{"id":5486,"date":"2025-01-10T19:47:08","date_gmt":"2025-01-10T14:17:08","guid":{"rendered":"https:\/\/indianlawsociety.com\/?p=5486"},"modified":"2025-01-14T00:11:32","modified_gmt":"2025-01-13T18:41:32","slug":"the-preference-shares-regulation-of-dividends-act-1960","status":"publish","type":"post","link":"https:\/\/karma.law\/insights\/ministry-of-corporate-affairs\/the-preference-shares-regulation-of-dividends-act-1960\/","title":{"rendered":"The Preference Shares (Regulation of Dividends) Act, 1960"},"content":{"rendered":"\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button cs-button-animated\" href=\"https:\/\/www.indiacode.nic.in\/handle\/123456789\/1572?view_type=browse\" target=\"_blank\" rel=\"noreferrer noopener\"><span><span>Download Act<\/span><span>Download Act<\/span><\/span><\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>Ministry of Corporate Affairs<\/p><\/blockquote><\/figure>\n\n\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><span class=\"ng-star-inserted\">The Preference Shares (Regulation of Dividends) Act, 1960 is an Indian legislation designed to regulate the payment of dividends on preference shares issued by companies. The primary aim of the Act is to protect the interests of preference shareholders by ensuring that they receive a fair share of the profits and to provide clarity on the distribution of profits. It addresses complexities related to income tax and dividend payouts, making it important for understanding corporate finance.<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Act Background and Ministry:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><span class=\"ng-star-inserted\">The Preference Shares (Regulation of Dividends) Act, 1960 is a central act and is administered by the Ministry of Corporate Affairs, and relevant courts under Indian legal system.<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Enactment Date, Number of Chapters, Number of Sections:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><span class=\"ng-star-inserted\">The Act was enacted on 28th December 1960. It has 7 sections and one schedule, and it has no formal chapters.<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Act Governed By:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><span class=\"ng-star-inserted\">The Act is governed by the Indian legal system. It has an overriding effect over other laws.<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">On Whom it is applicable:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><span class=\"ng-star-inserted\">The Act applies to all Indian companies that have issued preference shares. It is applicable throughout India except for the State of Jammu and Kashmir, with some exceptions for banking, insurance, and financial corporations. The Union territory of Pondicherry has certain specific modifications of the Act as per the schedule of the act.<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Penalties\/Punishments:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><span class=\"ng-star-inserted\">This act does not prescribe any specific penalties or punishments for contravention of its provisions. However, it does outline regulations that the companies must follow, to ensure that preference shareholders receive proper share of dividends.<\/span><\/p>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Important Pointers:<\/span><\/strong><\/p>\n<ul class=\"ng-star-inserted\" style=\"text-align: justify;\">\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Regulation of Dividends:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0The Act provides specific rules for dividend distribution on preference shares, especially shares issued before 1st April 1960.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Stipulated Dividend:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0The Act regulates dividends on the basis of a stipulated dividend &#8211; a preferential right to be paid a fixed amount or calculated at a fixed rate.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Free of Income Tax:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0The Act governs the distribution of dividends that are free of income tax and the mechanism for increasing the stipulated dividend by 30% for such cases, for dividends that are declared post 1960.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Subject to Income Tax:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0For preference shares where dividends are specified to be subject to income tax, the Act states that such shares will carry preferential rights to receive dividend in an amount exceeding the stipulated dividend by 11%.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Previous Year Declarations:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0If a company declares dividends for a previous year, there are rules specified for additional dividends to be paid, which depends on date and when the company declared the said dividend.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Special Provisions:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0The act provides special rules for cases where portion of company\u2019s profits are exempt from income tax. The act specifies rules for cases where a portion of the income is agricultural in nature.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Deduction of Income Tax:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0The act specifies that deductions made for income tax should not exceed 27.5% of aggregate amounts of stipulated dividends and an additional 11%, as applicable for specified shares issued before 1st April 1960.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Overriding Effect:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0The provisions of this Act override any other conflicting laws or clauses in companies\u2019 constitutions.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Participating Preference Shares:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0This Act does not apply to participating preference shares which have a right to participate in the profits and share of a company\u2019s assets.<\/span><\/p>\n<\/li>\n<li class=\"ng-star-inserted\">\n<p class=\"ng-star-inserted\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Power to Make Rules:<\/span><\/strong><span class=\"ng-star-inserted\">\u00a0The Act empowers the Central Government to make rules to ensure the effective implementation of the act.<\/span><\/p>\n<\/li>\n<\/ul>\n<p class=\"ng-star-inserted\" style=\"text-align: justify;\"><strong class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Act Copy:<\/span><\/strong><\/p>\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/karma.law\/insights\/wp-content\/uploads\/2025\/01\/The-Preference-Shares-Regulation-of-Dividends-Act-1960.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of The Preference Shares (Regulation of Dividends) Act, 1960.\"><\/object><a id=\"wp-block-file--media-9781c760-580c-45a7-a60b-325df2379ca3\" href=\"https:\/\/karma.law\/insights\/wp-content\/uploads\/2025\/01\/The-Preference-Shares-Regulation-of-Dividends-Act-1960.pdf\">The Preference Shares (Regulation of Dividends) Act, 1960<\/a><a href=\"https:\/\/karma.law\/insights\/wp-content\/uploads\/2025\/01\/The-Preference-Shares-Regulation-of-Dividends-Act-1960.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-9781c760-580c-45a7-a60b-325df2379ca3\">Download<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"Understand the Preference Shares (Regulation of Dividends) Act of 1960, its key provisions, dividend regulations, and how they apply to various companies in India.","protected":false},"author":1,"featured_media":5755,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[932],"tags":[2706,841,2720,2718,2722,532,2717,2719],"class_list":{"0":"post-5486","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ministry-of-corporate-affairs","8":"tag-company-law","9":"tag-corporate-law","10":"tag-dividend-distribution","11":"tag-dividend-regulation","12":"tag-income-tax","13":"tag-indian-law","14":"tag-preference-shares-act","15":"tag-shareholder-rights","16":"cs-entry","17":"cs-video-wrap"},"yoast_head":"<!-- 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