Section 11 - Amendment of section 124 - Companies (Amendment) Act, 2015

Amendment of section 124 11. In section 124 of the principal Act , in sub-section (6),- (i) for the words, brackets and figure unpaid or unclaimed dividend has been transferred under sub-section (5) shall also be , the words dividend has not been paid or claimed for seven consecutive years or more shall be shall be substituted; (ii) after the proviso, the following explanation shall be inserted, namely:- Explanation. For the removals of doubts it is hereby clarified that in case any dividend is paid or claimed for any year during the said period of seven consecutive years, the share shall not be transferred to Investor Education and Protection Fund. .