Can newly(2009) establish company make contribution to political party the sum of
Rs. 300000 ?
Suresh Prasad (www.aubsp.com) (15630 Points)
21 October 2010Can newly(2009) establish company make contribution to political party the sum of
Rs. 300000 ?
HARDIK
(COMPANY SECRETARY NCFM (Corporate Governance ))
(664 Points)
Replied 21 October 2010
No newly company can not make political contribution. Read section 293A.
Ajay Mishra
(Company Secretary)
(74337 Points)
Replied 21 October 2010
Dear Mr. Suresh
A company can not contribute to any political party or any person for political purpose directely or indirectly upto three financial year from the date of incorporation.
So your company is not eligible to contribute such ammount to polotical party.
Regards
kuldeep sharma
(article)
(40 Points)
Replied 21 October 2010
no, a govenment company and a newly in corporated company (which has not completed 3 years of its working after incorporation) cannot make political contribution . in case a public company has completed three years of its working it can donate subject to a maximum of 5% of its average net profits of past 3 years. so in ur case it cannot donate to political party.
guys please correct me if i am wrong....
Nitin Grover
(CS)
(1228 Points)
Replied 21 October 2010
| Originally posted by : kuldeep sharma | ||
 |
no, a govenment company and a newly in corporated company (which has not completed 3 years of its working after incorporation) cannot make political contribution . in case a public company has completed three years of its working it can donate subject to a maximum of 5% of its average net profits of past 3 years. so in ur case it cannot donate to political party. guys please correct me if i am wrong.... |
 |
arjun s
(CA Final)
(299 Points)
Replied 21 October 2010
According to Sec 293A its not possible for companies to donate funds to political parties until it is in existence of 3 or more yrs
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 22 October 2010
| Originally posted by : Ajay Mishra | ||
|
|
Dear Mr. Suresh A company can not contribute to any political party or any person for political purpose directely or indirectly upto three financial year from the date of incorporation. So your company is not eligible to contribute such ammount to polotical party. Regards |
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Thanks
CAclubindia
