Extension of time for furnishing comments for consideration of High Level
Committee on Corporate Social Responsibility-2018
The Ministry of Corporate Affairs (MCA) has constituted a High Level Committee on
Corporate Social Responsibility-2018 (HLC-2018) to review the existing framework and
guide and formulate a coherent policy on Corporate Social Responsibility (CSR).
2. Comments/suggestions are invited on the provisions of CSR in the Companies Act
2013 Companies (CSR Policy) Rules, 2014 and Circulars issued concerning CSR.
3. All stakeholders are requested to furnish comments/suggestions through mails only
on the following e-mail id:
Email: hlc.csr-2018@gov.in
4. The time period for receiving comments has been extended.
Sections of Text Public Comment
Companies Act,
2013
Section 135 (1) Every company having net worth of
rupees five hundred crore or more,
or turnover of rupees one thousand
crore or more or a net profit of rupees
five crore or more during
immediately preceding financial
year shall constitute a Corporate
Social Responsibility Committee of
the Board consisting of three or more
directors, out of which at least one
director shall be an independent
director.
Proviso to Provided that where a
Section 135 (1) company is not required to appoint
an independent director under sub-
section (4) of section 149, it shall have
1
in its Corporate Social Responsibility
Committee two or more directors.
Section 135 (2) The Board's report under sub-section
(3) of section 134 shall disclose the
composition of the Corporate Social
Responsibility Committee.
Section 135 (3) The Corporate Social Responsibility
Committee shall,--
(a) formulate and recommend
to the Board, a Corporate
Social Responsibility Policy
which shall indicate the
activities to be undertaken
by the company in areas or
subject, specified in
Schedule VII;
(b) recommend the amount of
expenditure to be incurred
on the activities referred to
in clause (a); and
(c) monitor the Corporate
Social Responsibility Policy
of the company from time to
time.
Section 135 (4) The Board of every company
referred to in sub-section (1) shall,--
a) after taking into account the
recommendations made by
the Corporate Social
Responsibility Committee,
approve the Corporate Social
Responsibility Policy for the
2
company and disclose
contents of such Policy in its
report and also place it on the
company's website, if any, in
such manner as may be
prescribed; and
b) ensure that the activities as are
included in Corporate Social
Responsibility Policy of the
company are undertaken by
the company.
Section 135 (5) The Board of every company
referred to in sub-section (1), shall
ensure that the company spends, in
every financial year, 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 Corporate
Social Responsibility Policy:
1 st Proviso to Provided that the company shall give
Section 135 (5) preference to the local area and areas
around it where it operates, for
spending the amount earmarked for
Corporate Social Responsibility
activities:
2 nd Proviso to Provided further that, if the company
Section 135 (5) fails to spend such amount, the
Board shall, in its report made under
clause (o) of sub-section (3) of section
134, specify the reasons for not
spending the amount.
3
Explanation For the purposes of this section "net
profit" shall not include such sums as
may be prescribed, and shall be
calculated in accordance with the
provisions of section 198.
4
Activities covered in Schedule VII of the Act and Amendments made thereunder
No. of Activity Activities Public Comments
(i) eradicating hunger, poverty and
malnutrition; promoting health
care including preventive health
care and sanitation including
contribution to the `Swachh Bharat
Kosh' set-up by the Central
Government for the promotion of
sanitation and making available
safe drinking water;
(ii) Promoting education, including
special education and employment
enhancing vocational skills
especially among children,
women, elderly, and the
differently abled and livelihood
enhancement projects;
(iii) promoting gender equality and
empowering women, setting up
homes and hostels for women and
orphans; setting up old age homes,
day care centers and such other
facilities for senior citizens and
measures for reducing inequalities
faced by socially and economically
backward groups;
(iv) ensuring environmental
sustainability, ecological balance,
protection of flora and fauna,
animal welfare, agro forestry,
conservation of natural resources
5
and maintaining quality of soil, air
and water including contribution
to the `Clean Ganga Fund' set -up
by the Central Government for
rejuvenation of river Ganga;
(v) Protection of national heritage, art
and culture including restoration
of building and sites of historical
importance and works of art;
setting up public libraries;
promotion and development of
traditional arts and handicrafts;
(vi) measures for the benefit of armed
forces veterans, war widows and
their dependents;
(vii) training to promote rural sports,
nationally recognized sports,
Paralympic sports and Olympic
sports;
(viii) contribution to the Prime Minister's
National Relief Fund or any other
fund set up by the Central
Government for socio-economic
development and relief and welfare
of the Scheduled Castes, the
Scheduled Tribes, other backward
classes, minorities and women;
(ix) Contributions or funds provided
to technology incubators located
within academic institutions which
are approved by the Central
Government;
6
(x) Rural development projects.
