Unconditional dividend declaration required; companies must obtain prior creditor approvals before declaring to prevent payment delays. Companies must declare dividends unconditionally and obtain any required approvals from financial institutions or banks before declaration, so that dividend payments are not delayed by conditional declarations; Registrars of Companies are directed to take action against firms that condition dividend declarations and thereby postpone payment to shareholders.
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Provisions expressly mentioned in the judgment/order text.
Unconditional dividend declaration required; companies must obtain prior creditor approvals before declaring to prevent payment delays.
Companies must declare dividends unconditionally and obtain any required approvals from financial institutions or banks before declaration, so that dividend payments are not delayed by conditional declarations; Registrars of Companies are directed to take action against firms that condition dividend declarations and thereby postpone payment to shareholders.
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