Hi Everyone,
I have a query regarding unpaid dividend. In terms of section 205c of Companies Act, 1956 every company neeeds to transfer unpaid and unclaimed dividend within 30 days after expiry of 7 years from the date dividend become due, my query is ;
1) What should be treatment of dividend which has been claimed but could not be paid due to dispute over ownership of shares?
2) what about that dividend the payment of which has specifically been prohibited by a judicial order?
3) whether such amount should be shown in Form 5 INV?
4) whether it will be in compliance of the Act if the disputed amount is submitted in the court?
Views of Experts are solicited.
Thanks
Regards
CS Ashish Mittal
CAclubindia
