{"id":231718,"date":"2025-11-03T18:11:21","date_gmt":"2025-11-03T12:41:21","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=231718"},"modified":"2025-11-03T18:13:10","modified_gmt":"2025-11-03T12:43:10","slug":"companies-act-2013-chapter-8","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/companies-act-2013-chapter-8\/","title":{"rendered":"Companies Act 2013 Chapter 8 Notes, Download Free PDF"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/companies-act-2013-chapter-8\/#Topics_Covered_in_Companies_Act_2013_Chapter_8\" >Topics Covered in Companies Act 2013 Chapter 8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/companies-act-2013-chapter-8\/#Section_Wise_Notes_on_Companies_Act_2013_Chapter_8\" >Section Wise Notes on Companies Act 2013, Chapter 8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/companies-act-2013-chapter-8\/#Download_Companies_Act_2013_Chapter_8_Free_PDF\" >Download Companies Act 2013 Chapter 8 Free PDF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/companies-act-2013-chapter-8\/#Questions_Based_on_Chapter_8_of_Companies_Act_2013\" >Questions Based on Chapter 8 of Companies Act 2013<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>The Companies Act, 2013 governs the formation, management, and administration of companies in India. Chapter 8 of this Act deals with the \u201cDeclaration and Payment of Dividend\u201d, covering Sections 123 to 127.<\/p>\n\n\n\n<p>This chapter explains how dividends are declared, when and how they are paid to shareholders, and what happens if a company fails to distribute them within the prescribed time. It also provides guidelines about the Unpaid Dividend Account, the Investor Education and Protection Fund (IEPF), and penalties for default.<\/p>\n\n\n\n<p>Candidates preparing for UGC NET Commerce, CA Inter, CS Executive, SEBI Grade A, and other competitive exams should carefully understand this chapter as questions are often asked from it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-topics-covered-in-companies-act-2013-chapter-8\"><span class=\"ez-toc-section\" id=\"Topics_Covered_in_Companies_Act_2013_Chapter_8\"><\/span>Topics Covered in Companies Act 2013 Chapter 8<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The topics covered under Chapter 8 of the <a href=\"https:\/\/www.oliveboard.in\/blog\/companies-act-2013\/?ref=contac-aib\" target=\"_blank\" rel=\"noreferrer noopener\">Companies Act, 2013<\/a> are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Section 123<\/strong> \u2013 Declaration of Dividend<\/li>\n\n\n\n<li><strong>Section 124<\/strong> \u2013 Unpaid Dividend Account<\/li>\n\n\n\n<li><strong>Section 125<\/strong> \u2013 Investor Education and Protection Fund (IEPF)<\/li>\n\n\n\n<li><strong>Section 126<\/strong> \u2013 Rights to Dividend, Rights Shares, and Bonus Shares Held in Abeyance<\/li>\n\n\n\n<li><strong>Section 127<\/strong> \u2013 Punishment for Failure to Distribute Dividend<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/www.oliveboard.in\/sebi-grade-a-pyqs\/?ref=contss-sebi-pyq\" target=\"_blank\" rel=\"noreferrer noopener\">Download SEBI Grade A 350+ PYQs with Solutions PDF<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-section-wise-notes-on-companies-act-2013-chapter-8\"><span class=\"ez-toc-section\" id=\"Section_Wise_Notes_on_Companies_Act_2013_Chapter_8\"><\/span>Section Wise Notes on Companies Act 2013, Chapter 8<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The detailed section-wise notes on Chapter 8 of the Companies Act, 2013 are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-123-declaration-of-dividend\"><strong>Section 123 \u2013 Declaration of Dividend<\/strong><\/h3>\n\n\n\n<p>This section explains how a company can declare and pay dividends to its shareholders. It ensures that dividends are declared only out of genuine profits and after necessary deductions like depreciation.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Dividend Source<\/strong><br>A company can declare a dividend only:\n<ul class=\"wp-block-list\">\n<li>Out of the <strong>profits of the current financial year<\/strong>, after providing for depreciation.<\/li>\n\n\n\n<li>Out of <strong>profits of previous financial years<\/strong> (undistributed), also after providing for depreciation.