Companies announce interim dividend to save additional DDT

Mumbai, Mar 5 (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 March 31, in an attempt to save on the additional dividend distribution tax (DDT) which will come into effect from April 1 as announced in the Union Budget 2007-08 recently.

Suzlon Energy, NEPC Textiles, Apollo Tyres, Rolta India, BSEL Infrastructure, Asian Paints, 3i Infotech, Bank of Baroda, Balaji Telefilms, Bombay Dyeing, Orchid Chemicals, S Kumars, GE Shipping, TV 18, Mahindra&Mahindra, Blue Dart Express, JSW Steel, ICICI Bank and Syndicate Bank were some of the companies that went for it today. The boards of all these companies have already decided to give interim dividend to their employees and conveyed it to the Bombay Stock Exchange (BSE).

Reliance Industries Ltd (RIL) was among the companies that went for it on Friday.

The initiative is not restricted to private companies, as even the public sector National Aluminium Company Ltd (NALCO) is all set to consider second interim dividend and a meeting of the Board of Directors of the company will be held on 9th of the month, to consider the proposal of payment of second interim dividend for the current fiscal.

UNI