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August 2024

From Published Accounts

By Himanshu Kishnadwala, Chartered Accountant
Reading Time 10 mins

COMPILERS’ NOTE

The Companies Act, 2013 does not require any mandatory transfer to Reserves based on quantum of dividend declared by a company. Companies may now want to utilise such Reserves (created based on provisions of the earlier Companies Act, 1956) for payment of dividend or other purposes. Given below are instances of two companies who have obtained the approval of the National Company Law Tribunal (NCLT) or have filed an application for the same for such transfer from General Reserve to Retained Earnings.

NESTLE INDIA LIMITED (15 MONTHS ENDED 31ST MARCH, 2024)

Disclosures for Scheme of Arrangement in Standalone Financial Statements:

A) From Director’s Report

Scheme of Arrangement

The Board of Directors, at its meeting held on 28th July, 2021, had approved the Scheme of Arrangement between the Company and its members under Section 230 of the Companies Act, 2013 as amended (“the Act”) read with other applicable provisions of the Act and Rules made thereunder (“the Scheme”), which envisaged transfer of the entire balance of ₹8,374.3 million standing to the credit of the Gene

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