RIL & few others to give interim div' to save on high-DDT

Mumbai, Mar 2 (UNI) Most domestic corporates have decided to shell out dividends for the current fiscal (2006-07) in the garb of interim dividend on or before this month-end, so as to save on the additional Dividend Distribution Tax(DDT) which will come into effect from April 01, 2007 as announced in the Union Budget proposals of 2007-08.

To start with, Reliance Industries Ltd(RIL), India's largest private sector company today informed Bombay Stock Exchange that it will convene Board meeting on March 10, 2007 to consider declaration of Interim Dividend on equity shares of the Company. It has fixed March 22 as the Record Date for payment of interim dividend.

Not to be left behind in this initiative, as Sun Pharmaceutical Industries Ltd will also hold the meeting of the Board of Directors of the Company on March 10 to consider payment of Interim Dividend on outstanding Preference Shares of Re 1 each and on Equity Shares of Rs 5 each for the year ending March 31, 2007. It has fixed March 16, 2007 as the record date for payment of the Interim Dividend.

Ultramarine&Pigments Ltd has informed BSE about holding a board meeting on March 16 for the same purpose, to consider the declaration of Interim Dividend for the year 2006-2007.

This initiative is not restricted to private companies, as even the public sector National Aluminium Company Ltd (NALCO) is all set to consider 2nd interim dividend and the company's Board of Directors meeting will be held on March 09 to consider the proposal of Payment of 2nd Interim Dividend for the Financial Year 2006-07.

Speculation is rife in the market, that many other companies such as ONGC, GAIL and some more leading companies may consider giving dividend for the current fiscal within this month itself.

UNI