GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
NEW DELHI, the 12th June, 2014Online GST Certification Course by TaxGuru & MSME- Click here to Join
G.S.R. 397(E).— In exercise of the powers conferred under sub‑section (1) of section 123 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules to amend the Companies (Declaration and Payment of Dividend) Rules, 2014, namely:-
1. (1) These rules may be called the Companies (Declaration and Payment of Dividend) Amendment Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Declaration and Payment of Dividend) Rules, 2014, in rule 3, for sub-rule (5), the following sub-rule shall be substituted, namely:-
“(5) 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 of the current year.”
[File No. 1/31/2013-CL.V]
(Amardeep Singh Bhatia)
Joint Secretary to the Government of India.