Dividend by a private limited company for the first time of its 8 years of existance

A private limited, incorporated during 2011, has not declared dividend so far. Now it wants to declare a dividend of Rs. 7.00.000/- I has a paid up share capital of Rs. 1 Lakhs and surplus (P & L) of Rs. 83,00,000/-. No of Directors are 2 and they are the only share holders of the company. Can it do so?