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Dividend account

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(Querist)
03 October 2013 Sir,

1. Whether it is compulsory to open a separate dividend account for a 100% wholly owned subsidiary also,even if the ful amount of dividend is transferred to holding company bank account?

2. In calculating 5 days from the date of declaration, whether sunday or national holiday is excluded or not?

Pls reply fast
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CS Ankur Srivastava

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CS Ankur Srivastava (Expert)
16 October 2013 1. Yes it is necessary to transfer the amount of dividend to a separate account for dividend.

2. No sundays or national holidays are not excluded on calculating 5 days.
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Rajiv Agrawal

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Rajiv Agrawal (Querist)
16 October 2013 Sir,

Whether it is compulsory that separate account should be in the name and style as "XXX Ltd. Final Dividend account" or separate current account will also fulfill the requirements as 100% dividend is to transfer immediately to holding company
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