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of <h1>Companies Must Declare Unconditional Dividends, Secure Approvals to Avoid Delays Per Section 207 of Companies Act, 1956.</h1> The circular issued by the Department of Company Affairs addresses the issue of companies conditionally declaring dividends, such as requiring prior approval from financial institutions or banks, which leads to delays in paying shareholders within the statutory 42-day period as per section 207 of the Companies Act, 1956. The circular instructs companies to ensure that dividend declarations are unconditional and to secure necessary approvals beforehand. It also directs Registrars of Companies to take action against companies engaging in this practice, which has caused numerous investor complaints due to delayed dividend payments.
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