If any default is made in transferring the total amount referred to in sub-section (1) or any part thereof to the Unpaid Dividend Account of the company, it shall pay, from the date of such default, interest on so much of the amount as has not been transferred to the said account, at the rate of twelve per cent. per annum and the *interest accruing on such amount shall enure to the benefit of the members of the company in proportion to the amount remaining unpaid to them.*
Last interpretation...asterik
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Replies (2)
It means interest i.e. 12% accrued on the amount delayed ti be transferred in unpaid dividend account shall only be utilised for the benefit of shareholders proportionately to the amount unpaid.
thank you ..
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