Set off of amount due against dividend payable
This query is : Resolved
Soumya Bhat
(Querist)
14 February 2013
Dear Sir/Madam,
Kindly let me know whether it is possible to set off the dividend payable to a shareholder by a company against the amount due/receivable from him to the company? Which section permits/prohibits the same?
Regards,
Soumya
Kindly let me know whether it is possible to set off the dividend payable to a shareholder by a company against the amount due/receivable from him to the company? Which section permits/prohibits the same?
Regards,
Soumya
14 February 2013
Dear Soumya,
Dividend cannot be used to set off any other claim.....even if the shareholder gives an instruction, it is violative of the company law....
Dividend cannot be used to set off any other claim.....even if the shareholder gives an instruction, it is violative of the company law....
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