XYZ Ltd incorporated on 01.01.2005 and made a political contribution on 01.11.2007. Is it in tune with law. whether 01.01.2005 - 31.03.2005 will be taken as one financial year for the purpose of making any donation u/s 293A or three FINANCIAL years has not lapsed from its formation. Does 3 preceeding financial year means 36 months from the formation of the Co. Pls clarify.
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Doubt in Co Law
Replies (1)
no.., the newly established company which is not in existence for 3 financial years cant donate to political parties...
here the year refers to financial year....
years are from date of Incorporation
in the given example , if the company has incorporated on 1.1.05, then 31.12.07, they cant donate...
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