High tax takes sheen off generous MNC dividends

Mumbai: Since Chandrakant Sampat began buying into top MNCs five decades ago after they had begun to list locally, the rich and the astute in Mumbai followed the late value-investing pioneer to multiply their wealth, helping these stocks establish their credentials as all-weather wealth creators. But a change in dividend laws has dimmed their allure for India’s HNIs — ironically at a time of record payouts.For investors in the highest tax