Dividend Distribution Policy Disclosure a Status Check

Dividend Distribution Policy Disclosure A Status Check

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Dividend Distribution Policy Disclosure A Status Check 2018

EXECUTIVE SUMMARY

• Like many other regulations compliance status of Regulation relating to disclosure of Dividend Distribution Policy (DDP) has been good if not excellent. • Data analyzed by SES, once again reveals a sad story that while compliance level is good, its usefulness is limited as compliance is on technical level but not in the spirit of the law. • Such disdain for law makes regulators job rather difficult as it not only requires monitoring but also enforcement. • SES is of the opinion that regulator SEBI needs to pull up few companies to ensure that compliance is in spirit of law. • It seems that India Inc is unwilling to give up its love for Rule based regulation and go for principle-based regulation. SES would urge all those proponents of principle-based regulations regime to urge India Inc to learn to follow regulations in spirit rather than in letter, else failures would never allow us to reach to principle based regulation regime. SES itself is a votary of principle based regulations, but feels that India Inc lets us down and defeats their own case and harm all stakeholders.

INTRODUCTION

Distribution of dividend is entirely the prerogative of the Board of Directors of a company. While law requires final dividend to be approved by the shareholders at AGM, there is no legal requirement to have interim dividend approved by the shareholders. Therefore, it can be said that effectively, shareholders do not have any say in the distribution of dividend. What is the amount of dividend that a company pays, or shareholders can expect, is one of the important factor amongst host of other factors for investment decision. Can shareholder rely on past dividend distribution to guide them for future dividend? Will it be a reliable parameter? In the opinion of SES, future dividend payment cannot be based on past payment alone. Even if the same is done, it will vary according to assumption or expectation of individual investor based on personal opinion. Should such an important factor, which impacts valuation of listed shares be allowed to be based on individuals hope and expectations? Answer is; certainly not in an advanced capital market. There must be a link between performance of company, its investment plans and dividend distribution. There is no one better than the Board of a company to have a full view and decide payment of dividend. However, the Board cannot function in vacuum with whim and fancy, their decisions need to be governed by and must be in line with declared policy. While in other developed economies Dividend Policy has been in vogue for long, in India it was almost unknown till recently, barring few exceptions. To fill the gap and bring Indian disclosures at par with international best practices, Securities and Exchange Board of India (SEBI) amended, SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015 by inserting a new Regulation 43A relating to Dividend Distribution Policy (DDP) w.e.f. 8th July, 2016. This mandated dividend distribution policy to be disclosed in the annual report of the company or on the company’s website for dissemination to the investors at large enabling them to take informed investment decisions. Though the parameters mandated by SEBI could still be viewed as wide enough and giving powers to the Board to define the dividend distribution policy widely, it is a step in the right direction to hold the Board accountable in case of any irrational decision / deviations from the policy without any rationale. To begin with, SEBI had mandated only top 500 listed companies to disclose DDP, FY 2016-17 was first such year. This report is a status check on compliance of SEBI mandate. As usual, while the report finds that there is large scale compliance, yet again the compliance is in letter only and not in spirit, as most of the policies do not provide investors any meaningful information

Dividend Distribution Policy Disclosure A Status Check 2018

Regulation - 43A Dividend Distribution Policy - Link (1) The top five hundred listed entities based on market capitalization (calculated as on March 31 of every financial year) shall formulate a dividend distribution policy which shall be disclosed in their annual reports and on their websites. (2) The dividend distribution policy shall include the following parameters: (a) the circumstances under which the shareholders of the listed entities may or may not expect dividend; (b) the financial parameters that shall be considered while declaring dividend; (c) internal and external factors that shall be considered for declaration of dividend; (d) policy as to how the retained earnings shall be utilized; and (e) parameters that shall be adopted with regard to various classes of shares: Provided that if the listed entity proposes to declare dividend on the basis of parameters in addition to clauses (a) to (e) or proposes to change such additional parameters or the dividend distribution policy contained in any of the parameters, it shall disclose such changes along with the rationale for the same in its annual report and on its website. (3) The listed entities other than top five hundred listed entities based on market capitalization may disclose their dividend distribution policies on a voluntary basis in their annual reports and on their websites.

