CA Kamal Garg
The Companies (Amendment) Act, 2015
The MCA vide Notification No. S.O. 1440(E) dated 29th May, 2015 notified the following amendments amongst various Sections.
Section 123: Declaration of dividend
In Section 123(1) after third proviso the following was added as fourth Proviso:
“Provided also that no company shall declare dividend unless carried over previous losses and depreciation not provided in previous year or years are set off against profit of the company for the current year.”
Effect of this addition of fourth proviso: With insertion of 4th proviso in section 123(1), no Co. shall declare dividend unless carried over previous losses and depreciation not provided in previous year(s) are set off against profit of the company for the current year.
CA Final Audit and Law Amendments for May 2016 Examination
(The above article is contributed by CA Kamal Garg having professional and academic interests in IFRS, Accounts, Auditing and Corporate Laws arenas. He can be approached at cakamalgarg@gmail.com)
Read Other Articles written by CA Kamal Garg
Author Bio
can latest changes in company act ammendments are available to you
tanq so sir, it is superbly oraganised!!
Thanks a lot sir
Thank you so much sir