<\/li>\n\n\n\n<li>Or out of <strong>both<\/strong> current and past profits.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Exclusion from Profits:<\/strong><br>Unrealised or notional gains, such as revaluation of assets or fair value changes, cannot be used for dividend declaration.<\/li>\n\n\n\n<li><strong>Transfer to Reserves (Optional):<\/strong><br>The company may transfer a certain percentage of its profits to reserves before declaring a dividend.<\/li>\n\n\n\n<li><strong>Declaration from Free Reserves:<\/strong><br>In case of inadequate profits, dividend can be declared from <strong>free reserves<\/strong>, following prescribed rules.<\/li>\n\n\n\n<li><strong>Interim Dividend (Sub-section 3):<\/strong><br>The Board of Directors can declare an <strong>interim dividend<\/strong> during the financial year or before the annual general meeting, out of:\n<ul class=\"wp-block-list\">\n<li>Surplus in profit and loss account<\/li>\n\n\n\n<li>Profits of the current financial year<\/li>\n\n\n\n<li>Profits generated till the quarter preceding the date of declaration<br>However, if the company incurs a loss during the current financial year, interim dividend cannot be higher than the average of dividends declared in the last three years.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Deposit of Dividend:<\/strong><br>The amount of dividend must be deposited in a <strong>separate bank account<\/strong> within <strong>five days<\/strong> from the date of declaration.<\/li>\n\n\n\n<li><strong>Mode of Payment:<\/strong><br>Dividend is payable <strong>only in cash<\/strong>, by cheque, warrant, or electronic mode. However, capitalisation of reserves for bonus shares is allowed.<\/li>\n\n\n\n<li><strong>Restriction:<\/strong><br>A company that has failed to comply with sections <strong>73 and 74 (regarding deposits)<\/strong> cannot declare any dividend on its equity shares.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Notification<\/strong><\/td><td><strong>Notification<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/www.oliveboard.in\/ugc-net-notification\/?ref=contac-nai\" target=\"_blank\" rel=\"noreferrer noopener\">UGC NET Notification<\/a><\/td><td><a href=\"https:\/\/www.oliveboard.in\/sebi-grade-a-notification\/?ref=contac-nai\" target=\"_blank\" rel=\"noreferrer noopener\">SEBI Grade A Notification<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-124-unpaid-dividend-account\"><strong>Section 124 \u2013 Unpaid Dividend Account<\/strong><\/h3>\n\n\n\n<p>This section deals with the treatment of unpaid or unclaimed dividends. It ensures that companies properly handle and disclose unpaid dividends, protecting the rights of shareholders.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Transfer to Special Account:<\/strong><br>If any dividend remains unpaid or unclaimed for <strong>30 days<\/strong> from declaration, the company must transfer it within <strong>7 more days<\/strong> to an <strong>\u201cUnpaid Dividend Account\u201d<\/strong> in a scheduled bank.<\/li>\n\n\n\n<li><strong>Disclosure:<\/strong><br>Within <strong>90 days<\/strong> of this transfer, the company must upload the details of shareholders and unpaid amounts on:\n<ul class=\"wp-block-list\">\n<li>Its <strong>own website<\/strong>, and<\/li>\n\n\n\n<li>Any other website approved by the Central Government.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Interest for Delay:<\/strong><br>If the company fails to transfer unpaid dividend within the time limit, it must pay <strong>12% interest per annum<\/strong> on the amount.<\/li>\n\n\n\n<li><strong>Claim by Shareholders:<\/strong><br>Any person entitled can apply to the company for payment of unpaid dividend from this account.<\/li>\n\n\n\n<li><strong>Transfer to IEPF:<\/strong><br>Amounts remaining unpaid for <strong>7 years<\/strong> must be transferred to the <strong>Investor Education and Protection Fund (IEPF)<\/strong>, along with interest.<\/li>\n\n\n\n<li><strong>Transfer of Shares:<\/strong><br>Shares for which dividend is not claimed for <strong>7 consecutive years<\/strong> shall also be transferred to IEPF.