1

Jupiter Shopping Mall Limited was incorporated on 3rd December, 2016. As on 31st March 2018, it had free reserves of 50 lacs & its Securities Premium Account showed a balance of 7.50 lacs. One of its directors, R has a leaning towards a particular political party in which his other family members are actively involved. R convinced other 2 directors of company i.e. P & Q to contribute 10 lacs to this political party. Accordingly, Board of Directors held a meeting on 16th December, 2018 & passed a resolution to contribute decided amount. Advise company on how much amount they can contribute to a political party in FY 2018 -19.

  • A

    Company cannot contribute any amount to a political party in FY 2018 -19.

  • B

    Company can contribute maximum 2.50 Lac in FY 2018-19.

  • C

    Company can contribute maximum 3.75 Lac in FY 2018-19.

  • D

    Company can contribute maximum 5.00 Lac in FY 2018-19.