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| Exchange Disseminated Time 03/08/2016 15:59:03 | Maral Overseas Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 03, 2016, inter alia, has transacted the following;
- Subject to approval of the Central Government and Shareholders, the Board had recommended dividend on the 8% Cumulative Redeemable Preference Shares (CRPS) held by Banks at its meeting held on the May 10, 2016. However, the Company's request to the Central Government seeking relief from the fourth proviso of Section 123(1) of the Companies Act, 2013 has not been accepted. Hence, the Board of Directors has withdrawn the recommendation for the proposed dividend on 8% CRPS and accounts for the period ended March 31, 2016 have been amended accordingly. The Company will pay the dividend on cumulative basis once the carried over previous losses are fully set off. |
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