Net worth according to sec 135 of companies act (csr)?
This query is : Resolved
27 September 2017
This question came in May 2017,Corporate Law CA Final Paper.
Company has 4 branches outside India and 2 In India. The Net worth of the company is 650 Crore.
Does it come under CSR provision?
Company has 4 branches outside India and 2 In India. The Net worth of the company is 650 Crore.
Does it come under CSR provision?
27 September 2017
Yes.
Companies meeting any of the following criteria during any financial year are covered under
mandatory CSR spends:
1. Net worth* of Rs. 500 Crores or more or
2. Turnover** of Rs. 1000 Crores or more or
3. Net profit of Rs. 5 Crores or more
*Definition of Net Worth – Section 2 (57) of the Companies Act, 2013 – the aggregate value of
the paid-up share capital and all reserves created out of the profits and securities premium
account, after deducting the aggregate value of the accumulated losses, deferred expenditure
and miscellaneous expenditure not written off, as per the audited balance sheet, but does not
include reserves created out of revaluation of assets, write-back of depreciation and
amalgamation.
**Turnover – Section 2(91) – the aggregate value of the realization of amount made from the
sale, supply or distribution of goods or on account of services rendered, or both, by the company
during a financial year.
Companies meeting any of the following criteria during any financial year are covered under
mandatory CSR spends:
1. Net worth* of Rs. 500 Crores or more or
2. Turnover** of Rs. 1000 Crores or more or
3. Net profit of Rs. 5 Crores or more
*Definition of Net Worth – Section 2 (57) of the Companies Act, 2013 – the aggregate value of
the paid-up share capital and all reserves created out of the profits and securities premium
account, after deducting the aggregate value of the accumulated losses, deferred expenditure
and miscellaneous expenditure not written off, as per the audited balance sheet, but does not
include reserves created out of revaluation of assets, write-back of depreciation and
amalgamation.
**Turnover – Section 2(91) – the aggregate value of the realization of amount made from the
sale, supply or distribution of goods or on account of services rendered, or both, by the company
during a financial year.
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