India - Income Tax Act 2010 - Saarc

1.1035 APPENDIX(i) where such publication is by or on behalf of a political party, to be acontribution of such amount to such political party, and(ii) where such publication is not by or on behalf of but for the advantage ofa political party, to be a contribution for a political purpose to the personpublishing it.(4) Every company shall disclose in its profit and loss account any amount or amountscontributed by it to any political party or for any political purpose to any person duringthe financial year to which that account relates, giving particulars of the total amountcontributed and the name of the party or person to which or to whom such amount hasbeen contributed.(5) If a company makes any contribution in contravention of the provisions of thissection,—(a) the company shall be punishable with fine which may extend to three times theamount so contributed; and(b) every officer of the company who is in default shall be punishable withimprisonment for a term which may extend to three years and shall also be liableto fine.Explanation.—For the purposes of this section, “political party” means a political partyregistered under section 29A of the Representation of the People Act, 1951 (43 of 1951).SECTION 391 OF COMPANIES ACT, 1956Power to compromise or make arrangements with creditors and members.391. (1) Where a compromise or arrangement is proposed—(a) between a company and its creditors or any class of them; or(b) between a company and its members or any class of them,the Tribunal may, on the application of the company or of any creditor or member of thecompany, or, in the case of a company which is being wound up, of the liquidator, ordera meeting of the creditors or class of creditors, or of the members or class of members, asthe case may be, to be called, held and conducted in such manner as the Tribunal directs.(2) If a majority in number representing three-fourths in value of the creditors, or class ofcreditors, or members, or class of members, as the case may be, present and voting eitherin person or, where proxies are allowed under the rules made under section 643, by proxy,at the meeting, agree to any compromise or arrangement, the compromise or arrangementshall, if sanctioned by the Tribunal, be binding on all the creditors, all the creditorsof the class, all the members, or all the members of the class, as the case may be, and alsoon the company, or in the case of a company which is being wound up, on the liquidatorand contributories of the company :Provided that no order sanctioning any compromise or arrangement shall be made by theTribunal unless the Tribunal is satisfied that the company or any other person by whoman application has been made under sub-section (1) has disclosed to the Tribunal, byaffidavit or otherwise, all material facts relating to the company, such as the latest financialposition of the company, the latest auditor’s report on the accounts of the company, thependency of any investigation proceedings in relation to the company under sections 235to 251, and the like.(3) An order made by the Tribunal under sub-section (2) shall have no effect until acertified copy of the order has been filed with the Registrar.(4) A copy of every such order shall be annexed to every copy of the memorandum of thecompany issued after the certified copy of the order has been filed as aforesaid, or in the