Sun Light Limited was incorporated on 22nd January 2019 with the objective of providing software services. The Company adopted its first financial year as from 22nd January 2019 to 31st March 2020. The financial statement for the said period, after providing for depreciation by Schedule II of the Companies Act, 2013 revealed net profit. The Board of Directors declared a 20% interim dividend at their meeting held on 7th July 2020, before holding its first Annual General Meeting. In light of the provisions of the Companies Act, 2013 and the Rules made thereunder:
(i) Whether the Company has complied with due diligence in declaring interim dividends?
(ii) Whether the Company can declare a dividend in case it was registered under Section 8 of the Companies Act, 2013.
(iii) What are the penal consequences in case of failure to pay the interim dividend?