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of <h1>Companies Must Clear Prior Losses and Depreciation Before Dividend Distribution Under Amended Section 123 Regulations</h1> The amendment to section 123 introduces a new proviso restricting dividend declaration by companies. Specifically, companies cannot declare dividends until previous losses and unprovided depreciation from prior years are fully offset against the current year's profits. This provision aims to ensure financial prudence and protect company financial stability by mandating comprehensive loss reconciliation before dividend distribution.
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