X-Sale Ltd. declared a dividend in 2015, but some shareholders did not claim it. As per the Companies Act, 2013, the unclaimed dividend was…

(i) The Investor Education and Protection Fund (IEPF) is a fund established by the Central Government under Section 125 of the Companies Act, 2013. It is meant to collect and utilize unclaimed or unpaid amounts related to investments, such as dividends, matured deposits, and debentures, and to promote investor awareness and protection. The following amounts inter alia are credited to the IEPF: Unpaid dividends that remain unclaimed for seven years.Matured deposits and debentures unclaimed for seven years.Proceeds from fractional shares due to mergers or bonus issues.Application money for securities that were never allotted and remained unclaimed.Interest accrued on unclaimed deposits and debentures.Donations, grants, and income from investments of the fund. (ii) IEPF is utilized in the following manner: The IEPF safeguards investor interests by holding unclaimed dividends, matured deposits, and debentures.It allows investors to reclaim their money after proper verification.The fund is also used for investor education, awareness programs, and legal reimbursements for class action suits.It prevents companies from misusing unclaimed funds and ensures they remain accessible to rightful owners. (iii) Mr. Victor can recover his unclaimed dividend by following the proper procedure. Mr. Victor must visit the IEPF portal and download Form IEPF-5. He should fill in all the required details in the Form. After submission, the company will verify and forwards the claim to the IEPF Authority. Upon successful verification the IEPF Authority will process the refund, and Mr. Victor will receive his unclaimed dividend.