2016 liquidating dividend aspx id


05-Jan-2020 09:56

In any case, once a borrower is reported to be in default by any of the lenders mentioned at 3(a), 3(b) and 3(c), lenders shall undertake a prima facie review of the borrower account within thirty days from such default (“”).

During this Review Period of thirty days, lenders may decide on the resolution strategy, including the nature of the RP, the approach for implementation of the RP, etc.

Asset classification in respect of such borrower shall continue be governed by the extant asset classification norms. If the restructured asset fails to perform satisfactorily during the monitoring period or does not qualify for upgradation at the end of the monitoring period, the additional finance shall be placed in the same asset classification category as the restructured debt. Similarly, any interim finance [as defined in section 5 (15) of the IBC] extended by the lenders to debtors undergoing insolvency proceedings under IBC may be treated as ‘standard asset’ during the insolvency resolution process period as defined in the IBC. An act of restructuring might create new securities issued by the borrower which would be held by the lenders in lieu of a portion of the pre-restructured exposure.

During this period, asset classification and provisioning for the interim finance shall be governed by the Master Circular – Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated July 1, 2015 (amended from time to time). Interest income in respect of restructured accounts classified as 'standard assets' may be recognized on accrual basis and that in respect of the restructured accounts classified as 'non-performing assets' shall be recognised on cash basis. In the case of additional finance in accounts where the pre-restructuring facilities were classified as NPA, the interest income shall be recognised only on cash basis except when the restructuring is accompanied by a change in ownership. The FITL / debt / equity instruments created by conversion of principal / unpaid interest, as the case may be, shall be placed in the same asset classification category in which the restructured advance has been classified. The provisioning applicable to such instruments shall be the higher of: acquired by the lenders as part of a RP shall be valued as under: (a) Debentures/bonds shall be valued as per the instructions compiled at paragraph 3.7.1 of the Master Circular - Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks dated July 1, 2015 (as amended from time to time).

Dividends received by individuals from South African companies are generally exempt from income tax, but dividends tax at a rate of 20% is withheld by the entities paying the dividends to the individuals. Most foreign dividends received by individuals from foreign companies (shareholding of less than 10% in the foreign company) are taxable at a maximum effective rate of 20% via the normal tax system (not dividends tax).

No deductions are allowed for expenditure incurred to produce foreign dividends.

This additional provision, along with other additional provisions, may be reversed as per the norms laid down at paragraph 21 of the covering circular. Provisions held on restructured assets may be reversed when the accounts are upgraded to standard category. Any default by the borrower in any of the credit facilities with any of the lenders (including any lender where the borrower is not in ) subsequent to upgrade in asset classification as above but before the end of the specified period, will require a fresh RP to be implemented within the above timelines as any default would entail.- Foreign interest and foreign dividends are only exempt up to R3 700 out of the total exemption.From 1 March 2015 (2016 tax year), a final withholding tax at a rate of 15% will be charged on interest from a South African source payable to non-residents. common shareholders received a distribution of one share of Brighthouse Financial, Inc.

New York City time on the July 19, 2017 record date.The lenders may also choose to initiate legal proceedings for insolvency or recovery. In cases where RP is to be implemented, all lenders shall enter into an inter-creditor agreement (ICA), during the above-said Review Period, to provide for ground rules for finalisation and implementation of the RP in respect of borrowers with credit facilities from more than one lender.



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