<\/li>\n\n\n\n<li><strong>Penalty:<\/strong><br>Failure to comply attracts a penalty up to <strong>\u20b910,00,000<\/strong> for the company and <strong>\u20b92,00,000<\/strong> for officers in default.<\/li>\n<\/ol>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/test-series\/?ref=contac-nai-act\" target=\"_blank\" rel=\"noreferrer noopener\">Attempt A Free Mock Test Today!<\/a><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-125-investor-education-and-protection-fund-iepf\"><strong>Section 125 \u2013 Investor Education and Protection Fund (IEPF)<\/strong><\/h3>\n\n\n\n<p>Section 125 establishes the Investor Education and Protection Fund (IEPF). This fund ensures that unclaimed dividends and other investor dues are safely managed and used for investor awareness and refunds.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Establishment:<\/strong><br>The Central Government shall establish the <strong>Investor Education and Protection Fund (IEPF)<\/strong>.<\/li>\n\n\n\n<li><strong>Sources of the Fund:<\/strong><br>The Fund includes:\n<ul class=\"wp-block-list\">\n<li>Amounts from <strong>Unpaid Dividend Accounts<\/strong>.<\/li>\n\n\n\n<li><strong>Matured deposits and debentures<\/strong> not claimed for 7 years.<\/li>\n\n\n\n<li><strong>Sale proceeds of fractional shares<\/strong>.<\/li>\n\n\n\n<li><strong>Redemption amounts of preference shares<\/strong> unpaid for 7 years.<\/li>\n\n\n\n<li><strong>Donations<\/strong>, <strong>grants<\/strong>, and <strong>interest earned<\/strong> on the Fund.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Utilisation of the Fund:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Refund of unclaimed dividends, deposits, and debentures.<\/li>\n\n\n\n<li>Promotion of investor education and awareness.<\/li>\n\n\n\n<li>Reimbursement of legal expenses for investor protection actions.<\/li>\n\n\n\n<li>Distribution of disgorged amounts among affected investors.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Administration:<\/strong><br>An <strong>authority<\/strong> constituted by the Central Government administers the Fund and maintains audited accounts, reports, and statements.<\/li>\n<\/ol>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/www.oliveboard.in\/important-economic-and-finance-terms\/?ref=contss-sebi-ne\" target=\"_blank\" rel=\"noreferrer noopener\">Download 100+ Important Economic and Finance Terms PDF<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-126-dividend-rights-and-bonus-shares-held-in-abeyance\"><strong>Section 126 \u2013 Dividend, Rights, and Bonus Shares Held in Abeyance<\/strong><\/h3>\n\n\n\n<p>If a transfer of shares is pending registration:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>dividend<\/strong> for such shares is to be transferred to the <strong>Unpaid Dividend Account<\/strong>, unless the registered shareholder authorises payment to the transferee.<\/li>\n\n\n\n<li>The <strong>rights and bonus shares<\/strong> in relation to those shares shall be <strong>kept in abeyance<\/strong> until registration is completed.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/www.oliveboard.in\/120-plus-management-mcqs\/?ref=contss-sebi-ne\" target=\"_blank\" rel=\"noreferrer noopener\">Download 120+ Management MCQs Ebook<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-127-punishment-for-failure-to-distribute-dividend\"><strong>Section 127 \u2013 Punishment for Failure to Distribute Dividend<\/strong><\/h3>\n\n\n\n<p>If a company declares a dividend but does not pay it or post the warrant within <strong>30 days<\/strong>, the following consequences apply:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Penalty on Directors:<\/strong><br>Each director knowingly responsible for default faces:\n<ul class=\"wp-block-list\">\n<li><strong>Imprisonment up to 2 years<\/strong>, and<\/li>\n\n\n\n<li><strong>Fine<\/strong> of at least \u20b91,000 per day of default.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Interest:<\/strong><br>The company must pay <strong>18% simple interest per annum<\/strong> for the delay period.<\/li>\n\n\n\n<li><strong>Exceptions:<\/strong><br>No offence is deemed if:\n<ul class=\"wp-block-list\">\n<li>Payment is prohibited by law.<\/li>\n\n\n\n<li>Shareholder instructions cannot be complied with.<\/li>\n\n\n\n<li>There\u2019s a dispute on the right to receive dividend.