The Director of Happy Limited proposed a dividend of 12% on equity shares for the financial year 2016- 17. The same was approved in the annual general meeting of the company held on 20th September 2017. The Directors declared the approved dividends. Analyzing the provisions of the Companies Act, 2013, give your opinion on the following matters: (i) Mr. A, holding equity shares of the face value of ` 10 lakhs has not paid an amount of ` 1 lakh towards call money on shares. Can the same be adjusted against the dividend amount payable to him?
(ii) Ms. N was the holder of 1,000 equity shares on 31st March 2017, but she transferred the shares to Mr. R, whose name has been registered on 20th May 2017. Who will be entitled to the above dividend?