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of <h1>Companies Act Section 293A Limits Political Donations; Board Approval Required for Contributions Over 5% of Profits</h1> Section 293A of the Companies Act, 1956, restricts political contributions by companies. Government companies and those existing for less than three years cannot contribute to political parties or purposes. Other companies may contribute up to 5% of their average net profits over the past three years, subject to board approval. Contributions include donations, subscriptions, or payments supporting political parties, and must be disclosed in the company's financial statements. Violations result in fines for the company and potential imprisonment and fines for responsible officers. A political party is defined as one registered under the Representation of the People Act, 1951.
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