Draft specimen of a board resolution recommending payment of dividend on equity shares out of current profits of JAK Ltd., a company which is in existence for more than ten years. Assume facts and figures.

SPECIMEN OF BOARD RESOLUTION RECOMMENDING PAYMENT OF DIVIDEND ON EQUITY SHARES OUT OF CURRENT PROFITS 'RESOLVED THAT in accordance with the provisions of Section 123 and other applicable provisions, if any, of the Companies Act, 2013 and the Companies (Declaration and Payment of Dividend) Rules, 2014, the Board of directors of the company do hereby recommend a dividend at the rate of ₹[Insert Rate, e.g., 2] per equity share out of the current profits of the company for the year ended on 31st March 2019 on the [Insert Number, e.g., 1,00,000] fully paid equity shares of the company absorbing ₹[Insert Amount, e.g., 2,00,000] out of the profits of the year and that, subject to the declaration by the members of the company at the ensuing annual general meeting, such dividend be paid to the registered holders of the equity shares whose names would appear on the register of members on [Insert Date, e.g., 15th October] 2019.'