[aaykarbhavan] MCA paves the way for electoral trust cos. to make political contributions without sec. 293A prohibitions

SECTION 293A OF THE COMPANIES ACT, 1956 - POLITICAL CONTRIBUTIONS - PROHIBITIONS AND RESTRICTIONS REGARDING - BLANKET EXEMPTION OF SPECIFIED PROVISIONS OF SECTION 293A TO COMPANIES INCORPORATED WITH NAME CONTAINING PHRASE 'ELECTORAL TRUST' UNDER ELECTORAL TRUSTS SCHEME, 2013 AND GRANTED LICENSE UNDER SECTION 25 OF SAID ACT

ORDER [F.NO.17/27/2013-CL-V], DATED 7-11-2013

In exercise of the Powers conferred by sub-section (6) of section 25 of the Companies Act, 1956 (1 of 1956) (hereinafter referred to as the said Act), the Central Government hereby directs that in respect of companies incorporated with the name containing the phrase "electoral trust" in accordance with the provisions of the Electoral Trusts Scheme, 2013, published vide number S.O. 309(E), dated 31st January 2013, and to which licence is granted under section 25 of the said Act, the application of the provisions of clause (b) of sub-section (1) and sub-section (2) of section 293A of the said Act shall be wholly exempted.

 

Regards

Prarthana Jalan

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