India, March 25 -- The Government of India has issued a release:
As per the bye-laws of National Co-operative Exports Limited (NCEL), there is a provision to distribute dividend to its members out of the net profit of the Society. Clause 55(2)(a) of the Bye laws provides that, after mandatory statutory appropriations, the Society may pay dividend to members on the face value of their paid-up share capital at a rate up to 20%, as recommended by the Board and approved by the General Body. Further, clause 58 lays down the manner of dividend payment, eligibility, and handling of unpaid dividends.
Bharatiya Beej Sahakari Samiti Limited (BBSSL) provides benefits in addition to dividends to its member cooperative societies as under:
1. Payment ...