Peejay Ltd. is a listed company. It declared 10% dividend in the AGM held on 30th September, 2015 for the financial year 2014-15. Indicate the: (a) Time limit for payment of dividend; and (b) Circumstances when Peejay Lt

(a) Peejay Ltd. should pay the dividend to the registered share holders under section 123 of the Companies Act, 2013 within thirty days from the date of Declaration of Dividend. (b) In the following circumstances, Peejay Ltd, will not be deemed to have committed any default even if it does not pay the dividend within the prescribed period which are as follows: where the dividend could not be paid by reason of the operation of any law; where a shareholder has given directions to the company regarding the payment of the dividend and those directions cannot be complied with and the same has been communicated to him; where there is a dispute regarding the right to receive the dividend; where the dividend has been lawfully adjusted by the company against any sum due to it from the shareholder; or where, for any other reason, the failure to pay the dividend or to post the warrant within the period under this section was not due to any default on the part of the company.