Can a dividend once declared be revoked?

A dividend creates a debt towards the shareholders. Hence, once declared a dividend can not be revoked.

Exception:-

(1)     In can be revoked with the consent of the shareholders.

(2)     It can be revoked where it has been declared illegally.

(3)     It can be revoked in the event of outbreak of war, imposition of taxes, etc where it is better to conserve assets.