Charitable contribution limits require shareholder approval when contributions exceed a profit based annual threshold under company law. The Board of Directors may contribute to bona fide charitable and other funds, but where the aggregate contributions in any financial year exceed five per cent. of the company's average net profits for the three immediately preceding financial years, such contributions require prior permission of the company in general meeting.
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Provisions expressly mentioned in the judgment/order text.
Charitable contribution limits require shareholder approval when contributions exceed a profit based annual threshold under company law.
The Board of Directors may contribute to bona fide charitable and other funds, but where the aggregate contributions in any financial year exceed five per cent. of the company's average net profits for the three immediately preceding financial years, such contributions require prior permission of the company in general meeting.
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