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new companies law.
Under the Companies Act, corporates that violate the provisions related to providing funds for political parties could face strict punishments including penalties.
In a written reply to the Rajya Sabha, Corporate Affairs Minister Sachin Pilot today said that 'Electoral Trusts Companies' are required to indicate the amounts passed on by them to a political party in the prescribed manner.
Section 182 of the Companies Act allows companies to contribute amounts, directly, or indirectly to a political party subject to limitation and disclosures laid down therein.
It has been recently clarified that companies making contributions to a political party through 'Electoral Trust Companies' will be required to only reflect the amount contributed by them to such trust in its books of accounts.