Calls paid in advance
This query is : Resolved
24 December 2009
For calls paid in advance, will a company be under an obligation to pay both 'interest' as well as 'dividend' simultaneously?
25 December 2009
No, the company will be under obligation to pay only interest , the dividend is not applicable on Call paid in advance.
25 December 2009
AGREE
26 December 2009
Thanks for the reply experts but, Sec 92 mentions payment of interest at a rate not more than 6% on calls paid in advance. Sec 93 mentions that dividends may be paid on advance calls if so authorised by AoA. So I wish to know if AoA mentions payment of dividend on calls paid in advance, will a company be required to pay both the interest as well as dividend on such advance amount?
28 December 2009
yes
28 December 2009
yes
30 December 2009
Thanks for the reply experts
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