Dividend declaration

MY CLIENT IS  A PVT LTD COMPANY. IT HAS ACCUMULATED PROFITS AS ON 31.03.2013. NOW IT WANTS TO DECLARE DIVIDEND OUT OF THE ACCUMULATED PROFITS.

WHAT IS THE PROCEDURE TO BE FOLLOWED? WHETHER THE DIVIDEND DECLARATION RULUES WILL APPLY TO THE PRIVATE LIMITED COMPANY?

CAN THE COMPANY DECLARE DIVIDEND ONLY OUT OF THE ACCUMULATED PROFITS WITHOUT CONSIDERING THE PROFIT FOR THE CURRENT YEAR?

PLEASE SUGGEST AS EARLY AS POSSIBLE.