Declaration of dividend out of reserves

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..... conditions, namely:- (1) The rate of dividend declared shall not exceed the average of the rates at which dividend was declared by it in the three years immediately preceding that year: Provided that this sub-rule shall not apply to a company, which has not declared any dividend in each of the three preceding financial year. (2) The total amount to be drawn from such accumulated profits .....

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..... f against profit of the company of the current year the loss or depreciation, whichever is less, in previous years is set off against the profit of the company for the year for which dividend is declared or paid. 2. Omitted vide F. No. 1/31/2013-CL-V-Part - Dated 29-5-2015, before it was read as, 1 [(5) No comp, any shall declare dividend unless carried over previous losses and depreci .....

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