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Table of Contents
Dividend can be paid out of Followings mentioned below: Section- 123 (1)(a)
A per the companies act 2013 the Notice of dividend declared shall be given to the persons entitled to share in it.
{As per the Model Articles of Company Limited by shares as Contained in Table-F of Schedule-I of the 2013 Act}
Note:
A company which is in default related to deposit & repayment of deposit or interest thereon might not declare a dividend.
A company can’t declare a dividend if the company fails to comply with the acceptance of deposits & repayment of deposits accepted earlier to the commencement of this Act.
Where a dividend has to be declared by the company but hasn’t been paid or the warrant in respect thereof has not been posted within the period of 30 days from the date of declaration to any shareholders entitled to payment of the dividend, each director of the company shall, if he is knowingly a party to the default, be punishable with imprisonment which may extend to 2 years & with fine which shall not be less than 1000 rupees for every day during which such default continues & the company shall be liable to pay simple interest at the rate of 18% per annum during the term for which such default continues.
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