entitled to the payment of the dividend, the company shall, within 7 days from the date of expiry of such period of 30 days, transfer the total amount of dividend which remains unpaid or unclaimed to a special account to be opened by the company in any scheduled bank to be called “Unpaid Dividend Account of ....Company Limited”. He further stated that prior to the Companies (Amendment) Act, 2000, time limit specified was 7 days from the date of expiry of 42 days after the date of declaration of dividend. He further stated that the Company opened the dividend account in Vijaya Bank for the financial year 1995-1996, 1996-1997, 1997-1998 and 1999-2000 (interim and final dividend) and another account was opened in Vysya Bank for the financial year 1998-1999.He further stated that in the aforesaid financial years, the company has not deposited the unpaid or unclaimed dividend in the aforesaid accounts within the time stipulated under the Act and hence the accused persons have committed offence punishable under Section (8) 205-A of the Act.
