account of India in the Reserve Bank of India in a separate account to be known as the Companies Liquidation Account.](2) The liquidator shall, on the dissolution of the company, similarly pay into the said account any money representing [unpaid] dividends or undistributed assets in his hands at the date of dissolution..... To read the full section download the app from Google Play store
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