SES EXPERIENCE

During the Proxy Season 2017, SES has come across many cases of simple technical compliance of SEBI Regulations to disclose Dividend Distribution Policy (DDP). SES has feels that the many companies have misinterpreted the provisions of the law related to disclosures and have not provided adequate disclosures in the policy which the regulation has envisaged. This indicates that either the companies feel that their interpretation of law is correct, or it is case that they do not care about the law, for simple reason that there is no strict enforcement in past. SES is of the view that in the current scenario, where the government is acting strongly against violators of various laws, a day is not far off when action might be initiated against companies on this issue as well.

BSE 500 COMPANIES - D OES DISCLOSURES BY THESE COMPANIES SERVES THE OBJECTIVE –

Answer to the above question is No in majority of cases. Compliance is in letter, not in spirit.

This report mainly analyses data on DDP pertaining to BSE 500 companies in detail. In addition a brief analysis of additional 256 companies beyond BSE 500 has been done simply because data was available in house as these 256 companies were covered by SES in Proxy Season 2017, in addition to most of BSE 500 companies.

Data collected reveals that while most companies had disclosed their DDP on their website/ Annual Report as per the law, in majority of cases, the policy disclosed by the companies was just in technical compliance with the SEBI directive, without in any way helping the investors. Most of the policies disclosed are generic in nature and state all the available theory and parameters that are used for deciding payment of dividend without ascribing any value to threshold for payment or non- payment of dividend. SES understand that idea of market Regulator SEBI behind mandating Dividend Policy disclosure was to provide a tool in the hands of investors to estimate likely dividend based on available and disclosed financial performance and to question the management in case policy is not followed.

In present form of disclosures, in most cases the investor can neither estimate dividend nor can question the Board as any action of Board on dividend will be technically complying with policy. Such technical compliance and resulting disclosures about DDP are examples of investors being failed by Board of a Company despite Regulator’s best intention.

Note: Throughout this Report Rank is based on market cap as on 31st March’ 2017.

Dividend Distribution Policy Disclosure A Status Check 2018

TABLE # 1 COMPLIANCE STATUS OF BSE 500 COMPANIES % of Total (₹ in crore) Numbers Market Cap Out of 494 companies (ignoring merged or Market Cap delisted companies), only 445 companies, TOTAL 500 1,29,66,907 - reflecting 96.64% of total market cap of BSE Merged or delisted - Annex. 1 6 98,787* 0.76 500 companies have disclosed DDP, DDP Not disclosed – Annex. 2 49 3,36,506 2.60 however, out of this 445, only 129 Disclosed 445 1,25,31,615 96.64 companies’ which constitute 30% of total Disclosures in spirit of the Law market cap of BSE 500, are in compliance 129 38,79,030 29.91 Annex. 3 with spirit of law. Disclosures in technical compliance with the Law 316 86,52,585 66.73 Total 316 companies (66.73% of Market Cap Annex. 4 of BSE500) have disclosed DDP which *As per last available data explains all the theory about DDP but do no help investors in any manner to predict or calculate expected dividend based on performance and financial position of the Company. While close to 30% have given DDP in spirit of law, about 49 companies, which form about 10% of the sample by number, have not disclosed DDP, hence non-compliant with the law. While these companies by number are 10%, in terms of market cap they represent only 2.6% of market cap indicating most of these companies must be part of bottom half of the sample.

Table # 2 – Market cap distribution Non- Market Cap ₹. Crore Companies Disclosures In spirit SES has observed that almost 80% of cases disclosures of non-disclosures are companies having 2 lacs and above 12 12 0 3 market cap of ₹ 10,000 crore or lower. Between 2 lacs to 1 lacs 16 16 0 7 While non-compliance is seen to be Between 1 lacs to 50K 30 29 0 14 associated with low market cap or Between 50 K to 10 K 165 155 9 48 relatively lower rank, surprisingly < 10K 277 233 40 57 compliance in spirit, contrary to Total 500* 445 49 129 expectation, is also associated with low rank companies. Almost 45% of the companies which are compliant in spirit is in bottom half. In top 12 companies only 25% have complied in spirit of the law.

* Six Company Merged or delisted.

