Within how many days after an interim dividend is declared must the company deposit the amount in a separate account with a scheduled bank under section 123(4) of the Companies Act, 2013?
Question and options
Within how many days after an interim dividend is declared must the company deposit the amount in a separate account with a scheduled bank under section 123(4) of the Companies Act, 2013?
7 days
15 days
5 days
30 days
Answer and explanation
Section 123(4) of the Companies Act, 2013 requires the amount of a dividend, including an interim dividend, to be deposited in a separate account with a scheduled bank within five days of declaration. Thirty days is the separate period within which the dividend must be paid under section 127.
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