Plz answer the following queries
1.Can shareholders pass resolution in AGM to declare dividend higher or lesser than recommendation of board?
2. As per exemption to govt company vide notification 463E dated 5.4.15 from rule 3 of companies (dividend payments and declaration )rules r.w. 2nd proviso to sec 123(1) ,Can Government company declare dividend out of accumulated profits when current year profits are not sufficient? How it shall be interpreted? That as per exemption, government co. need not to fulfill conditions of rule 3 or to government co. Rule 3 does not apply, hence cannot declare dividend in such case

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