Companies Act, 2017

PART-VII

DIVIDENDS AND MANNER AND TIME OF PAYMENT THEREOF

From: 2023-11-01 - To: 0000-00-00 1[244. Unclaimed shares, modaraba certificates and dividend to vest with the Federal Government.- (1) Notwithstanding anything to the contrary contained in this Act or any other law- (i) where shares of a company or modaraba certificates of a Modaraba have been issued; or (ii) where dividend has been declared by a company or Modaraba; which remain unclaimed or unpaid for a period of three years from the date it is due and payable, or (iii) any other instrument or amount which remain unclaimed or unpaid, having such nature and for such period as may be specified; the company shall give ninety days notices to the shareholders or certificate holders or the owner, as the case may be, to file claim, in the following manner- (a) by a registered post acknowledgement due on his last known address; and (b) after expiry of notice period as provided under clause (a), final notice in the specified form shall be published in two daily newspapers of which one will be in Urdu and one in English having wide circulation. Explanation.-For the purpose of this section “shares” or “modaraba certificates” include unclaimed or undelivered bonus shares or modaraba certificates and “company” includes a “modaraba company”. (2) If no claim is made before the company by the shareholder, certificate holder or the owner, as the case may be, the company shall after ninety days from the date of publication of notice under clause (b) of sub section (1) shall- (a) in case of sum of money, deposit any unclaimed or unpaid amount to the credit of the Federal Government; and (b) in case of shares or modaraba certificates or other instrument, report and deliver to the Commission such shares or modaraba certificates or other instrument and the Commission shall sell such shares or modaraba certificates or other instrument, us the case may be, in the manner and within such period as may be specified and deposit the proceeds to the credit of Federal Government: Provided that where the company has deposited the unclaimed or unpaid amount or delivered the shares or modaraba certificates or other instrument with the Commission for credit of the Federal Government, the…