Section 124(3) and 124(7) of companies act 2013
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 February 2018
If a company fails to transfer the unpaid or unclaimed dividend to Unpaid Dividend Account within the time stipulated therein then the consequences under both 124(3)and 124(7) will apply or only 124(3) applies?
24 February 2018
Both will apply, because the former is a compensatory payment(interest)
whereas the the latter is fine for punishment for the non compliance of
the requirements of section 124.
whereas the the latter is fine for punishment for the non compliance of
the requirements of section 124.
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