Penalty for failure to distribute dividends within thirty days.

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.... to any shareholder entitled to the payment of the[1][2] dividend, every director of the company shall, if he is knowingly a party to the default, be punishable with simple imprisonment for a term which may extend to three years and shall also be liable to a fine of one thousand rupees for every day during which such default continues and the company shall be liable to pay simple interest at the r....

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....n the part of the company.] ----------------------------------- Notes:- [1] Substituted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. Prior to its substitution, section 207, was amended by the Companies (Amendment) Act, 1960. For the following: "207. Penalty for failure to distribute dividends within forty-two days. Where a dividend has been declared by a company but has not been....