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Transfer of Dividend Amount to Investor Fund

This query is : Resolved 
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(Querist)
14 April 2009 Hi All Gurus

Our Company declared dividend of 8% for the year 1997-98, but the payment of the same was stayed by the High Court on the complaint of Financial Institutions.

We got the stay vacated in 2006 and made the payment of dividend to shareholders.

Now our Auditor is saying that the Dividend Amount should have been transfered to Investor Protection Fund within 7 years from the date of declaration.

As per my understanding the period of 7 years will be counted from the date of vacation of stay order of the High Court and not from the declaration of Dividend.

Please give replies.

Thanks

Samar
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
14 April 2009 Your understanding is correct. The 7 years time has to be calculated from the date of vacation of stay by High court and not the date declaration of dividend.
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Samar Bhatia

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Samar Bhatia (Querist)
14 April 2009 Thanks but i don't have any documentary support for that.

Do you have case law or commentary that support our stand.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
15 April 2009 I agree with your opinion.
I think you should approach the ROC for a written clarification on this matter.
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