The company informed that accordingly, effective 1st July 2020, MPCL has been allowed to declare and distribute dividends in accordance with the provisions of the Companies Act 2017 (as amended from time time) and the Companies (Distribution of Dividends) Regulations, 2017.
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Just days ago, ECC of the Cabinet made this decision of removal of dividend cap to ensure that the divestment transaction generates optimum sale proceeds for the government.
The blocks have been awarded after competitive bidding, on the basis of work units committed by different E&P Companies in the Block Bidding Round 2020 arranged by the Government.
The acquisition is subject to the detailed due diligence of these projects, completion of procedural formalities, and requite approvals from MPCL Board of Directors and relevant Regulatory Authorities.