TABLE # 3 - TOP 10 MARKET CAP WISE – DISCLOSURES

Rank Company Disclosure In Spirit Out of top 10 companies (based on market cap), only 3 companies 1 Reliance Industries Yes No disclosures on DDP have been found useful to the shareholders. 2 TCS Yes No Extract of dividend distribution policy of Maruti Suzuki - 3 HDFC Bank Yes No “The Company would endeavour to keep the Dividend payout ratio, 4 ITC Yes No except for reasons to be recorded, within the range of 18 percent to 40 percent. The actual dividend for each year would be decided by the Board 5 H D F C Yes No taking into account the availability of cash, the profit level that year and 6 Hind. Unilever Yes No the requirements of capital investments.” 7 Maruti Suzuki Yes Yes Extract of dividend distribution policy of ONGC – 8 Infosys Yes No “Dividend pay-out ratio Dividend for every financial year shall be decided 9 O N G C Yes Yes by Board considering various statutory requirements, financial 10 State Bank of India Yes Yes performance of the company and other internal and external factors

Dividend Distribution Policy Disclosure A Status Check 2018

enumerated earlier in the policy. However, efforts will be made to maintain a dividend pay-out ratio (including Dividend Distribution tax) in the range of 40%-55% of net profit (PAT).”

Extract of dividend distribution policy of SBI –

“Circumstances under which the shareholders may or may not except dividend. The distribution of dividend is subject to compliance of the following conditions; i. Profit in the year under consideration, ii. CRAR >= 10.55% (11.325% (including CET1>= 7.825) from 31.03.2018 and 12.10% (including CET1>= 8.6) from 31.03.2019 iii. Net NPA less than 6% iv. Basel III compliance v. Tier 1 leverage ratio > 4%”

TABLE # 4 - BOTTOM 10 MARKET CAP WISE

Rank Company Disclosure In Spirit In the bottom 10 companies, only 6 companies have disclosed DDP but 491 Bajaj Hindusthan Yes No only 2 DDP are compliant in spirit. 492 Ramco Systems Yes Yes Extract of dividend distribution policy of Ramco System- 493 JBF Inds. No - “Taking the above parameters and criteria into account, the Company 494 Sintex Inds. Yes No shall strive to distribute at least 10% of its Post-Tax Profits as dividend including interim dividends in each financial year. The distribution shall 495 Responsive Ind. Yes No include dividends and tax on such dividends as per relevant 496 Religare Enterp. Yes Yes regulations.” 497 Gallantt Ispat No - Extract of dividend distribution policy of Religare Enterprises - 498 Ricoh India No - “Religare shall strive to distribute up to 30% of the recurring standalone 499 Videocon Inds. No - or consolidated Profit After Tax (PAT), whichever is lower, as dividend, 500 Standard Chartered PLC Yes No and accordingly, in years where the Company’s profit after tax is positive or is expected to be positive after considering the full year’s expenses, there will be a high likelihood of declaration and payment of dividend.”

TABLE 5 - TOP 10 (MARKET CAP WISE ) DDP COMPLIANCE I N TABLE 6 - BOTTOM 10 (MARKET CAP WISE ) DDP COMPLIANCE SPIRIT IN SPIRIT

Rank Company Rank Company Rank Company Rank Company 7 Maruti Suzuki 20 Wipro 454 Mahindra Life. 471 Future Enterp. 9 O N G C 23 Vedanta 456 Bank of Maha 478 Kewal Kir. Cloth. 10 St Bk of India 24 Tata Motors 462 United Bank (I) 482 Kitex Garments 15 I O C L 25 UltraTech Cem. 466 Wonderla Holiday 492 Ramco Systems 17 Hind.Zinc 28 IndusInd Bank 468 Texmaco Rail 496 Religare Enterp.

TABLE 7 - DDP COMP LIANT I N LAW (TOP 10 MARKET CAP 4 ITC 12 ICICI Bank WISE ), NOT IN SPIRIT 5 H D F C 13 Coal India

Rank Company Rank Company TABLE 8 – DDP C OMPLIANT I N LAW (BOTTOM 10 MARKE T CAP WISE ), NOT IN SPIRIT 1 Reliance Inds. 6 Hind. Unilever 2 TCS 8 Infosys Rank Company Rank Company 3 HDFC Bank 11 Kotak Mah. Bank 480 Mcleod Russel 488 Novartis India