<\/li>\n\n\n\n<li>Dividend is lawfully adjusted against any due amount.<\/li>\n\n\n\n<li>The delay was not due to company\u2019s fault.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/previous-year-papers\/?ref=contac-aib-act\" target=\"_blank\" rel=\"noreferrer noopener\">Solve Free Previous Year Exam Papers Today!<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-download-companies-act-2013-chapter-8-free-pdf\"><span class=\"ez-toc-section\" id=\"Download_Companies_Act_2013_Chapter_8_Free_PDF\"><\/span>Download Companies Act 2013 Chapter 8 Free PDF<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Aspirants preparing for the UGC NET Commerce paper, SEBI Grade A exam, and various other government exams can download the complete details of the Companies Act, 2013 through the direct link provided below. Specifically, to check Chapter 8 of the Companies Act, 2013, refer to pages 81 to 85 of the PDF.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/download.oliveboard.in\/pdf\/CompaniesAct2013.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download Companies Act 2013 Free PDF<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-questions-based-on-chapter-8-of-companies-act-2013\"><span class=\"ez-toc-section\" id=\"Questions_Based_on_Chapter_8_of_Companies_Act_2013\"><\/span>Questions Based on Chapter 8 of Companies Act 2013<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>1. Under which section of the Companies Act, 2013 is the declaration of dividend covered?<\/strong><\/p>\n\n\n\n<p>A. Section 122<br>B. Section 123<br>C. Section 124<br>D. Section 125<br>E. Section 126<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B<br><strong>Explanation:<\/strong> Section 123 specifically deals with the <em>declaration of dividend<\/em> and the conditions under which it can be paid.<\/p>\n\n\n\n<p><strong>2. Dividend can be declared out of which of the following?<\/strong><\/p>\n\n\n\n<p>A. Capital<br>B. Loans<br>C. Free reserves and profits after depreciation<br>D. Revaluation reserves<br>E. Share premium account<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C<br><strong>Explanation:<\/strong> Dividend can be declared only out of <em>current profits<\/em>, <em>past profits<\/em>, or <em>free reserves<\/em> after providing for depreciation.<\/p>\n\n\n\n<p><strong>3. Dividend must be deposited in a separate bank account within how many days of declaration?<\/strong><\/p>\n\n\n\n<p>A. 3 days<br>B. 5 days<br>C. 7 days<br>D. 10 days<br>E. 15 days<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B<br><strong>Explanation:<\/strong> As per Section 123(4), the amount of dividend must be deposited into a separate bank account within <em>5 days<\/em> from declaration.<\/p>\n\n\n\n<p><strong>4. If any dividend remains unpaid after 30 days of declaration, it must be transferred to which account?<\/strong><\/p>\n\n\n\n<p>A. Dividend Reserve Account<br>B. Unpaid Dividend Account<br>C. Investor Protection Account<br>D. Suspense Account<br>E. Profit and Loss Account<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B<br><strong>Explanation:<\/strong> Section 124 requires companies to transfer such unpaid dividend to an <em>Unpaid Dividend Account<\/em> within 7 days.<\/p>\n\n\n\n<p><strong>5. The Unpaid Dividend Account must be opened in which type of bank?<\/strong><\/p>\n\n\n\n<p>A. Private Bank<br>B. Co-operative Bank<br>C. Scheduled Bank<br>D. Regional Rural Bank<br>E. Any financial institution<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C<br><strong>Explanation:<\/strong> The Act mandates that the Unpaid Dividend Account must be maintained in a <em>scheduled bank<\/em>.<\/p>\n\n\n\n<p><strong>Get ready to crack government job exams with leading educators<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/courses\/?ref=contac-nai-act\" target=\"_blank\" rel=\"noreferrer noopener\">Enroll in Online Live Classes Today!<\/a><\/div>\n<\/div>\n\n\n\n<p><strong>6. After how many years are unclaimed dividends transferred to the Investor Education and Protection Fund (IEPF)?<\/strong><\/p>\n\n\n\n<p>A. 3 years<br>B. 5 years<br>C. 7 years<br>D. 10 years<br>E. 12 years<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C<br><strong>Explanation:<\/strong> If dividend remains unclaimed for <em>7 years<\/em>, it is transferred to the IEPF along with related shares.