Dividend on redemption
This query is : Resolved
23 February 2008
One of my client has issued 8% redeemable preference shares in Maarch'08. In november'07 it started to redeem those shares in part. they redeemed them at the Issue price itself. But on redemption they did not pay any amount as dividend for the capital contribution form march to November. Is There any mandatory requirement in act to provide for the Dividend on the redeemed amount of capital.
23 February 2008
ITS NOT MARCH 08 BUT MARCH 07 .IF SHARES ARE CUMULATIVE PREFERENCE SHARES THAN DIVIDEND PAYMENT IS COMPULSORY BUT IF SHARES ARE NON CUMULATIVE REDEEMABLE PREFERENCE SHARES THAN IT IS NOT MANDATORY TO PROVIDE FOR DIVIDEND
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