Mr. R, holder of 1000 equity shares of ` 10 each of AB Ltd. approached the Company in the last week of September 2019 with a claim for the payment of a dividend of 2000 declared @ 20% by the Company at its Annual General Meeting held on 31.08.2011 concerning the financial year 2010-11. The Company refused to accept the request of R and informed him that his shares on which the dividend has not been claimed to date, have also been transferred to the Investor Education and Protection Fund. Examine, in the light of the provisions of the Companies Act, 2013, the validity of the decision of the Company and suggest the remedy, if available, to him for obtaining the unclaimed amount of dividend and re-transfer of corresponding shares in his name.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below According to section 124 of the Companies Act 2013 1 Unpaid or Unclaimed Dividend to be t... View the full answer