Dividend Distribution Policy Disclosure A Status Check 2018

483 Hindustan Media 491 Bajaj Hindusthan 486 Siti Networks 495 Responsive Ind Standard Chartered 485 Praj Inds. 494 Sintex Inds. Kennametal India 487 500 PLC TABLE 10 - BOTTOM 10 MARKET WISE NON -C OMPLIANT – TABLE 9 - TOP 10 MA RKET CAP WISE NON -COMPLIANT – NO DDP D ISCLOSED NO DDP DISCLOSED

Rank Company name Rank Company name Rank Company Rank Company 66 NMDC 164 Bharat Financial 475 Nirlon 490 Jindal Poly Film 91 Shriram Trans. 176 Max Financial 477 Bombay Rayon 493 JBF Inds. 105 Rajesh Exports 182 Central Bank 481 Rattanindia Pow. 497 Gallantt Ispat 107 Punjab Natl. Bank 207 Escorts 484 BF Utilities 498 Ricoh India 137 Canara Bank 226 Sundaram Clayton 489 Marksans Pharma 499 Videocon Inds.

Voluntary compliance

Table 11 Companies SES in its analysis from its available data of 256 companies, which fall Not disclosed 205 outside the preview of BSE 500 index and which are not mandated to disclose DDP, found that a total of 51 companies i.e. almost 20% have Disclosed 51 voluntarily disclosed DDP although only 11 DDP are compliant in spirit as As per requirement in spirit 11 well. As per requirement in Law 40

The following 11 companies have disclosed DDP which is compliant with spirit of the law on voluntary basis. Companies Sudarshan Chem. BLS Internat. Polyplex Corpn ICICI Pru Life Ramco Inds. PNB Housing Precision Camsahfts Varun Beverages Future Retail Tube Investments RBL Bank

Dividend paying companies

SES further categorized data related to BSE 500 companies (Excluding 6 companies which were merged or delisted) with respect to dividend payment. Out of 494 companies, 406 companies had paid dividend.

DDP Disclosed DDP disclosure Out of this 406 companies, only 379 companies have Table 12 Companies Yes No in spirit disclosed DDP. Dividend paying 406 379 27 112 There are 88 companies which have not proposed or paid any dividend during FY 2016-17. Out of these non-dividends paying companies, 66 companies have also framed DDP.

Dividend Distribution Policy Disclosure A Status Check 2018

ANNEXURES

ANNEXURE 1 - DELISTED OR DEMERGE

Sr. No. Company Market Cap ₹ crore Sr. No. Company Market Cap ₹ crore 1 Cairn India Ltd 53,537 4 State Bank of Bikaner and Jaipur 5,398 2 Aditya Birla Nuvo Ltd 24,595 5 State Bank of Travancore 4,317 3 Advanta Ltd 8,024 6 State Bank of Mysore 2,911

ANNEXURE 2 – COMPANIES WHICH HAVE NOT DISCLOSED DDP

Rank Company Market Cap ₹ crore Rank Company Market Cap ₹ crore 66 NMDC 40,941 379 Suprajit Engg. 3,891 91 Shriram Trans. 30,277 388 J & K Bank 3,720 105 Rajesh Exports 24,711 392 I T D C 3,636 107 Punjab Natl.Bank 24,583 396 La Opala RG 3,588 137 Canara Bank 17,877 398 Team Lease Serv. 3,550 164 Bharat Financial 14,260 413 Star Ferro Cem. 3,116 176 Max Financial 13,305 420 PTC India 3,031 182 Central Bank 12,820 424 Reliance Nav.Eng 2,980 207 Escorts 10,921 437 Schneider Elect. 2,646 226 Sundaram Clayton 9,875 442 Ahluwalia Contr. 2,533 240 Union Bank (I) 9,015 447 Intellect Design 2,438 241 Phoenix Mills 8,811 460 8K Miles 2,254 271 J K Cements 7,078 472 Den Networks 2,004 275 OCL India 6,944 473 Kwality 2,001 307 C P C L 5,427 475 Nirlon 1,986 314 MMTC 5,220 477 Bombay Rayon 1,914 317 BEML Ltd 5,145 481 Rattanindia Pow. 1,769 332 UCO Bank 4,854 484 BF Utilities 1,659 344 Caplin Point Lab 4,450 489 Marksans Pharma 1,566 348 Vinati Organics 4,382 490 Jindal Poly Film 1,551 360 Techno Elec. 4,224 493 JBF Inds. 1,258 362 Allahabad Bank 4,217 497 Gallantt Ispat 848 371 Navin Fluo.Intl. 4,014 498 Ricoh India 769 373 HMT 4,004 499 Videocon Inds. 488 376 CCL Products 3,957

