Financial Daily from THE HINDU group of publications
Friday, Mar 08, 2002
Financial Daily from THE HINDU group of publications Friday, Mar 08, 2002 |
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Industry & Economy
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Industry Associations Corporate - Trends Interim pay-out: FICCI seeks one-time waiver Our Bureau
NEW DELHI, March 7 THE Federation of Indian Chambers of Commerce and Industry (FICCI) today joined the bandwagon of other industry bodies, seeking one-time relaxation on allowing companies to declare interim dividends. SEBI had on Wednesday issued a directive to all stock exchanges not to relax the mandatory notice period of 30 days for fixing the record date for declaring interim dividends. SEBI's directive was based on an advisory sent by the Finance Ministry. In a stance which appeared to be less aggressive than that of CII, FICCI refrained from faulting the Government for issuing such a directive and instead pleaded that SEBI grant a one-time waiver. "The relaxation which the companies have sought is in the overall interest of investors. Any restriction now on declaring interim dividend would hurt investor interest. While the directive to follow rules strictly cannot be faulted, the circumstances leading to the current scenario also need to be sympathetically considered,'' the chamber had said.
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