T his Dividend Distribution Policy of Generation Next Fashions Limited is framed and approved by Board of Directors of the company in compliance with Bangladesh Securities and Exchange Commission's Directive No. BSEC/CMRRCD/2021-386/3- dated, 14 January 2021.
The Policy is aimed to set out the criteria and parameters, which the board of directors of the company shall take into consideration at the time of recommendation for dividend.
The Board of Directors may declare interim dividend and recommend final dividend complying the Companies Act, 1994; provisions of all Rules, Regulations, Notifications, Orders, Guidelines, etc. in force or to be enforced and issued or to be issued from time to time by Regulatory Authorities.
For fixing the dividend payout ratio, the Board needs to consider the operating results of the company and the Shareholders return as well. Dividend should be paid out of Divisible profit of the company. If the eligibility criteria for recommendation of dividend has not been met by the company or any threshold has been fixed by the Regulators or any restriction has been imposed by the Regulatory Authorities; the Board of Directors of the company may recommend dividend within the threshold or may not recommend any dividend according to restrictions.
The company shall notify the Exchange and the Commission in advance the date and time of its board of directors'meeting specially called for consideration/adoption of its quarterly financial statements and for declaration of any entitlement (interim dividend) for the shareholders before 3 (three) working days of holding such meeting: Provided that no stock/bonus entitlement shall be declared as interim dividend and Provided that the decision about recommending dividend and entitlement for such dividend cannot be changed.
The company shall notify the Exchange and the Commission in advance the date and time of its board of directors' meeting specially called for consideration/adoption of its annual audited financial statements and for declaration of any entitlement for the shareholders before 7 (seven) days of holding such meeting. The Board of Directors while considering/adopting annual audited financial statements shall, in the same Board of Directors' meeting also fix the date of the relevant annual general meeting and take specific decisions with regard to (a) recommending or not recommending dividend for the shareholders on the basis of said financial statements; and (b) the shareholders who shall be entitled to such dividend, if recommended: Provided that the decision about recommending or not recommending dividend and entitlement for such dividend, if recommended, cannot be changed prior to holding of the annual general meeting and no dividend shall be paid other than out of profits of the year or any other undistributed profits. Dividend is required to approve by the shareholders at an Annual General Meeting (AGM) on the basis of recommendation of the Board. All requisite approvals and clearances, where necessary as applicable, are obtained before recommendation and approval of dividend.
Only the shareholders of the company whose names appear in the depository register maintained with Central Depository Bangladesh Ltd and or members register of the company. on the record date fixed by the company shall be entitled to receive the dividend.
The company should maintain detailed information of Beneficiary Owners (BO) account, bank account, mobile phone number, email and address of the shareholder as maintained with the Depository Participants (DP) by itself or by appointing an agent for the purpose of proper distribution of dividend. This information shall be kept confidential.nnual Dividend shall be paid off within 30 days from the date of its declaration in the Annual General Meeting or General Meeting of the company, as the case may be; and Interim Dividend shall be paid off within 30 days of record date. Provided, however, that the period of 30 days shall not apply in case where- (i) there is a dispute regarding to right to receipt the payment; or (ii) the dividend has been fully adjusted by the company against any sum due to it from the shareholders; or (iii) there is any restraint order by any court of law.