PET Ltd., incurred a loss in business up to the current quarter of the financial year 2017-18. The company has declared dividends at the rate of 12%, 15%, and 18% respectively in the immediate preceding three years. In spite of the loss, the Board of Directors of the company has decided to declare an interim dividend of 15% for the current financial year. Examine the decision of PET Ltd. stating the provisions of the declaration of interim dividend under the Companies Act, 2013.