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2007 (9) TMI 410 - HIGH COURT OF DELHIWhether on the allegations made in the complaint an actionable cause has been disclosed ? - Held that:- Warrants which may be not encashed and amount continuing to be retained by the company was a serious lacuna which stands addressed by the amendment incorporated on 15-6-1988. The words "or the warrant in respect thereof has not been posted" have been replaced by the words "or claimed".The effect of the amendment is that wherever dividend remains unpaid or unclaimed within 42 days from the date of declaration of the dividend then alone the said amount has to be transferred to the unpaid dividend account. The amendment is not retrospective. From a perusal of the complaint it is apparent that the complaint relates to the balance-sheet of the company as of 31-3-1981.The petition is accordingly allowed.
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