TMI BlogProhibitions and restrictions regarding political contributions.X X X X Extracts X X X X X X X X Extracts X X X X ..... no other company which has been in existence for less than three financial years, shall contribute any amount or amounts, directly or indirectly, (i) to any political party; or (ii) for any political purpose to any person. (2) A company, not being a company referred to in clause (a) or clause (b) of sub-section (1), may contribute any amount or amounts, directly or indir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a company unless a resolution authorising the making of such contribution is passed at a meeting of the Board of Directors and such resolution shall, subject to the other provisions of this section, be deemed to be justification in law for the making and the acceptance of the contribution authorised by it. (3) Without prejudice to the generality of the provisions of sub-sections (1) and (2), __ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch publication is by or on behalf of a political party, to be a contribution of such amount to such political party, and (ii) where such publication is not by or on behalf of but for the advantage of a political party, to be a contribution for a political purpose to the person publishing it. (4) Every company shall disclose in its profit and loss account any amount or amounts contri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Representation of the People Act, 1951 (43 of 1951).] ------------------------------------------ Notes:- [1] Substituted for section 293A by the Companies (Amendment) Act, 1985. The original section was inserted by the Companies (Amendment) Act, 1960 and was later substituted by the Companies (Amendment) Act, 1969, w.e.f. 3-4-1970. [2] Inserted by the Election and Oth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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