(xi) Slum area development.
Explanation- For the purpose of
this item, the term `slum area' shall
mean any area declared as such by
the Central Government or any
State Government or any other
competent authority under any
law for the time being in force.
**********
7
The Companies (Corporate Social Responsibility Policy) Rules, 2014 notified on 27 -
02-2014 (inclusive of all amendments).
G.S.R. 129(E). - In exercise of the powers conferred under section 135 and sub-sections
(1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central
Government hereby makes the following rules, namely
Rule No. Rules Public Comments
1. Short title and These rules may be called the
commencement Companies (Corporate Social
Responsibility Policy) Rules, 2014
(2) They shall come into force on
the 1 st day of April, 2014.
2. Definitions (l) In these rules, unless the context
otherwise requires, -
(a) "Act" means the Companies
Act, 2013;
(b) "Annexure" means the
Annexure appended to these rules;
(c) "Corporate Social
Responsibility (CSR)" means and
includes but is not limited to :-
(i) Projects or programs relating to
activities areas or subjects
specified in Schedule VII to the
Act; or
(ii) Projects or programs relating to
activities undertaken by the
board of directors of a
company (Board) in pursuance
of recommendations of the
Committee of the Board as per
declared CSR Policy of the
company subject to the
8
condition that such policy will
include activities, areas or
subjects specified in Schedule
VII of the Act.
(d) "CSR Committee" means the
Corporate Social Responsibility
Committee of the Board referred to
in section 135 of the Act.
(e) "CSR Policy" relates to the
activities to be undertaken by the
company in areas or subjects
specified in Schedule VII to the Act
and the expenditure thereon,
excluding activities undertaken in
pursuance of normal course of
business of a company;
(f) "Net profit" means the net
profit of a company as per its
financial statement prepared in
accordance with the applicable
provisions of the Act, but shall not
include the following, namely :-
(i) any profit arising from any
overseas branch or branches of
the company, whether operated
as a separate company or
otherwise; and
(ii) any dividend received from
other companies in India, which
are covered under and
complying with the provisions
of section 135 of the Act:
9
1 st proviso to Provided that net profit in respect
definition of Net of a financial year for which the
profit relevant financial statements were
prepared in accordance with the
provisions of the Companies Act,
1956, (1 of 1956) shall not be
required to be re-calculated in
accordance with the provisions of
the Act:
2 nd proviso to Provided further that in case of a
definition of Net foreign company covered under
profit these rules, net profit means the net
profit of such company as per profit
and loss account prepared in terms
of clause (a) of sub-section
(l) of section 381 read with section
198 of the Act.
(2) Words and expressions
used and not defined in these rules
but defined in the Act shall have the
same meanings respectively
assigned to them in the Act.
3. (1) Corporate Every company including its
Social holding or subsidiary, and a
Responsibility. foreign company defined under
clause (42) of section 2 of the Act
having its branch office or project
office in India which fulfills the
criteria specified in sub-section (l)
of section 135 of the Act shall
comply with the provisions of
10
section 135 of the Act and these
rules:
Proviso to Rule Provided that net worth, turnover
3 (1) or net profit of a foreign company
of the Act shall be computed in
accordance with balance sheet and
profit and loss account of such
company prepared in accordance
with the provisions of clause (a) of
sub-section (1) of section 381 and
section 198 of the Act.
Rule 3 (2) Every company which ceases to be
a company covered under sub-
section (1) of section 135 of the Act
for three consecutive financial
years shall not be required to -
(a) constitute a CSR Committee;
and
(b) comply with the provisions
contained in sub-section (2) to (5) of
the said section,
till such time it meets the criteria
specified in sub-section (1) of
section 135.
4. (1) CSR The CSR activities shall be
Activities.- undertaken by the company, as per
its stated CSR Policy, as projects or
programs or activities (either new
or ongoing), excluding activities
undertaken in pursuance of its
normal course of business.
11
Rule 4 (2) The Board of a company may
decide to undertake its CSR
activities approved by the CSR
Committee, through -
(a) a company established under
Section 8 of the Act or a registered
trust or a registered society,
established by the company, either
singly or along with any other
company, or
(b) a company established under
Section 8 of the Act or a registered
trust or a registered society,
established by the Central
Government or State Government
or any entity established under on
Act of Parliament or State
legislature :
Proviso to rule 4 Provided that if, the Board of a
(2) company decides to undertake its
CSR activities through a company
established under Section 8 of the
Act or a registered trust or a
registered society, other than those
specified in this sub-rule, such
company or trust or society shall
have an established track record of
three years in undertaking similar
programs or projects; and the
company has specified the projects
or programs to be undertaken, the
modalities of utilization of funds of
12
such projects and programs and the
monitoring and reporting
mechanism.
