Dividend Unclaimed Dividend
The final dividend of Rs. 0.50/- per equity share (representing 50%) on the equity share of Rs.1 each fully paid up for the Financial Year 2021-22, if declared at the 37th Annual General Meeting scheduled to be held on Saturday, August 6, 2022, shall be paid on or before September 4, 2022. The Record date for the purpose of final dividend for Financial Year 2021-22 is Saturday, July 30, 2022.
|Financial Year||Face Value (₹)||Dividend Per Share(₹)||% of Dividend|
|2010-11 – Special Dividend||2||2.00||100|
|2015-16 – Interim & Final||1||4.25||425|
|2017-18 - Interim||1||2.00||200|
|2018-19 – Interim||1||2.00||2.00|
|2018-19 – Final||1||5.08||508|
|2019-20 – 1st Interim||1||6.00||600|
|2019-20 – 2nd Interim||1||5.00||500|
|2020-21 – Interim||1||5.00||500|
|2020-21 – Final||1||6.00||600|
|2021-22 – Interim||1||4.00||400|
In terms of Section 124 of the Companies Act, 2013, read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017, all unpaid or unclaimed dividends are required to be transferred by the Company to the Investor Education and Protection Fund (“IEPF”) established by the Central Government, after completion of seven (7) years.
Accordingly, the company has transferred the unpaid/ unclaimed amount pertaining upto Final Dividend for the financial year 2013 - 14 to the IEPF.
Information relating to due dates for transfer of unclaimed/unpaid dividends to IEPF is provided herein below.Download PDF
The Finance Act 2020 has replaced the Dividend Distribution Tax (DDT) with the classical system of dividend taxation, hence dividend income is now taxed in the hands of the shareholders. In the light of the above changes, under the Income-tax Act, 1961 (Act), companies paying dividend are required to withhold tax at the applicable tax rates (for Resident shareholder at 10% with valid Permanent Account Number (PAN) or at 20% without/invalid PAN and for Non-Resident shareholders at the rates prescribed under the Act or Tax Treaty, read with Multilateral Instruments, if applicable). Further the Finance Act 2021 has brought in section 206AB effective from July 01, 2021 wherein tax would be deducted at higher rates (twice the specified rate) on payment of dividends to specified person.
The provisions of section 206AB of the Act require the deductor to deduct tax at higher of the following rates from amount paid/credited to 'specified person': i.e.
- At twice the rate specified in the relevant provision of the Act: or
- TDAt twice the rate(s) in force: or
- At the rate of 5%,
The 'specified person' means a person who has: a) not filed return of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be deducted, for which the time limit of filing return of income under sub-section (1) of section 139 has expired; and b) subjected to tax deduction/collection at source in aggregate in his case amounting to Rs. 50,000 or more in each of such two immediate previous years.
Accordingly, applicable tax deduction rates for specified person would be twice the prescribed rates. For Resident specified shareholder it would be 20% and for Non-Resident specified shareholders (who has not furnished a declaration stating no permanent establishment in India) the tax deduction rates would be 40% plus applicable surcharge and cess as prescribed under the provisions of Income Tax Act and as applicable.
As it is important for the Company to receive the relevant information and declarations from shareholders to determine the rate of tax deduction, any eligible shareholders, who wishes to avail the benefits of lower/non-deduction of tax at source is required to submit the following documents as required below on or before November 28, 2021.
For Resident Shareholder(s):
|Particulars||Applicable TDS Rate||Documents required (if any)|
|With PAN||10%||Update the PAN, if not already done. with the depositories (in case of shares held in Demat mode) and with the Company's Registrar and Transfer Agents - Cameo Corporate Services Limited at https://investors.cameoindia.com (in case of shares held in physical mode).1.50|
|Without PAN/ Invalid PAN||20%||N. A.|
|Submit Form 15G/ Form 15H||NIL||
Declaration in Form No. 15G (applicable to resident individual)/ Form 15H (applicable to resident individual who is 60 years and older), fulfilling certain conditions under the Act.
Form 15 G/ 15 H can be downloaded from https://investors.cameoindia.com. There is also provision to upload the 15G/15H in the website https://investors.cameoindia.com provided by the Company's Registrar and Share transfer agent M/s Cameo Corporate Services Limited.
|Submit Order under Section 197 of the Act||Rate provided in the Order||ed from Income Tax authority.|
|Shareholders to whom Section 194 of the Act is not applicable||NIL||evidence that the said provisions are not applicable.|
|Persons Covered under Section 196 of the Act (e.g. Mutual Funds, Govt., RBI)||NIL||Documentary evidence that the shareholder is covered under said Section 196 of the Act and Declaration that their income is exempt under Section 10 (23D) of the Income Tax Act, 1961 and therefore no TDS is required under Section 196 (iv) of the Income Tax Act, 1961.|
|Alternative Investment Funds (AIF) registered with SEBI||Nil||AIF established/incorporated in India - Self-declaration that its income is exempt under Section 10 (23FBA) of the Income Tax Act, 1961 and they are governed by SEBI regulations as Category I or Category II AIF along with self-attested copy of the PAN card and registration certificate|
Further, no withholding of tax is applicable if the dividend payable to resident individual shareholders is up to Rs. 5,000 p.a. within a financial year.
We would like to inform the shareholders regarding the revised provisions of the Income Tax Act, 1961 ("the Act"), as amended by the Finance Act, 2020 and the relevant documentation required to be furnished by the shareholders to the Company.
