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sec 124 plz interpret these last 3 line??
default is made in transferring the total amount to the Unpaid Dividend Account of the company, 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.
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whatever amt of shareholder contribution to the company remain unpaid by company.... then whenever company will made payment of that remained balance of shareholder, in tht amount tht interest on unpaid dividend account will b added n total remain unpaid will b:-
unpaid amt by company +interest on unpaid dividend (in ratio of each shareholder unpaid amt, i. e. each shareholder unpaid amt / total shareholder unpaid amt *interest accrued on tht unpaid divided account.
unpaid amt by company +interest on unpaid dividend (in ratio of each shareholder unpaid amt, i. e. each shareholder unpaid amt / total shareholder unpaid amt *interest accrued on tht unpaid divided account.
if company fails to transfer unpaid/unclaimed dividend amount to unpaid dividend account within 7 days of expiry of 30 days ,then it shall pay interest @ 12% PA till transfer to unpaid dividend account and interest accruing in unpaid dividend account shall be proportionately given to shareholder on his unpaid amount ,whenever he claims his dividend in 7 yrs
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