Companies Act 2017: cash dividend to be paid electronically

All cash dividends will only be paid electronically to shareholder's account with effect from November 1, 2017. The provision of Section 242 of Companies Act 2017 states that any dividend payable in cash shall only be paid through electronic mode directly into the bank account designated by the shareholder. For this purpose insertion of IBAN in the details of shareholder bank account number has been made mandatory.