I dont think this is the case. I think it is on the basis of Exdate, which is generally one day before the Record date. We follow T+2 system which means that shares sold on T day will be credited to buyer account on T+2 day. So if shares were sold on 14th from my account, then they will get credited to buyer account on 16th. That means , on Record date, the buyer is also not holding the shares in his demat account.
This interpretation of record date will mean that company will not pay Dividend to anybody – neither the person selling on 14th, nor the person buying on 14th July, which is not correct. So their notice is faulty is what I believe.
Regards,
Nikhil
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