Disputed Unpaid Dividend
This query is : Resolved
JIGAR GOVINDBHAI DOSHI
(Querist)
02 January 2009
Hello sir,
I face one problem due to unclarity in the companies act, 1956. According to Section 205A all unpaid/unclaimed dividend beyond 7 years has to be transferred to Investor Protection Fund. However, what if upaid dividend arises due to the disputes regarding the beneficial of dividend and for that reason it is upaid for more than 7 years ? Will it also requires to be transfeered to Investor Protection Fund ? Please guide us.
I face one problem due to unclarity in the companies act, 1956. According to Section 205A all unpaid/unclaimed dividend beyond 7 years has to be transferred to Investor Protection Fund. However, what if upaid dividend arises due to the disputes regarding the beneficial of dividend and for that reason it is upaid for more than 7 years ? Will it also requires to be transfeered to Investor Protection Fund ? Please guide us.
CS Arpita Rajpurohit
(Expert)
02 January 2009
Hello Sir, im not sure.......but the act says unpaid/ unclaimed...and in ur case the dividend has been claimed and is disputed
so if we go by mere interpretation of words, the amt is not required to be transferred to Investor Protection Fund.
so if we go by mere interpretation of words, the amt is not required to be transferred to Investor Protection Fund.
02 January 2009
My view is also the same as given above by Ms Arpita.
JIGAR GOVINDBHAI DOSHI
(Querist)
07 January 2009
I agreed with your views. Thanks for the same.
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