<\/p>\n\n\n\n<p><strong>7. Interim dividend may be declared by which authority?<\/strong><\/p>\n\n\n\n<p>A. Shareholders<br>B. Board of Directors<br>C. Central Government<br>D. Company Secretary<br>E. Registrar of Companies<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B<br><strong>Explanation:<\/strong> The <em>Board of Directors<\/em> has the power to declare an interim dividend during the financial year.<\/p>\n\n\n\n<p><strong>8. What is the rate of interest payable for delay in transferring unpaid dividend to the special account?<\/strong><\/p>\n\n\n\n<p>A. 10% per annum<br>B. 12% per annum<br>C. 15% per annum<br>D. 18% per annum<br>E. 20% per annum<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B<br><strong>Explanation:<\/strong> As per Section 124(3), delay in transfer attracts <em>12% per annum interest<\/em> from the date of default.<\/p>\n\n\n\n<p><strong>9. Which section of the Companies Act, 2013 establishes the Investor Education and Protection Fund (IEPF)?<\/strong><\/p>\n\n\n\n<p>A. Section 123<br>B. Section 124<br>C. Section 125<br>D. Section 126<br>E. Section 127<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C<br><strong>Explanation:<\/strong> <em>Section 125<\/em> establishes the IEPF for protecting investor interests and managing unclaimed funds.<\/p>\n\n\n\n<p><strong>10. Which of the following cannot be a source for declaring dividends?<\/strong><\/p>\n\n\n\n<p>A. Free reserves<br>B. Profits after depreciation<br>C. Capital reserves<br>D. Surplus from previous years<br>E. Current year profit<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C<br><strong>Explanation:<\/strong> <em>Capital reserves<\/em> cannot be used for declaring dividends as they are not earned profits.<\/p>\n\n\n\n<p><strong>11. What happens to shares for which dividend has not been claimed for seven consecutive years?<\/strong><\/p>\n\n\n\n<p>A. Cancelled<br>B. Sold to promoters<br>C. Transferred to IEPF<br>D. Reissued to investors<br>E. Forfeited<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C<br><strong>Explanation:<\/strong> Section 124(6) mandates that such shares be <em>transferred to the IEPF<\/em>.<\/p>\n\n\n\n<p><strong>12. Which section provides punishment for failure to distribute dividends?<\/strong><\/p>\n\n\n\n<p>A. Section 123<br>B. Section 124<br>C. Section 125<br>D. Section 126<br>E. Section 127<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> E<br><strong>Explanation:<\/strong> <em>Section 127<\/em> deals with punishment for failure to distribute declared dividends within 30 days.<\/p>\n\n\n\n<p><strong>13. What is the interest rate payable if a company fails to pay the declared dividend within 30 days?<\/strong><\/p>\n\n\n\n<p>A. 10%<br>B. 12%<br>C. 15%<br>D. 18%<br>E. 20%<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> D<br><strong>Explanation:<\/strong> Companies must pay <em>18% per annum interest<\/em> for the period of delay in distributing dividend.<\/p>\n\n\n\n<p><strong>14. When share transfer is pending, dividends and bonus shares are\u2014<\/strong><\/p>\n\n\n\n<p>A. Cancelled<br>B. Distributed equally<br>C. Kept in abeyance<br>D. Transferred to government<br>E. Paid to transferor only<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C<br><strong>Explanation:<\/strong> As per Section 126, dividend, right, and bonus shares are <em>kept in abeyance<\/em> until registration of transfer.<\/p>\n\n\n\n<p>Also Check:&nbsp;<a href=\"https:\/\/www.oliveboard.in\/upcoming-government-exams\/?ref=contac-acb\" target=\"_blank\" rel=\"noreferrer noopener\">What are the Upcoming Government Exams<\/a><\/p>\n\n\n\n<p><strong>15. Who audits the accounts of the Investor Education and Protection Fund (IEPF)?<\/strong><\/p>\n\n\n\n<p>A. Comptroller and Auditor General (CAG)<br>B. SEBI<br>C. RBI<br>D. Ministry of Corporate Affairs<br>E. Parliament Committee<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> A<br><strong>Explanation:<\/strong> The <em>CAG of India<\/em> audits the accounts of the IEPF annually.<\/p>\n\n\n\n<p><strong>16. What is the penalty on a company for failure to transfer unpaid dividends as required under Section 124?