Csr
This query is : Resolved
21 January 2015
X ltd is a public company having paid up capital more than 10 crore, has constituted CSR committee without appointing the Independent director on the Board and now the Board want to hold CSR committee meeting for discussing the CSR policy and quantum to spend for CSR. Is the action of Board is tenable in law. please give your valuable comments regard this.
22 January 2015
In case of UNLISTED PUBLIC COMPANY Not required to have an Independent Director, the committee can be constituted without an Independent Director.
22 January 2015
but as per section 135 and rules made thereunder if a cmpany have net profit of rs. 5 crore or more then it's mainadatory to constitute CSR committee. nad X ltd has profit of rs. 19 Crore in f.y. 13-14
22 January 2015
and sir as per section 149 an unlisted company having more than paid up capital of rs. 10 cr. it is also maindatory to appoint atleast 2 ID on the Board.
22 January 2015
1 YEAR TIME PERIOD IS PROVIDED TO COMPLY WITH THE PROVISIONS
22 January 2015
For the time being you can constitute CSR Committee without ID
22 January 2015
sir if up to 31st March,2015 company couldn't appoint ID on the Board and it has already approved the CSR ploicy without the ID in the CSR meeting...then it thid case will the CSR policy and Meeting of CSR committee will be treated valid or Not...??
22 January 2015
yes it will be trated as vaild.
22 January 2015
thanks a lot sir for giving your valuable views.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Should I include march foreign salary received in April in my income for FY 2023-24?
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Tax on capital gains revoked us 54f
- Refund of AY 22-23
- Inventory of finished goods
- TDR receipts for agreement holder
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Confusion around Form 26QB fields
- ERROR WHILE GENERATING .XML FILE FOR AY 2018-19
- Vivad se vishwas scheme 2024 new
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
- Need to correct "Whether it is last installment " response in Form 26 QB
Trending Online Classes
CAclubindia
