With respect to specific query, I am of the following view:
The Companies Act 1956 requires dividend declared at the AGM to be actually paid within 30 days. Dividend is one area where the board of directors has complete and unquestioned freedom. When to declare, how much to declare and in what form to declare are all left to their discretion.
And there are no special regimes for private companies in this regard except that the income-tax law deems loans and advances given by closely-held companies to their substantial shareholders as dividend taxable in the hands of the recipients which is immune from distribution tax.
Pl examine The Companies (Temporary Restriction on Dividends) Act, 1974 for this matter.
Details opinion shall follow soon.
Trust this would suffice.