ANNEXURE – 3 COMPANIES WHICH HAVE DISCLOSED DDP AS PER REQUIREMENT OF LAW IN SPIRIT

Rank Company Market Cap Rank Company Market Cap

7 Maruti Suzuki 2,68,040 198 Aditya Bir. Fas. 11,734 9 O N G C 2,41,906 201 City Union Bank 11,531 10 St Bk of India 2,31,986 206 Engineers India 10,923 15 I O C L 1,84,160 211 Arvind Ltd 10,854

Dividend Distribution Policy Disclosure A Status Check 2018

17 Hind.Zinc 1,37,724 215 Tata Motors-DVR 10,569 20 Wipro 1,32,453 217 Alembic Pharma 10,448 23 Vedanta 1,22,463 222 V-Guard Inds. 10,211 24 Tata Motors 1,17,431 231 Delta Corp 9,301 25 UltraTech Cem. 1,14,061 234 Kajaria Ceramics 9,117 28 IndusInd Bank 1,00,810 246 I D F C 8,445 29 Bajaj Fin. 94,908 253 IRB Infra.Devl. 8,048 30 B P C L 93,137 255 TTK Prestige 8,017 31 M & M 90,598 257 NCC 7,889 32 Bajaj Auto 87,354 263 Future Lifestyle 7,678 34 Bajaj Finserv 80,472 267 Century Ply. 7,328 35 GAIL (India) 77,301 268 Can Fin Homes 7,208 36 Grasim Inds 75,754 269 Cyient 7,166 41 Yes Bank 74,202 278 Persistent Sys 6,838 45 Motherson Sumi 69,401 280 Hind.Copper 6,763 46 Bharti Infra. 64,209 282 Vijaya Bank 6,637 51 Dabur India 57,258 283 Carborundum Uni. 6,608 52 Bosch 57,041 285 Tata Elxsi 6,558 53 Hindalco Inds. 55,046 286 Welspun India 6,480 54 Zee Entertainmen 54,366 289 Syndicate Bank 6,373 71 Dr Reddy's Labs 37,088 296 Jain Irrigation 5,943 74 Petronet LNG 37,035 298 Raymond 5,863 75 Bharat Forge 36,765 303 I O B 5,577 77 Idea Cellular 36,480 310 K P R Mill Ltd 5,352 82 Bank of Baroda 32,719 319 Kirloskar Oil 5,122 86 Havells India 31,708 324 JK Lakshmi Cem. 4,994 90 Bajaj Holdings 30,361 327 Elgi Equipment 4,906 93 Rural Elec.Corp. 28,488 328 VST Inds. 4,898 96 NHPC Ltd 28,008 330 APL Apollo 4,887 98 Power Fin.Corpn. 27,787 336 Sadbhav Infra. 4,769 100 M & M Fin. Serv. 26,703 337 Shoppers St. 4,754 110 Page Industries 24,368 338 Welspun Corp 4,653 112 IIFL Holdings 24,050 368 Ashoka Buildcon 4,093 116 Torrent Pharma. 23,170 369 Triveni Turbine 4,031 117 Cholaman.Inv.&Fn 22,968 370 Andhra Bank 4,019 124 Balkrishna Inds 20,975 375 Multi Comm. Exc. 3,968 125 M R P L 20,900 377 Minda Corp 3,920 126 Voltas 20,143 380 Mahindra Holiday 3,884 129 IDBI Bank 19,713 382 Corporation Bank 3,831 131 Sundaram Finance 19,468 385 Magma Fincorp 3,781 132 Federal Bank 18,559 401 Oriental Bank 3,476 141 IDFC Bank 17,580 412 HSIL 3,158 144 Vakrangee 17,253 417 Apar Inds. 3,053 149 Motil.Oswal.Fin. 16,493 423 Granules India 3,005 150 Coromandel Inter 16,321 436 J B Chem & Pharm 2,646

