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bonous share

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(Querist)
11 September 2008 my company is a privete limited company.it has 18 lakh accumulated profit,in any previous it has not declared any dividend.in this year the company is going to issue bonus share without declareing dividend.so can the company do so ? please suggest me
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CA Vivek Jain

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CA Vivek Jain (Expert)
11 September 2008 (h) No bonus issue shall be made—

(i) in lieu of dividend;

(ii) unless the partly-paid shares, if any, are fully paid-up;

(iii) if there is default in payment of interest or principal in respect of fixed deposits and interest on existing debentures/bonds or principal on redemption thereof; and

(iv) if there is default in payment of statutory dues of the employees such as contribution to provident fund, gratuity, bonus etc.
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chinmaya

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chinmaya (Querist)
11 September 2008 thank u vivek ji, but we are not issue bonus shares in liue of dividend,we want to increase paid up capital only.If we declare 10% dividend for the financial year 07-08,then can we issue bonus shares ? Pls suggest me
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