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of <h1>Department Withdraws Prosecutions for Dividend Provision Breaches Before Dec 15, 1976; Post-Date Violations May Face Action.</h1> The circular addresses the issue of companies not making provisions for proposed dividends in their profit and loss accounts and balance sheets, as required by Schedule VI and section 211. Initially, prosecution proceedings were initiated against some companies for this contravention. However, the Department has decided to withdraw these prosecutions and adopt a lenient approach for accounts prepared before December 15, 1976. For accounts prepared after this date, companies failing to make such provisions may face prosecution. The decision follows representations from Chambers of Commerce advocating against the prosecutions.
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