会社法2013に基づき、会社の配当はどのように宣言および支払われるのか

1. Meaning of Dividend

Dividend is the portion of the profits of the company which is allocated to the shareholders of that company. The payment of dividend by a company is not obligatory on it but the shareholders can claim right over the dividend if it has been declared. 

The dividend of a company has to be declared according to the Section 123 of Companies Act 2013. Recently, with an amendment to Companies (Audit and Auditors) Rules, 2014, it has been made compulsory for the auditor's report to include comments on whether the dividend was declared or paid in compliance with Section 123 of the Act, in the financial year.

2. Types of Dividend under Company Act 2013

Under the Companies Act, a company can declare or pay two types of dividends:

1. Final Dividend: Final Dividend is a dividend which is declared by the company in the annual General Meetings, on the recommendation of the Board of Directors. A final dividend once declared by the company in general meetings becomes a debt payable by the company to the shareholders.

2. Interim Dividend: Interim Dividend is a dividend which is declared by the Board of Directors only. It is generally paid in the middle of the year if the Board of Directors are of the opinion that it should be paid to the shareholders. 

3. Calculation of Final Dividend

According to the Section 123 of company Act 2013

1. Dividend is to be declared by a private company out of the profits of that company in that financial year after deducting the amount of depreciation or out of profits of any previous financial years after deducting the depreciation from the same. Depreciation is the cost of repair or replacement of an asset that has crossed its useful life. The detailed procedure of calculating the depreciation is given under the Schedule 2 of the Companies Act.

2. Dividend is to be declared by a public company out of the money provided to the company by the Central Government or a State Government for the declaration of dividend.

4. Process of Declaration of Final Dividend

The process of declaration of final dividend goes as follows:

1. The company in its Board Meeting has to decide the amount of dividend which they want to recommend in the General Meeting.

2. The company then mentions the resolution for dividend in the notice of the General Meeting. 

3. The company then holds the General Meeting for declaration of dividend.

4. Once the dividend is declared, it must be paid within 30 days.

5. Process of Declaration of Interim Dividend

The Board of Directors may declare interim dividend during a financial year or at any time during the period from closure of financial year to holding of the annual general meeting, out of the surplus in profit and loss account or out of the profits of that financial year. 

Interim dividend cannot be paid out of reserves. It can be paid more than once for a financial year. 

ただし、当該事業年度の前四半期末までに会社が損失を被っている場合、中間配当は過去3事業年度に会社が宣言した平均配当率を超えてはなりません。

6. 利益が不足または存在しない場合の配当宣言

会社は、配当を宣言する前に、適切と判断する利益の割合を会社の準備金に繰り入れることができます。

事業年度において利益が不足または存在しない状況で、会社が過去の年度に獲得した累積利益および以前に準備金へ繰り入れた利益から配当を宣言しようとする場合、その宣言は自由準備金からのみ行うことができます。

2014年会社（配当の宣言および支払い）規則の第3条は、会社が自由準備金から配当を宣言できる条件として以下を定めています。

1. 宣言される配当率は、過去3年間に会社が宣言した配当率の平均を超えてはなりません。例えば、会社の平均配当率が利益の23%であった場合、自由準備金から配当を宣言する際も23%を超えてはなりません。この条件は、過去の各事業年度において配当を宣言していない会社には適用されません。

2. 累積利益から引き出される総額は、最新の監査済み財務諸表に記載された払込済資本金と自由準備金の合計額の10分の1を超えてはなりません。したがって、配当支払いのために引き出される金額は、払込済資本金（会社が株式と引き換えに受け取った金額）と自由準備金の合計額の10分の1以下でなければなりません。合計額が500万ルピーの場合、引き出し額は50万ルピーを超えてはなりません。

3. 引き出された金額は、普通株式に対する配当が宣言される前に、当該事業年度に被った損失の補填にまず充当されなければなりません。つまり、配当支払いのために金額が引き出される際、損失の補填が優先され、普通株式のような固定されていない株式への配当支払いは後回しにされるべきです。

4. 引き出し後の準備金残高は、最新の監査済み財務諸表に記載された払込済資本金の15%を下回ってはなりません。

7. 配当のための別個の銀行口座

中間配当を含む配当額は、宣言日から5日以内に、指定銀行の別個の口座に預け入れなければなりません。

中間配当を含む配当額は、宣言日から5日以内に別個の銀行口座に預け入れなければなりません。

したがって、会社はその金額を30日間の期間であっても流用することはできず、配当金全額を配当支払いにのみ使用される別個の銀行口座に保管することが義務付けられています。

8. 登録株主への配当支払い

物理的な形態で保有される株式に関しては、会社は当該株式の登録株主、または株主が指定した者、もしくは株主の銀行口座へ、現金（小切手、ワラント、または電子的な手段による支払い）で配当を支払うものとします。

電子的な形態で保有される株式に関しては、配当は、帳簿閉鎖日（最終配当の場合）の前日、または基準日（中間配当の場合）の市場終了時点で、預託機関から提供された明細書において実質株主として記載されている者に対して支払われるものとします。

9. 配当に対する税金

2020年以前、企業は宣言した配当に対して配当分配税を支払う義務がありました。そのため、受取人は課税を免除されていました。しかし、2020年財政法により、配当分配税の要件が削除され、現在は以下のようになっています。

1. 株主は、配当として受け取る所得に対して納税する義務があります。

2. 企業は、配当の宣言または支払い時に源泉徴収税（TDS）を差し引く義務があります。

 10. Prohibition on Declaration in case of Default

In case the company fails to comply with the provisions of Section 73 (Acceptance of deposits from public) and Section 74 (Repayment of deposits, etc.), it should not declare any dividends on its equity shares so long as these failures continue. Deposits are a source available to a company to meet its short term or long term financial needs. The company can receive these deposits from the public but Section 73 puts up conditions on companies for accepting these deposits, which includes issuing circular for such deposits, ensuring an insurance on these deposits, providing security for the repayment of the deposits. Section 74 further compels the company to repay the deposits within one year from the dates the payment of deposits is due. If a company fails to comply with one or both of these Sections then it is restricted to declare dividends on the shares that do not have a fixed dividend i.e. equity shares. 

11. Failure to Pay Dividends within 30 days

When a dividend has been declared by the company, it is to be paid within 30 days from the date of declaration to every shareholder entitled to the payment.

Where dividend has been declared but not paid within 30 days, every director who is knowingly party to such default is punishable with imprisonment upto 2 years and with fine which is not less than 1,000 rupees for every day during which such default continues. The company is also liable to pay simple interest at the rate of 18% per annum during the period for which such default continues.

12. Exception to this Penalty

No offence would be said to have been committed in the following cases:

1. Where dividend could not be paid due to the operation of any law;

2. Where a shareholder has given directions to the company regarding payment of dividend and those directions cannot be complied with and the same has been communicated to him;

3. Where there is a dispute regarding right to receive the dividend;

4. Where the dividend has been lawfully adjusted by the company against any sum due to it from the shareholder;

5. Where, for any other reason, the failure to pay the dividend or to post the warrant within 30 days was not due to any default on the part of the company.