Dividend Declaration: new rules restrict permissible sources, impose deposit and unpaid dividend transfer obligations and interim limits. Dividends may be declared only from specified surpluses and profits after excluding unrealised gains and providing for depreciation; reserves other than free reserves are not available and prior losses and unprovided depreciation must be set off. The Board may declare interim dividends subject to source and cap conditions; declared dividends must be deposited in a scheduled bank account within five days and paid only to registered members in cash. Unpaid or unclaimed dividends must be transferred to a designated Unpaid Dividend Account, published, and, if unclaimed for seven years, moved to the Investor Education and Protection Fund.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Dividend Declaration: new rules restrict permissible sources, impose deposit and unpaid dividend transfer obligations and interim limits.
Dividends may be declared only from specified surpluses and profits after excluding unrealised gains and providing for depreciation; reserves other than free reserves are not available and prior losses and unprovided depreciation must be set off. The Board may declare interim dividends subject to source and cap conditions; declared dividends must be deposited in a scheduled bank account within five days and paid only to registered members in cash. Unpaid or unclaimed dividends must be transferred to a designated Unpaid Dividend Account, published, and, if unclaimed for seven years, moved to the Investor Education and Protection Fund.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
