Corporate and Other LawsQuestion 5360 of 221
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9. Yogesh, one of the shareholders deposits in advance the remaining amount due on his shares without any calls made by NCL. NCL declared dividend during the year.

Options

AYogesh is not entitled to any dividend in respect of call money paid in advance.
BYogesh is entitled to proportionate dividend in respect of call money paid in advance, if authorized by a Board Resolution.
CYogesh is entitled to proportionate dividend in respect of call money paid in advance, if authorized by an Ordinary Resolution in a general meeting.
DYogesh is entitled to proportionate dividend in respect of call money paid in advance, if authorized by Articles of Association.
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Correct Answer

✅ Option A — Yogesh is not entitled to any dividend in respect of call money paid in advance.

All Options:

  • AYogesh is not entitled to any dividend in respect of call money paid in advance. ✓
  • BYogesh is entitled to proportionate dividend in respect of call money paid in advance, if authorized by a Board Resolution.
  • CYogesh is entitled to proportionate dividend in respect of call money paid in advance, if authorized by an Ordinary Resolution in a general meeting.
  • DYogesh is entitled to proportionate dividend in respect of call money paid in advance, if authorized by Articles of Association.

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Detailed Solution & Explanation

Under Section 50(1) of the Companies Act, 2013, a company may, if so authorised by its articles, accept from any member, the whole or a part of the amount remaining unpaid on any shares held by him, even if no part of that amount has been called up.
Under Section 50(2), a member who has paid calls in advance is not entitled to any voting rights in respect of the advance money.
Regarding dividends, Section 51 states that a company may pay dividend in proportion to the amount paid-up on each share if authorized by its articles.
Under Table F of Schedule I to the Companies Act, 2013 (Clause 83), a member is not entitled to dividend on calls paid in advance unless the articles otherwise provide.
Since NCL's Articles of Association only authorize the acceptance of calls in advance but do not specifically authorize the payment of dividend on such advance payments, Yogesh is not entitled to any dividend on the advance amount.
Hence, **Option A** is the correct answer.

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