Committee for Corporate Social Responsibility
Compliances – Under Sections Section Section 135
- Every company having net worth of rupees 500 crore or more, or turnover of rupees 1,000 crore or more or a net profit of rupees 5 crore or more during the immediately preceding financial year to constitute a Corporate Social Responsibility (CSR) Committee of the board.
- The board to approve the CSR policy of the company and ensure that in every financial year, the company spends at least two per cent of the average net profits of the company made during the three immediately preceding financial years, in pursuance of its CSR policy.
- The CSR committee to formulate the CSR policy and the board to approve the policy and place it in the company’s website.
- The CSR committee to have at least one Independent Director.
- Board’s Report to contain the composition and the policy as well as reasons for failure to spend the prescribed amount of two per cent.
Author Sa. Venkat Ramanujan is a Certified Environment Social Framework Specialist of Word Bank Group and also Certified Independent Director of IICA, Ministry of Corporate affairs , Govt of India .,
He is Member of Institute of Directors & All India Management Academy ( AIMA ) .,
He is Founder & CEO of Trust Infosys Incorporation – Govt. of India accredited startup venture ., A distinction holder in his Post graduate MBA studies and a sustained learner for three decades in the domains of engineering & infrastructure projects , international trade & contracts , data & cloud management , environmental, social & corporate governance.,
Environmentalist ., Voracious reader., interested in cats and dogs ., love Gardening ., reuse & recycler of natural resources .,
for more details check in >> venkatramanujam.in
