Discuss: Whether non-declaration of dividend can be termed as an oppressive conduct?

In Mr. Vasudev P Hanji & Others v. Ashok Ironworks Pvt. Ltd. (2008, 145 Comp. Cases 717) , and in the case of Jaladhar Chakraborty & Ors. v. Power Tools and Appliances Co. Ltd. (1994, 79 Comp. Cases 505) , it was held that "declaration of dividend is left to the collective decision of the Board and its non-declaration cannot be termed to be an oppressive conduct". Therefore, in view of the above, it can be said that non-declaration of dividend, by itself, cannot be termed as an oppressive conduct. The decision to declare or not declare a dividend is a business decision of the Board of Directors. For it to be considered oppressive, there would typically need to be evidence of mala fide intent or a deliberate scheme to prejudice minority shareholders, rather than just a business decision based on profitability or reinvestment needs.