Write notes on the following : (iv) Claiming of unpaid/unclaimed dividend.

Claiming of unpaid or unclaimed dividend In accordance with Section 124 of the Companies Act, 2013, a dividend which has been declared by a company but has not been paid, or claimed, within thirty days from the date of the declaration, to/by 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 thirty days, transfer the total amount of dividend which remains unpaid or unclaimed within the said period of thirty days, to a special account to be opened by the company in that behalf in any scheduled bank to be called the unpaid dividend account. Any person claiming to be entitled to any money transferred to the Unpaid Dividend Account of the company may apply to the company for payment of the money claimed. [Section 124(4)] The person can claim this amount from company only within seven years of its transfer to Unpaid Dividend Account. After completion of this period of seven consecutive years, not only his dividend amount but also shares shall be transferred to the Investor Education and Protection Fund (IEPF). In terms of 125(3) and (4), the person whose amounts transferred to Investor Education and Protection Fund after the expiry of the period of 7 years shall be entitled to get refund out of the fund in respect of such claims in accordance with rules and accordingly may apply to the authority for the payment of the money claimed.