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Saturday, Apr 06, 2002

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HLL not to abandon bonus debentures

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MUMBAI, April 5

HINDUSTAN Lever Ltd (HLL) today said it had no plans to abandon the proposal to issue bonus debentures.

There were reports that HLL's issue of bonus debentures could be impacted because of the proposal of Finance Bill 2002 to tax dividends.

"It is important to have clarity on deduction of tax on dividends since bonus debentures are construed for tax purposes as deemed dividend and need to be taxed accordingly,'' HLL said in a statement.

If a material change were required in the scheme due to changes in tax laws or otherwise, then the company would go back to the shareholders to seek their approval, the release said.

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