9911796707
TMI Blog2015 (8) TMI 622X X X X Extracts X X X X X X X X Extracts X X X X ..... al No.295 of 2014 - - - Dated:- 23-9-2014 - J.P. Devadhar and A. S. Lamba, JJ. For The Appellant : Mr. Janak Dwarkadas, Senior Advocate with Mr. Ankit Lohia and Mr. Amit Dey, Advocates For The Respondent : Mr. Kevic Setalvad, Senior Advocate with Mr. Pratham Masurekar, Advocate, Mr. Rashid Boatwalla, Advocate with Ms. Vamika Kaul, Advocate, Mr. Manish Chhangani, Advocate Per : Justice J.P. Devadhar (Oral) 1. This appeal was mentioned yesterday for urgent reliefs. Since none appeared on behalf of respondents, we directed the Registry to place the matter on board today and directed the appellant to give fresh notice to the respondents. 2. Today, counsel for respondents have appeared and sought adjournment to take inst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and intimated the same to both the stock exchanges. On 12th September, 2014 itself NSE placed on its website that the appellant has informed that interim dividend has been declared by appellant on 12/9/2014 and that the dividend would be paid to the equity shareholders on or before 29th September, 2014. Similarly, on 12th September, 2014 the BSE had announced on its website that the board of directors of the appellant at its meeting held on 12th September, 2014 have declared interim dividend ₹ 485 per equity share of ₹ 5 each of the company. 6. As per clause 16 of the listing agreement, appellant gave 7 days notice to the stock exchanges regarding the record date fixed as 24/9/2014 and sought their approval in that respect. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en working days, or of as many days as NSE may from time to time reasonably prescribe, stating the dates of closure of its transfer books (or, when the Transfer books are not to be closed, the date fixed for taking a record of its shareholders or debenture holders) and specifying the purpose or purposes for which the transfer books are to be closed (or the record is to be taken) and to send copies of such notices to the other recognized stock exchanges in India. The Issuer further agrees to ensure that the time gap between two book closures and record dates would be at least 30 days. The Company on whose stocks, derivates are available or whose stocks form part of an index on which derivatives are available, shall give a notice p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... between a book closure and a record date, then the word two would not have been used prior to the words book closures . In other words, the very fact that the word two is used prior to the words book closures is suggestive of the fact that the time gap is intended between two book closures and two record dates and not between a book closure and a record date. 11. It is not in dispute that a company can declare dividend at its general meeting, but the dividend declared in the general meeting cannot exceed the amount recommended by the board. If the contention of respondent-SEBI is accepted, it would mean where a company keeps the transfer book closed at the time of its AGM as per clause 16 of the listing agreement and also seeks t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
