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Rule 3 of companies (declaration of payment and dividends) rules, 2014

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(Querist)
11 June 2017 when we check balance reserves after withdrawal has to be more than or equal to 15% of paid up capital, is it free reserves we need to keep above or equal to 15 percentage of paid up capital or just reserves?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
11 June 2017 Free reserves only because sub rile 4 ,which speaks about this restriction ,is a continuation of sub rule(2) wherein the words used is 'free reserves'.
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Abhay

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Abhay (Querist)
13 June 2017 thank you :)
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