Sino Grandness

[specuvestor]

Yes of course i will be asking about both New Toyo and Sino Grand to understand better where is the technicality specifically to S403, maybe ACRA as well as SGX. Hope ill get an answer that will be enlightening as I am naturally inquisitive

http://www.fool.com/knowledge-center/201...arnin.aspx
Basics...

http://www.singaporelaw.sg/sglaw/laws-of...chapter-16
16.6.6 on dividends and 16.6.8 on capital reduction

http://www.financierworldwide.com/return...znubNoaySM
"In terms of current year profits, a company is not required to apply its current year profits to offset any accumulated losses from past years and may distribute such profits as dividends."

http://www.sid.org.sg/web_publications/a..._detail/58
"There is still some uncertainty surrounding the precise legal definition of “profits” for the purpose of this rule. This is notwithstanding that the Company Legislation and Regulatory Framework Committee had recommended that dividend distributions should only be permitted where the company has accumulated realised gains in accordance with prescribed accounting standards. Whatever the case, it is extremely unlikely for a court to be persuaded that an insolvent company would have distributable profits. On the contrary, the court in Chip Thye Enterprises Pte Ltd (in liquidation) v Phay Gi Mo and Others held that directors who allow the payment of dividends where there is no available profits are in breach of both their fiduciary duties to the company and section 403 of the Companies Act, neither of which are dependent on the solvency of the company. It is thus pertinent for directors to obtain proper confirmation from their auditors that the company does have distributable profits prior to paying out any dividends. Clearly, a conservative approach towards the definition of “profits” for this purpose would be prudent"