Section 3(b) in The Companies (Temporary Restrictions On Dividends) Act, 1974
(b)a company, at least seventy- five per cent. of the share capital of which is, throughout the financial year for which any dividend is declared or paid, beneficially held by an institution or fund established in India for a charitable purpose, the income from dividend whereof is exempt from income- tax tinder section 11 of the Income- tax Act, 1961 ; (43 of 1961 )
