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Dividend declared by a company
Whether, the amount of the dividend, including interim dividend, shall be deposited in a scheduled bank in a separate account within five days from the date of declaration of such dividend, the day of declaration is included in five days or not?
Replies (3)
just a deep thought... but i think overanalysis lead to paralysis
i think date of declaration of dividend should not includes in computation of 5 days
No, it will not be included. Refer Section 9 of General Clauses Act 1897 which reads as under:
Commencement and termination of time.
9. (1) In any Central Act or Regulation made after the commencement of this Act, it shall be sufficient, for the purpose of excluding the first in a series of days or any other period of time, to use the word “from”, and, for the purpose of including the last in a series of days or any other period of time, to use the word “to”.
(2) This section applies also to all Central Acts made after the third day of January, 1868, and to all Regulations made on or after the fourteenth day of January, 1887.
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