R Company Ltd. incorporated on 16th December, 2020. The Company adopted its first financial year as from 16th December, 2020 to 31st March, 2021. The profit and loss account prepared in accordance with the Schedule III o

According to Section 127 of the Companies Act, 2013 where a dividend has been declared by a company but has not been paid or the warrant in respect thereof has not been posted within thirty days from the date of declaration to any shareholder entitled to the payment of the dividend, every director of the company shall, if he is knowingly a party to the default, be punishable with imprisonment which may extend to two years and with fine which shall not be less than one thousand rupees for every every day during which such default continues and the company shall also be liable to pay simple interest at the rate of eighteen per cent per annum during the period for such default continues.