Section 10 - Amendment of section 123 - Companies (Amendment) Act, 2015

Amendment of section 123 10. In section 123 of the principal Act , in sub-section (1), after the third proviso, the following proviso shall be inserted, namely:- Provided also that no company shall declare dividend unless carried over previous losses and depreciation not provided in previous year or years are set off against profit of the company for the current year. .