Transfer to Reserves Section 123 Of Companies Act 2013 || Registerkaro.in
Before declaring dividends, companies must transfer a certain percentage of their profits to a reserve fund. This provision aims to strengthen the financial position of the company by setting aside funds for future contingencies and investments. The specific percentage to be transferred to reserves is determined by the company's Articles of Association. Section 123 allows companies to declare interim dividends during any financial year before the adoption of the financial statements at the company's annual general meeting (AGM). However, such dividends must be declared out of profits earned during the financial year in which the dividend is declared or out of the profits of the preceding financial year.
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