law: Companies Act, 2013 
  352.
  
    Company
  
  Liquidation Dividend and Undistributed Assets Account.
  1.      Where any company is
  
  being wound up and the liquidator has in his hands or under his control any
  
  money representing—
  a.     
  
    dividends
  
  payable to any creditor but which had remained unpaid for six months after the
  
  date on which they were declared; or
  b.    
  
    assets
  
  refundable to any contributory which have remained undistributed for six months
  
  after the date on which they become refundable, the liquidator shall forthwith
  
  deposit the said money into a separate special account to be known as the
  
  Company Liquidation Dividend and Undistributed Assets Account maintained in a
  
  scheduled bank.
  1.     
  2.      The liquidator shall,
  
  on the dissolution of the company, pay into the Company Liquidation Dividend
  
  and Undistributed Assets Account any money representing unpaid dividends or
  
  undistributed assets in his hands at the date of dissolution.
  3.      The liquidator shall,
  
  when making any payment referred to in sub-sections (1 ) and (2 ),
  
  furnish to the Registrar, a statement in the prescribed form, setting forth, in
  
  respect of all sums included in such payment, the nature of the sums, the names
  
  and last known addresses of the persons entitled to participate therein, the amount
  
  to which each is entitled and the nature of his claim thereto, and such other
  
  particulars as may be prescribed.
  4.      The liquidator shall
  
  be entitled to a receipt from the scheduled bank for any money paid to it under
  
  sub-sections (1 ) and (2 ), and such receipt shall be an effectual
  
  discharge of the Company Liquidator in respect thereof.
  5.      Where a company is
  
  being wound up voluntarily, the Company Liquidator shall, when filing a
  
  statement in pursuance of sub-section (1 ) of section 348, indicate the
  
  sum of money which is payable under sub-sections (1 ) and (2 ) of
  
  this section during the six months preceding the date on which the said
  
  statement is prepared, and shall, within fourteen days of the date of filing
  
  the said statement, pay that sum into the Company Liquidation Dividend and
  
  Undistributed Assets Account.
  6.      Any person claiming
  
  to be entitled to any money paid into the Company Liquidation Dividend and
  
  Undistributed Assets Account, whether paid in pursuance of this section or
  
  under the provisions of any previous company law may apply to the Registrar for
  
  payment thereof, and the Registrar, if satisfied that the person claiming is
  
  entitled, may make the payment to that person of the sum due:
  Provided
  
  that the Registrar shall settle the claim of such person within a period of
  
  sixty days from the date of receipt of such claim, failing which the Registrar
  
  shall make a report to the Regional Director giving reasons of such failure.
  1.     
  2.     
  3.     
  4.     
  5.     
  6.     
  7.      Any money paid into
  
  the Company Liquidation Dividend and Undistributed Assets Account in pursuance
  
  of this section, which remains unclaimed thereafter for a period of fifteen
  
  years, shall be transferred to the general revenue account of the Central
  
  Government, but a claim to any money so transferred may be preferred under
  
  sub-section (6 ) and shall be dealt with as if such transfer had not been
  
  made and the order, if any, for payment on the claim will be treated as an
  
  order for refund of revenue.
  8.      Any liquidator
  
  retaining any money which should have been paid by him into the Company Liquidation
  
  Dividend and Undistributed Assets Account under this section shall—
  a.     
  
    pay
  
  interest on the amount so retained at the rate of twelve per cent. Per annum
  
  and also pay such penalty as may be determined by the Registrar:
  Provided
  
  that the Central Government may in any proper case remit either in part or in
  
  whole the amount of interest which the liquidator is required to pay under this
  
  clause;
  a.    
  
  
  b.    
  
    be
  
  liable to pay any expenses occasioned by reason of his default; and
  c.     
  
    where
  
  the winding up is by the Tribunal, also be liable to have all or such part of
  
  his remuneration, as the Tribunal may consider just and proper, to be
  
  disallowed, and to be removed from his office by the Tribunal.