 

(b) Notwithstanding the provisions of this Article, there may be statutory registers
wherein no inspection rights have been prescribed, which means the Company or
Board shall be under no obligation to grant inspection rights. Alternatively,
amendments to these rights may be introduced by the Act. In such instances, the
provision of the Act shall override the provisions of the Articles.

 

(3)

(a) The Company shall provide extracts or hard copies or Statutory registers to
persons prescribed under the Applicable laws. Wherever the laws permit
charging of a fee for obtaining extracts/hard copies, Rs. 10 per page or such other
amount as may be decided by the Board shall be charged. Extracts or copies shall
be provided post inspection of the registers.

(b)_ In case of availing soft copies, no fees shall be levied on members or persons
authorised to obtain extracts of statutory registers. However in case the register
has not been maintained in soft copy and in order to fulfil the requirement of the
person requiring the extracts, registers have to be converted to soft form then
charges at the same rate stipulated in clause (a) or such other rate as may be
prescribed by the Board shall be levied.

(e) Provisions of this Article with respect to charging of fees for extracts/copies shall
not apply to auditors, government or other regulators or regulatory bodies in
performance of their duties or as authorised under any law for the time being in
force.

(f) Notwithstanding the provisions of this Article, there may be statutory registers
wherein no rights have been prescribed for obtaining extracts or copies, which
means the Company or Board shall be under no obligation to grant extracts of
such registers. Alternatively, amendments to these rights may be introduced by
the Act. In such instances, the provision of the Act shall override the provisions
of the Articles.

Fees to be

charged

for providing

extracts/c
Statutory
Registers

copies of

 

(6)

The Company shall ensure that extracts of statutory registers are provided to the
eligible parties stipulated or as enabled under the Act, within the time limit specified
therein.

Company

to

provide extracts of
statutory registers

 

AUTHENTICATION OF DOCUMENTS PROCEDINGS AND CONTRACTS

 

29

Any document or proceeding requiring authentication by a company; or any
contracts made by or on behalf of a company, may be signed by any key managerial
personnel or an officer or employee of the company duly authorised by the Board in
this behalf.

Power to Grant
Authorisation

 

DECLARATION OF DIVIDENDS

 

30

@

The Company in general meeting may declare dividends, but no dividend shall exceed
the amount recommended by the Board but the Company in general meeting may
declare a lesser dividend.

‘Company
general
may
dividends

in
meeting
declare

 

2)

The Board of Directors of a company may declare interim dividend during any
financial year or at any time during the period from closure of financial year till
holding of the annual general meeting out of the surplus in the profit and loss account
or out of profits of the financial year for which such interim dividend is sought to be
declared or out of profits generated in the financial year till the quarter preceding the
date of declaration of the interim dividend.

Provided that in case the company has incurred loss during the current financial year
up to the end of the quarter immediately preceding the date of declaration of interim
dividend, such interim dividend shall not be declared at a rate higher than the average
dividends declared by the company during the immediately preceding three financial
years.

Interim dividends

 

 

 

(3)

 

(a) The Board may declare dividends for a financial year out of the profits of the
company for that year arrived at after providing for depreciation in accordance
with the provisions of Section 123 (2), or out of the profits of the company for
any previous financial year or years arrived at after providing for depreciation in
accordance with the provisions of that sub-section and remaining undistributed,
or out of both.

 

Dividends

to be

paid out of profits

 

393

 