<\/strong><\/p>\n\n\n\n<p>A. \u20b91 lakh<br>B. \u20b92 lakh<br>C. \u20b95 lakh<br>D. \u20b910 lakh<br>E. \u20b915 lakh<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> D<br><strong>Explanation:<\/strong> Section 124(7) imposes a penalty of up to <em>\u20b910 lakh<\/em> on the company.<\/p>\n\n\n\n<p><strong>17. Dividend can be paid through which of the following modes?<\/strong><\/p>\n\n\n\n<p>A. Only in cash<br>B. Only by cheque<br>C. Only by demand draft<br>D. Cash, cheque, warrant, or electronic mode<br>E. Shares<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> D<br><strong>Explanation:<\/strong> Section 123(5) allows payment of dividend only in <em>cash, cheque, warrant, or electronic mode<\/em>.<\/p>\n\n\n\n<p><strong>18. Under Section 125, one of the uses of IEPF is\u2014<\/strong><\/p>\n\n\n\n<p>A. Company profit distribution<br>B. Refund of unclaimed dividends<br>C. Promoter remuneration<br>D. Employee bonus payments<br>E. CSR fund utilisation<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B<br><strong>Explanation:<\/strong> IEPF is used to <em>refund unclaimed dividends or deposits<\/em> to rightful investors.<\/p>\n\n\n\n<p><strong>19. If a company suffers a loss during the year, interim dividend can be declared\u2014<\/strong><\/p>\n\n\n\n<p>A. Up to any amount<br>B. Not at all<br>C. Up to average dividend of last three years<br>D. Up to half of paid-up capital<br>E. As decided by shareholders<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C<br><strong>Explanation:<\/strong> In case of a loss, interim dividend shall not exceed the <em>average of the preceding three years<\/em>.<\/p>\n\n\n\n<p><strong>20. Dividend cannot be declared if the company has defaulted under which sections related to deposits?<\/strong><\/p>\n\n\n\n<p>A. Section 70 &amp; 71<br>B. Section 73 &amp; 74<br>C. Section 80 &amp; 81<br>D. Section 90 &amp; 91<br>E. Section 100 &amp; 101<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B<br><strong>Explanation:<\/strong> Section 123(6) restricts declaration of dividend if the company has defaulted under <em>Sections 73 and 74<\/em>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/negotiable-instruments-act\/\">Negotiable Instruments Act, 1881, FREE PDF &amp; Live Quiz<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/reserve-bank-of-india\/\">Role and Functions of the Reserve Bank of India (RBI) &#8211; UGC NET Notes<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-grade-a-eligibility-check-tool\/\">Are You Eligible for SEBI Grade A 2026? Check with FREE Live Tool<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-grade-a-selection-process-2026\/\">SEBI Grade A Selection Process 2026, Phase 1 &amp; 2 Exam Structure<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/important-arithmetic-topics-for-sebi-grade-a\/\">Important Arithmetic Topics for SEBI Grade A Quant Section 2026<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/how-to-score-25-in-quant-section-for-rbi-sebi-grade-a\/\">Score Highest Marks in Quant Section of RBI &amp; SEBI Exam 2026<\/a><\/li>\n<\/ul>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Companies Act, 2013 governs the formation, management, and administration of companies in India. Chapter 8 of this Act deals<\/p>\n","protected":false},"author":58,"featured_media":231728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10247,8661,16459],"tags":[],"class_list":["post-231718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rbi-sebi-nabard","category-sebi-prep","category-ugc-net-commerce-study-material","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Companies Act 2013 Chapter 8 Notes, Download Free PDF<\/title>\n<meta name=\"description\" content=\"Check out the details of Companies Act 2013 Chapter 8 to understand dividend declaration and payment procedures and legal implications.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/companies-act-2013-chapter-8\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Companies Act 2013 Chapter 8 Notes, Download Free PDF\" \/>\n<meta property=\"og:description\" content=\"The Companies Act, 2013 governs the formation, management, and administration of companies in India. 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