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Set off of amount due against dividend payable

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(Querist)
14 February 2013 Dear Sir/Madam,

Kindly let me know whether it is possible to set off the dividend payable to a shareholder by a company against the amount due/receivable from him to the company? Which section permits/prohibits the same?

Regards,
Soumya
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Ankit

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Ankit (Expert)
14 February 2013 Dear Soumya,

Dividend cannot be used to set off any other claim.....even if the shareholder gives an instruction, it is violative of the company law....

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