Steel Authority of India Limited (SAIL) today paid Rs. 460.81 crore as interim dividend to the Government of India for the financial year 2008-09. The cheque for the amount was handed over to Union Minister for Chemicals & Fertilisers and Steel Mr. Ram Vilas Paswan by SAIL Chairman Mr. S.K. Roongta this afternoon. Present on the occasion were Union Minister of State for Steel Mr. Jitin Prasada, Secretary (Steel) Mr. P.K. Rastogi, Additional Secretary & Financial Advisor (MoS) Mr. B.S. Meena, Joint Secretary (MoS) Mr. G. Elias, SAIL Director (Finance) Mr. S. Bhattacharya and SAIL Director (Technical) Mr. V.K. Gulhati.
On 27th January 2009, while taking on record the company's achievement of net profit (after tax) of Rs. 4,688 crore for the first nine months of the current financial year, the SAIL Board had announced interim dividend for the company's shareholders at a rate of 13% of paid-up equity, amounting to Rs 536.95 crore. SAIL will also pay the Government dividend tax amounting to Rs. 90 crore for the interim dividend payout.
SAIL had paid total dividend of Rs. 1,528.25 crore for 2007-08 to its shareholders, at the rate of 37% of the company's paid-up equity capital. This was the highest-ever dividend payment made by SAIL since its incorporation in 1973.
Since inception, SAIL has paid total dividend of Rs. 6,501 crore to its shareholders, of which Rs. 5,610 crore has been paid to the Government. Since 2004-05, the company has paid Rs. 4,750 crore as dividend to the Government.
SAIL's contribution to the national exchequer (towards excise and custom duties, corporate tax, dividend, dividend tax, etc.) for the period April 2004 to December 2008 stands at around Rs. 50,099 crore, including Rs. 7,773 crore that went to the states. This is more than what was paid during the last 25 years (up to 2003-04). Cumulative contribution since 1978-79 on taxes, duties, etc., amounts to Rs. 99,068 crore.