Dividend Distribution Policy Disclosure A Status Check 2018

152 Indian Bank 15,898 439 Balmer Lawrie 2,637 155 Info Edg.(India) 15,507 443 Nilkamal Ltd 2,520 156 Glenmark Pharma. 15,344 444 Igarashi Motors 2,501 159 Supreme Inds. 15,081 445 T N Newsprint 2,488 163 SJVN 14,333 453 Dena Bank 2,324 165 Amara Raja Batt. 14,049 454 Mahindra Life. 2,324 167 CRISIL 13,819 456 Bank of Maha 2,311 169 Bank of India 13,776 462 United Bank (I) 2,210 172 AIA Engg. 13,514 466 Wonderla Holiday 2,122 181 KRBL 13,002 468 Texmaco Rail 2,089 183 Torrent Power 12,695 471 Future Enterp. 2,006 184 TI Financial 12,646 478 Kewal Kir.Cloth. 1,900 187 Symphony 12,493 482 Kitex Garments 1,744 188 JM Financial 12,378 492 Ramco Systems 1,403 189 Ajanta Pharma 12,342 496 Religare Enterp. 996

192 P I Inds. 12,081

ANNEXURE 4 – COMPANIES WHOM DISCLOSURES OF DDP COMPLY WITH LAW ONLY, NOT IN SPIRIT

Rank Company Market Cap ₹ Crore Rank Company Market Cap ₹ Crore

1 Reliance Inds. 6,03,344 248 Guj Fluorochem 8,373

2 TCS 5,81,608 249 Akzo Nobel 8,361

3 HDFC Bank 4,88,613 250 Fortis Health. 8,288

4 ITC 3,23,351 251 SpiceJet 8,275

5 H D F C 2,94,595 252 Finolex Inds. 8,083

6 Hind. Unilever 2,84,921 256 Atul 7,991

8 Infosys 2,56,469 258 Dish TV 7,862

11 Kotak Mah. Bank 2,07,437 259 Karur Vysya Bank 7,851

12 ICICI Bank 2,01,433 260 Rel. Comm. 7,826

13 Coal India 1,92,150 261 Vardhman Textile 7,760

14 Larsen & Toubro 1,84,855 262 Kalpataru Power 7,682

16 Bharti Airtel 1,70,829 264 Dr Lal Pathlabs 7,576

18 Axis Bank 1,35,862 265 Lak. Mach. Works 7,433

19 NTPC 1,34,607 266 Relaxo Footwear 7,371

21 HCL Technologies 1,30,909 270 Blue Star 7,137

22 Sun Pharma.Inds. 1,28,448 272 Bajaj Corp 7,062

26 Asian Paints 1,07,320 273 Chambal Fert. 6,994

27 Power Grid Corpn 1,03,821 274 Birla Corpn. 6,944

33 Adani Ports 84,547 276 Guj Pipavav Port 6,891

37 Tata Steel 75,674 277 Sadbhav Engg. 6,865

38 JSW Steel 75,441 279 Suzlon Energy 6,815

39 Nestle India 74,864 281 Coffee Day Enter 6,659

40 Eicher Motors 74,687 284 Capital First 6,599

42 Godrej Consumer 72,793 287 CEAT 6,470

43 Titan Company 72,439 288 Strides Shasun 6,409

Dividend Distribution Policy Disclosure A Status Check 2018

44 Hero Motocorp 71,907 290 Prism Cement 6,357

47 Tech Mahindra 60,006 291 Johnson Con. Hit 6,235

48 Britannia Inds. 59,848 292 Jyothy Lab. 6,227

49 Shree Cement 58,105 293 PVR 6,176

50 H P C L 57,921 294 D B Corp 6,169

56 Indiabulls Hous. 53,485 295 Narayana Hrudaya 6,113

57 Interglobe Aviat 51,323 297 MOIL 5,891

58 Ambuja Cem. 50,157 299 Redington India 5,728

59 United Spirits 47,751 300 Grindwell Norton 5,647

60 Cipla 47,449 301 GE Power 5,619

61 Piramal Enterp. 46,620 302 EID Parry 5,588

62 Pidilite Inds. 46,043 304 GE Shipping Co 5,531

63 Siemens 41,465 305 ISGEC Heavy 5,492

64 Cadila Health. 41,426 306 eClerx Services 5,451

65 Ashok Leyland 41,360 309 Bajaj Electrical 5,376

67 DLF 40,382 311 Timken India 5,331

68 Marico 39,853 312 Netwrk.18 Media 5,303

69 Bharat Electron 37,973 313 Sobha 5,268

70 Biocon 37,758 315 CG Power & Indu. 5,218

72 UPL 37,073 316 Jagran Prakashan 5,169

73 Lupin 37,045 318 NIIT Tech. 5,127

76 Sun TV Network 36,628 320 Westlife Develop 5,103

78 Aurobindo Pharma 35,941 321 G S F C 5,103

