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In terms of Regulation 43A of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the top five hundred listed entities based on market capitalization ( calculated as on March 31 of every financial year) shall formulate a dividend distribution policy which shall be disclosed in the Annual Reports and on the websites. The Policy will regulate the process of dividend declaration and its pay-out by the Company in accordance with the provisions contained in the Companies Act, 2013 read with the applicable Rules, regulation 43A of SEBI (LODR) Regulations, 2015 as applicable from time to time. However, this document does not solicit investments in the Company’s equity shares.
Dividend is the payment made by the company to its shareholders out of the profit made by the company in proportion to the equity capital they hold, dividend included Interim Dividends.
The Board of Directors of the Company shall consider the following parameters for declaration of dividend:
Financial parameters (Internal factors)
Prevailing legal requirements.
Regulatory conditions or restrictions laid down under the applicable laws including tax laws.
If the company undertakes or proposes to undertake a significant expansion of project/ acquisitions of business or joint ventures requiring higher allocation of capital;
Significantly higher working capital requirements adversely impacting free cash flows;
Whenever it proposes to utilize surplus cash for buy-back of securities; or In the event of inadequacy of profits or whenever the company has incurred losses.
The retained earnings after declaration of the dividend if any, shall be utilized in the manner as considered appropriate by the Board and subject to the applicable laws.
Since the company has issued only one class of equity shares with equal voting rights, all the members of the company are entitled to same dividend per share.
In case of any amendment (s), clarification(s), circular etc. issued by relevant authorities not being consistent to the provisions laid down under this policy then such amendment, clarification, circular etc. shall prevail upon the provisions hereunder and this policy shall stand amended accordingly from the effective date as laid down under such amendment, clarification, circular etc.