Mach Conferences & Events Limited Announces Rs. 1.00 Per Share Dividend
Mach Conferences & Events Limited (MCEL) has declared a dividend of Rs. 1.00 per ordinary equity share, representing a 10% return on the face value. The dividend is subject to shareholder approval at the upcoming Annual General Meeting on September 12. The record date is set for September 5. MCEL outlined TDS guidelines for resident and non-resident shareholders, with rates varying based on PAN validity and residency status. Shareholders must submit tax exemption documents by September 5. The company emphasizes the importance of updated shareholder details for proper tax compliance.
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Mach Conferences & Events Limited (MCEL) has announced a dividend of Rs. 1.00 per ordinary equity share, subject to shareholder approval. The company's Board of Directors has recommended this dividend, which represents a 10% return on the face value of Rs. 10.00 per share.
Key Details of the Dividend Announcement
- Dividend Amount: Rs. 1.00 per ordinary equity share
- Record Date: September 5
- Annual General Meeting: Scheduled for September 12
- Shareholder Approval: Required at the 21st Annual General Meeting
Tax Implications for Shareholders
Following the changes introduced by the Finance Act 2020, dividend income is now taxable in the hands of shareholders. As a result, MCEL is required to deduct tax at source (TDS) on dividend payments. The company has outlined the following TDS guidelines:
For Resident Shareholders:
- 10% TDS for shareholders with valid PAN
- 20% TDS for shareholders without valid PAN or unlinked Aadhaar
- Exemption from TDS for resident individuals receiving dividends below Rs. 10,000
For Non-Resident Shareholders:
- 20% TDS plus applicable surcharge and cess
- Potential benefits available under Double Taxation Avoidance Agreements (DTAA)
Important Dates and Documentation
Shareholders are advised to submit all relevant documents for tax exemptions by September 5. The company has emphasized that no requests for changes or updates will be accepted after this date.
Shareholder Communication
MCEL has sent detailed communications to shareholders whose email addresses are registered with the company or its Registrar and Share Transfer Agent, Skyline Financial Services Private Limited. This communication outlines the process and documentation required for claiming tax exemptions on dividends.
Company's Stance on Tax Compliance
Yashashvi Srivastava, Company Secretary & Compliance Officer of MCEL, stated in the LODR filing, "We request all shareholders to ensure that their details, including PAN, residential status, and category, are updated in their respective demat accounts maintained with Depository Participants."
The company has also advised shareholders to independently verify their eligibility for claiming DTAA benefits and to consult with qualified tax professionals for specific tax matters.
This dividend announcement demonstrates MCEL's commitment to delivering value to its shareholders while ensuring compliance with the latest tax regulations. Shareholders are encouraged to review the detailed guidelines provided by the company and take necessary actions to ensure proper tax treatment of their dividend income.
Historical Stock Returns for Mach Conferences & Events
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.50% | -1.22% | -2.99% | -33.35% | -56.01% | -56.01% |
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