Section 10 in The Iron And Steel Companies Amalgamation Act, 1952
10. Payment of interim dividends to shareholders in the dissolved company.- If the profits of the dissolved company warrant such a course, the directors of the dissolved company may, at any time before the appointed day, declare the following dividends as being payable--
(a)to the holders of preference shares immediately before the appointed day, a dividend at the rate of five per cent.per annum on the amount paid up without deduction of Indian income--tax payable by the dissolved company for the period commencing on the 1st day of June, 1952, and ending with the 31st day of December, 1952;(b)to the holders of ordinary shares whose names appear on the register of the company on the date of such payment, an interim dividend not exceeding two and half per cent.on the amount paid up or credited as having been fully paid up thereon without deduction of Indian income--tax payable by the dissolved company for the period commencing on the 1st day of January, 1952, and ending with the 31st day of December, 1952.
