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of <h1>Companies Act Section 123 Amended: Unrealized Gains Excluded, Interim Dividend Rules Revised for Boards</h1> Section 123 of the Companies Act was amended by the Companies (Amendment) Act, 2017. In sub-section (1), clause (a) was modified to exclude unrealized gains, notional gains, or asset revaluation from profit computations. Additionally, the term 'free reserves' replaced 'reserves' in the second proviso. Sub-section (3) was revised to allow the Board of Directors to declare interim dividends from surplus profits or profits generated up to the preceding quarter. However, if a loss is incurred in the current financial year up to the preceding quarter, the interim dividend rate cannot exceed the average rate of the past three financial years.
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