Section 124 of CA 2013 : Section 124: Unpaid Dividend Account

CA 2013

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Explanation using Example

Imagine a company called "Bright Future Tech Ltd." declares a dividend on January 1, 2023. However, some shareholders do not claim or receive their dividend. According to Section 124(1) of the Companies Act, 2013, by February 1, 2023, the company must transfer the unclaimed dividend to a special Unpaid Dividend Account.

By May 2, 2023, Bright Future Tech Ltd. must comply with Section 124(2) by preparing a statement of unclaimed dividends with details of the respective shareholders and post it on their website and any other approved website.

If the company neglects to transfer the unclaimed dividends to the speci...

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