Dividend declaration - divdend in kind by pvt.ltd co possibe

Dear Professionals,

Can a India Pvt. Ltd Company declare dividend and pay in kind or adjust the dividend against outstandings of shareholders (parent company which is holding 100% of its shares and what if parent is foreign compnay).  Advise / Comments with reference to relevant provisions to new companies act 2013 or rules 2013 or any other act like FEMA or Income tax Act.

Thanks & Regards