The TDS would vary depending on the residential status of the shareholder and documents submitted by them and accepted by the Company in this regard. Accordingly, the dividend, when declared, will be paid after deducting TDS.
The following table below provides a brief of the applicable TDS provisions under the Act for Resident and Non-Resident shareholder(s) categories along with the required documents.
For Non-Resident Shareholder:
|Particulars||Applicable TDS Rate||Documents required (if any)|
|Foreign Institutional Investors (FIIs) / Foreign Portfolio Investors (FPIs)||20% (plus applicable surcharge and cess)||None|
|Other Non-resident shareholders||20% (plus applicable surcharge and cess) OR Tax Treaty Rate** (whichever is lower)||
Non-resident shareholders may opt for tax rate under Double Taxation Avoidance Agreement ("Tax Treaty"). The Tax Treaty rate shall be applied for tax deduction at source on submission of following documents to the Company:
|Submitting Order u/s 197 of the Act (i.e. lower or NIL withholding tax certificate)||Rate provided in the Order||Lower/NIL withholding tax certificate obtained from tax authority.|
** The Company is not obligated to apply the beneficial Tax Treaty rates at the time of tax deduction/withholding on dividend amounts. Application of beneficial Tax Treaty Rate shall depend upon the completeness of the documents submitted by the Non- Resident shareholder and review to the satisfaction of the company.
We request you to inform us well in advance and before cut-off date if you are covered under the definition of 'specified person' as provided in section 206AB of the Act. The Company reserves its right to recover any demand raised subsequently on the Company for not informing the Company or providing wrong information about applicability of Section 206AB in your case.
Shareholders are requested to consult their their auditors/tax consultants for further details in this regard.
- Shareholders who are exempted from TDS provisions through any circular or notification may need to provide documentary evidence in relation to the same to enable the Company in applying the appropriate TDS on Dividend payment to such shareholder.The aforesaid documents, as applicable, are required to be duly completed, signed and shall eb sent to firstname.lastname@example.org or email@example.com. The Company shall determine the appropriate TDS / withholding tax rate applicable based on the declarations received by it as on the Record Date(s) fixed by it for the dividend(s) proposed, if any.
- The updation of PAN, submission of Form 15G/15H, submission of documents including declaration from non-resident shareholders and any documents submission with regard to TDS shall reach the RTA at firstname.lastname@example.org.
- The above communication on TDS sets out the provisions of the law in a summary only and does not purport to be a complete analysis or listing of all potential tax consequences. Shareholders should consult with their own tax advisors for the tax provisions that may be applicable to them.
- Kindly note that no claim shall lie against the Company for the tax deducted at source on Dividend. It may further be noted that in case the tax on said dividend is deducted at a higher rate in absence of receipt of the aforementioned details/documents from the shareholders, the shareholders may file return of income and claim refund of tax, as appropriate.
- The Company shall arrange to email the soft copy of TDS certificate at your registered email ID in due course, post payment of the dividend. Shareholders will also be able to see the credit of TDS in Form 26AS, which can be downloaded from their e-filing account at https://www.incometaxindiaefiling.gov.in/
- If the tax is deducted at a higher rate in absence of receipt of or satisfactory completeness of the afore-mentioned details / documents by Company before Dividend Processing Period, the shareholder(s) may claim an appropriate refund in the return of income filed with their respective Tax authorities.
- In the event of any income tax demand (including interest, penalty, etc.) arising from any misrepresentation, inaccuracy or omission of information provided / to be provided by the Shareholder(s), such Shareholder(s) will be responsible to indemnify the Company and also, provide the Company with all information / documents and co-operation in any appellate proceedings.
- In the event the registered shareholder intends to transfer the TDS credit on the dividend income to other persons as per Rule 37BA of the Income Tax Act 1962, such shareholder is required to submit the duly signed Declaration containing the name, address and PAN of the person to whom the TDS credit is to be given and the reasons for giving the credit to such person. Incomplete declaration forms will not be entertained by the company for transfer of TDS credit. The registered shareholder shall indemnify the Company for any incorrect or misleading information furnished in the Declaration.
- Needless to mention, valid Permanent Account Number ("PAN") will be mandatorily required. Shareholders who are required to link Aadhaar number with PAN as required under section 139AA(2) read with Rule 114AAA, should compulsorily link the same by March 31, 2022. If, as required under the law, any PAN is found to have not been linked with Aadhaar by March 31, 2022 then such a PAN will be inoperative and Tax would be deducted at a higher rate under section 206AA of the Act.
Updating of Bank Account:
Shareholders holding shares in demat mode are requested to ensure that their bank account details are updated with their respective demat accounts, to enable the Company to make timely credit of dividends in their respective bank accounts.
In case of any query you reach out to us by sending an email at email@example.com or firstname.lastname@example.org or contact Mr. P Muralidharan, Joint Manager, Cameo Corporate Services Limited at +91 44 28460718.
Unclaimed Dividend as March 31 of every year
Details of Unclaimed dividend in Form IEPF-2, as required by the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, for the all unclaimed dividend accounts are provided herein below:
Claim of shares and/or unclaimed Dividend from IEPF
Any person whose shares, unclaimed dividend, etc., has been transferred to IEPF, may claim the same from the IEPF Authority by submitting an online application in Form IEPF - 5 available on the website of Investor Education and Protection Fund at www.iepf.gov.in/IEPF/corporates.html