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TMI Blog2007 (9) TMI 410X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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. - CRL. M.(M). NO. 1981 OF 2003 - - - Dated:- 12-9-2007 - PRADEEP NANDRAJOG, J. Krishendu Datta for the Petitioner. Suresh Kait for the Respondent. JUDGMENT 1. A short point arises for consideration. Whether on the allegations made in the complaint an actionable cause has been disclosed ? 2. The complaint has been filed under section 205A(8) of the Companies Act, 1956, as it existed in the year 1988, the year in which the complaint was filed. 3. Gravement of the allegation is as averred in paragraph 3 of the complaint. The sam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of has not been posted, within forty-two days from the date of the declaration to any shareholder entitled to the payment of the dividend, the company shall, within seven days from the date of expiry of the said period of forty-two days, transfer the total amount of dividend which remains unpaid or in relation to which no dividend warrant has been posted within the said period of forty-two days, to a special account to be opened by the company in that behalf in any scheduled bank to be called Unpaid Dividend Account of . . . Company Limited/Company (Private) Limited ." 6. It would be relevant to note that with effect from 15-6-1988, by the Companies (Amendment) Act, 1988, legal provision was amended to read as under : "(1) Where, aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rwise tendered. 11. 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. 12. The words "or the warrant in respect thereof has not been posted" have been replaced by the words "or claimed". 13. 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. 14. From a perusal of the complaint, (refer paragraph 4), it is apparent that the complaint relates to the balance-sheet of the company as of 31-3-1981. 15. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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