79 S A I L 34,366 322 DCB Bank 5,052

80 Oracle Fin.Serv. 33,635 323 FDC 5,020

81 B H E L 33,043 325 Gulf Oil Lubric. 4,934

83 A B B 32,518 326 India Cements 4,909

84 TVS Motor Co. 32,357 329 Zydus Wellness 4,890

85 Container Corpn. 31,847 331 Dishman Pharma. 4,859

87 MRF 31,115 333 Polaris Consulta 4,838

88 ACC 30,530 334 South Ind.Bank 4,821

89 P & G Hygiene 30,509 335 V I P Inds. 4,793

92 L&T Fin.Holdings 29,662 339 R C F 4,574

94 Colgate-Palm. 28,303 340 Lux Industries 4,566

95 GlaxoSmith C H L 28,116 341 Godfrey Phillips 4,535

97 United Breweries 28,005 342 Rallis India 4,488

99 Divi's Lab. 27,165 343 G M D C 4,460

101 Alkem Lab 26,555 345 Ratnamani Metals 4,440

102 Oil India 26,500 346 Allcargo Logist. 4,426

103 Kansai Nerolac 26,445 347 Tata Inv.Corpn. 4,401 104 LIC Housing Fin. 25,624 349 Cera Sanitary. 4,374 108 Edelweiss.Fin. 24,536 350 KNR Construct. 4,344 109 Emami 24,535 351 Manpasand Bever. 4,334 111 Berger Paints 24,130 352 Monsanto India 4,328 113 Dalmia Bhar. 23,443 354 JP Associates 4,305

Dividend Distribution Policy Disclosure A Status Check 2018

114 3M India 23,310 355 SREI Infra. Fin. 4,276 115 Jindal Steel 23,296 356 Forbes & Co 4,269 118 Tata Power Co. 22,882 357 KPIT Tech. 4,268 119 Adani Enterp. 22,403 358 Linde India 4,244 120 Adani Transmissi 22,288 359 Greenply Inds. 4,244 121 Cummins India 22,125 361 Cox & Kings 4,217 122 Gillette India 21,646 363 PNC Infratech 4,215 123 Indraprastha Gas 21,312 364 NESCO 4,203 127 Glaxosmi. Pharma 20,106 365 Essel Propack 4,182 128 Castrol India 19,970 366 Omaxe 4,137 130 GRUH Finance 19,586 367 S H Kelkar & Co. 4,117 133 Godrej Inds. 18,490 372 CARE Ratings 4,009 134 Tata Comm 18,327 374 Zensar Tech. 3,989 135 Whirlpool India 18,103 378 Force Motors 3,913 136 Tata Chemicals 17,985 381 Brigade Enterpr. 3,860 138 The Ramco Cement 17,705 383 Karnataka Bank 3,812 139 NBCC 17,681 384 ICRA 3,788 140 Exide Inds. 17,612 386 IFCI 3,765 142 Oberoi Realty 17,563 387 Gayatri Projects 3,750 143 Tata Global 17,394 389 H F C L 3,718 145 Dewan Hsg. Fin. 17,157 390 VRL Logistics 3,684 146 Godrej Propert. 16,909 391 Trident 3,651 147 Apollo Hospitals 16,734 393 JP Power Ven. 3,622 148 MphasiS 16,591 394 Sharda Cropchem 3,617 151 Indian Hotels 16,311 395 Heidelberg Cem. 3,602 153 Apollo Tyres 15,708 397 Shilpa Medicare 3,580 154 Muthoot Finance 15,613 399 Repco Home Fin 3,541 157 WABCO India 15,259 400 Firstsour.Solu. 3,529 158 Honeywell Auto 15,213 402 Himatsing. Seide 3,456 160 NLC India 14,957 403 Hind.Construct. 3,448 161 Natco Pharma 14,745 404 Rupa & Co 3,408 162 Sterlite Tech. 14,384 405 JK Tyre & Indust 3,406 166 Jubilant Life 13,980 406 Ent.Network 3,404 168 Thermax 13,780 407 Sonata Software 3,380 170 Century Textiles 13,636 408 S C I 3,333 171 CESC 13,551 409 Kaveri Seed Co. 3,302 173 Jubilant Food. 13,416 410 Orient Cement 3,288 174 Shri.City Union. 13,358 411 Navneet Educat. 3,182 175 Mindtree 13,351 414 Hathway Cable 3,098 177 Natl. Aluminium 13,250 415 ITD Cem 3,095 178 JSW Energy 13,243 416 Prime Focus 3,057 179 PC Jeweller 13,142 418 Just Dial 3,043 180 Bayer Crop Sci. 13,011 419 Greaves Cotton 3,034 185 Prestige Estates 12,593 421 Unichem Labs. 3,015 186 Reliance Power 12,539 422 Va Tech Wabag 3,011

