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Proposed Amendments in COMPANIES (DECLARATION AND PAYMENT OF DIVIDEND) RULES, 2014

News and Press Release - Dated:- 2-2-2016 - Declaration of Dividend 8.1 The second proviso to sub-section (1) of Section 123 of the Act provides that, where, owing to inadequacy or absence of profits in any financial year, any company proposes to dec .....

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anies (Declaration and Payment of Dividend) Rules, 2014 specifies the conditions in this regard. It was pointed that as per these provisions, compliance with Rule 3 would be required only when dividend is declared out of reserves . The said Rule 3 al .....

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carried forward balance of profit and loss account) is a part of free reserves but it does not represent an amount 'transferred' to reserves. It has been suggested that to avoid any legal challenges in application, the requirements of the Ru .....

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the dividend is to be declared out of 'accumulated profits earned by the company in the previous years and transferred by the company to the reserves as has been referred to in the main section of the Act. The Committee discussed and felt that co .....

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e provisions of the Act, it would be clear that in case a company declares dividend out of surplus i.e. accumulated credit balance of Profit and Loss Account which has not been transferred to reserves, the provisions of the Act and Rule 3 would not a .....

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