SEC 63(3) says
bonus share cannot be issued in lieu of dividend
But
proviso to sec 123(4) says bonus shares can be issued as dividend
please clarify
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clarification of bonus shares
Replies (1)
Proviso to 123(5) does not allow issue of bonus shares as dividend. it just clarify that payment of dividend in cash will not restrict company to issue bonus share by capitalizing its profits or reserves.
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