Section 3(3)(b) in The Preference Shares (Regulation Of Dividends) Act, 1960

[Cites 0, Cited by 0] [Section 3(3)] [Section 3] [Entire Act]

Union of India - Subsection

Section 3(3)(b) in The Preference Shares (Regulation Of Dividends) Act, 1960

(b)was being paid before the 1st April 1960, subject to a deduction therefrom on account of the income-tax payable by the company, notwithstanding the absence of any specification that the dividend would be subject to income-tax, then, every such share shall, as respects dividends, declared after the commencement of this Act, carry a preferential right to be paid subject to the deduction aforesaid such amount as would exceed the stipulated dividend by eleven per cent. thereof.

Legal Document View

Unlock Advanced Research with PRISMAI

Union of India - Subsection

Section 3(3)(b) in The Preference Shares (Regulation Of Dividends) Act, 1960