Restriction for declaration of Dividend.Sec-96

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Restriction for declaration of Dividend.Sec-96 ,

     The company in general meeting may declare dividends, but no dividends shall exceed the amount recommended by the directors. When a dividend is declared, it shall be paid within two months from the date of declaration.

Provided that the period of two months shall not apply in case where-

a.     There is a dispute regarding the right to receive the payment.

 

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