TMI BlogPenalty for failure to distribute dividends within thirty days.X X X X Extracts X X X X X X X X Extracts X X X X ..... of declaration, to any shareholder entitled to the payment of the [1][2] dividend, every director of the company shall, if he is knowingly a party to the default, be punishable with simple imprisonment for a term which may extend to three years and shall also be liable to a fine of one thousand rupees for every day during which such default continues and the company shall be liable to pay simpl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to post the warrant within the period aforesaid was not due to any default on the part of the company.] ----------------------------------- Notes:- [1] Substituted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. Prior to its substitution, section 207, was amended by the Companies (Amendment) Act, 1960. For the following: "207. Penalty for failure to distribute di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the payment of the dividend and those directions cannot be complied with; (c) where there is a dispute regarding the right to receive the dividend; (d) where the dividend has been lawfully adjusted by the company against any sum due to it from the shareholder; or (e) where, for any other reason, the failure to pay the dividend or to post the warrants within t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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