Interim dividend
This query is : Resolved
Palash Mutha
(Querist)
13 November 2014
we have declared an interim dividend for the quarter, my question is whether ratification of the same from members of the Company is compulsory under the Companies Act, 2013
CA R SEETHARAMAN
(Expert)
13 November 2014
Section 123(3) of Companies Act 2013 provides that the Board of Directors of a company may declare interim dividend during any financial year out of the surplus in the profit and loss account and out of profits of the financial year in which such interim dividend is sought to be declared.
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Palash Mutha
(Querist)
13 November 2014
But my question is whether we have to take approval from the members in the annual general meeting or General Meeting after declaring Interim Dividend or do we need to ratify the declared Interim Dividend?
pl help!!
pl help!!
CA R SEETHARAMAN
(Expert)
13 November 2014
Take approval from the members in the AGM.
CS Mitesh Mehta
(Expert)
14 November 2014
Confirm the interim dividend in the next Annual General Meeting.
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Palash Mutha
(Querist)
14 November 2014
Can i know under which section of 2013 Act, the confirmation provision is mentioned?
CA R SEETHARAMAN
(Expert)
14 November 2014
No approval or confirmation of AGM is required for Interim divided, it is only board approval is required under companies Act 2013. In the Directors report disclosure to be made.
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Palash Mutha
(Querist)
14 November 2014
Dear all,
please tell me the sections where it is mentioned that we do not require a confirmation from members or we require any confirmation, as the case may be!!
please..
please tell me the sections where it is mentioned that we do not require a confirmation from members or we require any confirmation, as the case may be!!
please..
CA R SEETHARAMAN
(Expert)
14 November 2014
No section in the companies Act 2013 says confirmation from the members to be obtained.
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