One of our Pvt Co. ha nil profit in Current year but having huge accumulated profitsof previous years now issue is that we want to distribute these accumulated profits to shareholders bur Dividened (Delaration of Dividened out of reserve) Rules 1975impose a resriction on the utilisation of such Accumulated Profits. In this Co.
Paid up capital is Rs I Lack
accumulated profits 11Lakhs
Is there any exception of these Rules or how can a co. can utilise these accumulated profits pls give your valuable advice to solve this matter?
CAclubindia
