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Hindustan Lever puts off AGM to June 26

Our Bureau

MUMBAI, April 19

HINDUSTAN Lever Ltd has postponed its annual general meeting to June 26 from its earlier planned date of May 10 primarily to allow for the passing of the Finance Bill 2002-2003.

HLL said it was postponing its AGM to enable it to place the resolution for amending the scheme of issue of bonus debentures if the need were to arise.

"There is a proposal in the Finance Bill to withdraw the dividend distribution tax payable by the companies on the dividend distributed by them and to make the dividend fully taxable in the hands of the shareholders,'' HLL said in a notice to the Bombay Stock Exchange. If this proposal were approved by Parliament it would have significant impact on the company's proposed scheme of issue of bonus debentures as far as taxability of bonus debentures in the hands of shareholders was concerned, HLL said. "However, until the position on taxability of dividend income is finally known, the company would not be in a position to take further steps with regard to the scheme. Depending upon the final position on taxability of dividend, the company may have to modify the scheme and approach the members for the requisite approval at the aforesaid AGM."

Earlier, it had recommended a final dividend of Rs 2.50 per share of Re 1 to the members. Accordingly, the final dividend as approved by the members at the aforesaid meeting will be payable on or after June 28.

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