Dear Members,
Please advise on following query:
A private limited company approved final dividend in its board meeting on 01.09.2019
and it was confirmed by shareholders in its AGM on 27.09.2019. But, after declaring
dividend, due to some reasons management hold on to distributing dividend to shareholders.
Now, BOD wants to pass resolution for withdrawal of dividend declared earlier
and shareholders are even confirming to withdraw declaration of dividend by passing
special resolution in its EGM.
Now, please advise as per Companies Act, 2013, can BOD & shareholders withdraw and
cancel earlier approved declaration of dividend by passing resolutions in its duly held meetings.
Your early reply shall be really helpful.