Dividend Distribution Policy Disclosure A Status Check 2018

190 Adani Power 12,246 426 TVS Srichakra 2,893 191 Abbott India 12,183 427 Somany Ceramics 2,865 193 Reliance Infra. 11,991 428 Eveready Inds. 2,849 194 Reliance Capital 11,933 429 Balrampur Chini 2,814 195 Gujarat Gas 11,891 430 KSB Pumps 2,787 196 Sundram Fasten. 11,825 431 T.V. Today Netw. 2,776 197 Syngene Intl. 11,785 432 Vesuvius India 2,744 199 Sanofi India 11,723 433 Inox Wind 2,743 200 Guj.St.Petronet 11,652 434 Inox Leisure 2,705 202 GMR Infra. 11,438 435 Lak. Vilas Bank 2,678 203 Future Consumer 11,404 438 Health.Global 2,642 204 Hatsun AgroProd. 11,361 440 Navkar Corporat. 2,566 205 Finolex Cables 10,949 441 Astrazeneca Phar 2,559 208 Avanti Feeds 10,909 446 Tata Coffee 2,473 209 SRF 10,902 448 J Kumar Infra 2,425 210 Astral Poly 10,880 449 Suven Life Scie. 2,397 212 TV18 Broadcast 10,723 450 Huhtamaki PPL 2,362 213 SPARC 10,717 451 Indoco Remedies 2,354 214 K E C Intl. 10,697 452 IL&FS Transport 2,329 216 Trent 10,495 455 Mayur Uniquote 2,317 218 GE T&D India 10,416 457 Ingersoll-Rand 2,285 219 Pfizer 10,376 458 Gateway Distr. 2,279 220 Hexaware Tech. 10,268 459 Take Solutions 2,268 221 Indbull.RealEst. 10,213 461 Tide Water Oil 2,241 223 Blue Dart Exp. 10,145 463 H D I L 2,164 224 Bombay Burmah 9,944 464 H T Media 2,146 225 EIH 9,922 465 Bannari Amm.Sug. 2,132 227 Minda Inds. 9,804 467 Transport Corp. 2,090 228 Aarti Inds. 9,658 469 Quick Heal 2,066 229 Bata India 9,402 470 Sequent Scien. 2,022 230 Solar Inds. 9,370 474 Indo Count Inds. 2,001 232 DCM Shriram 9,177 476 PTC India Fin 1,940 233 SKF India 9,144 479 Eros Intl.Media 1,857 235 Wockhardt 9,083 480 Mcleod Russel 1,807 236 Manappuram Fin. 9,072 483 Hindustan Media 1,733 237 Thomas Cook (I) 9,071 485 Praj Inds. 1,644 238 Schaeffler India 9,053 486 Siti Networks 1,639 239 Mahindra CIE 9,037 487 Kennametal India 1,633 242 BASF India 8,795 488 Novartis India 1,567 243 Asahi India Glas 8,557 491 Bajaj Hindusthan 1,433 244 Jet Airways 8,467 494 Sintex Inds. 1,230 245 Ipca Labs. 8,466 495 Responsive Ind 1,216 247 Aegis Logistics 8,427 500 Standard Chartered PLC 405

Dividend Distribution Policy Disclosure A Status Check 2018

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