Rule 4 (3) A company may also collaborate
with other companies for
undertaking projects or programs
or CSR activities in such a manner
that the CSR Committees of
respective companies are in a
position to report separately on
such projects or programs in
accordance with these rules.
Rule 4 (4) Subject to provisions of sub-section
(5) of section l35 of the Act, the CSR
projects or programs or activities
undertaken in India only shall
amount to CSR Expenditure.
Rule 4 (5) The CSR projects or programs or
activities that benefit only the
employees of the company and
their families shall not be
considered as CSR activities in
accordance with section 135 of the
Act.
Rule 4 (6) Companies may build CSR
capacities of their own personnel as
well as those of their Implementing
agencies through Institutions with
established track records of at least
three financial years but such
expenditure including expenditure
on administrative overheads, shall
13
not exceed five percent of total CSR
expenditure of the company in one
financial year.
Rule 4 (7) Contribution of any amount
directly or indirectly to any
political party under section 182 of
the Act, shall not be considered as
CSR activity.
5. (1) CSR The companies mentioned in the
Committees rule 3 shall constitute CSR
Committee as under.-
(i) a company covered under sub-
section (1) of section 135 which
is not required to appoint an
independent director pursuant
to sub-section (4) of section 149
of the Act, shall have its CSR
Committee without such
director;
(ii) a private company having only
two directors on its Board shall
constitute its CSR Committee
with two such directors;
(iii) with respect to a foreign
company covered under these
rules, the CSR Committee
shall comprise of at least two
persons of which one person
shall be as specified under
clause (d) of sub-section (1) of
section 380 of the Act and
another person shall be
14
nominated by the foreign
company.
Rule 5 (2) The CSR Committee shall institute
a transparent monitoring
mechanism for implementation of
the CSR projects or programs or
activities undertaken by the
company.
6. (1) CSR The CSR Policy of the company
Policy shall, inter-alia, include the
following, namely :-
(a) a list of CSR projects or
programs which a company
plans to undertake areas or
subjects specified in Schedule
VII of the Act, specifying
modalities of execution of such
project or programs and
implementation schedules for
the same; and
(b) monitoring process of such
projects or programs:
1 st Proviso to Provided that the CSR activities
Rule 6 (1) does not include the activities
undertaken in pursuance of normal
course of business of a company.
2 nd Proviso to Provided further that the Board of
Rule 6 (1) Directors shall ensure that activities
included by a company in its
Corporate Social Responsibility
Policy are related to the areas or
15
subjects specified in Schedule VII of
the Act.
Rule 6 (2) The CSR Policy of the company
shall specify| that the surplus
arising out of the CSR projects or
programs or activities shall not
form part of the business profit of a
company.
7. CSR CSR expenditure shall include all
Expenditure expenditure including contribution
to corpus, for projects or programs
relating to CSR activities approved
by the Board on the
recommendation of its CSR
Committee, but does not include
any expenditure on an item not in
conformity or not in line with
activities which fall within the
areas or subjects, specified in
Schedule VII of the Act.
8. (1) CSR The Board's Report of company
Reporting covered under these rules
pertaining to a financial year
commencing on or after the 1 st day
of April, 2014 shall include an
annual report on CSR containing
particulars specified in Annexure.
Rule 8 (2) In case of a foreign company, the
balance sheet filed under sub-
clause (b) of sub-section (l) of
section 381 shall contain an
Annexure regarding report on CSR.
16
9. Display of The Board of Directors of the
CSR activities company shall, after taking into
on its website account the recommendations of
CSR Committee, approve the CSR
Policy for the company and
disclose contents of such policy its
report and the same shall be
displayed on the company's
website, if any, as per the
particulars specified in the
Annexure.
17
General Circular No. 21/2014
Dated: 18 th June, 2014
Subject: - Clarifications with regard to provisions of Corporate Social
Responsibility under section 135 of the Companies Act, 2013.
No. Clarifications Public Comments
(i) The statutory provision and
provisions of CSR Rules, 2014, is to
ensure that while activities
undertaken in pursuance of the CSR
policy must be relatable to Schedule
VII of the Companies Act 2013, the
entries in the said Schedule VII must
be interpreted liberally so as to
capture the essence of the subjects
enumerated in the said Schedule. The
items enlisted in the amended
Schedule VII of the Act, are broad-
based and are intended to cover a
wide range of activities as
illustratively mentioned in the
Annexure.
(ii) It is further clarified that CSR
activities should be undertaken by the
companies in project/ programme
mode [as referred in Rule 4 (1) of
Companies CSR Rules, 2014]. One-off
events such as marathons/ awards/
charitable contribution/
advertisement/ sponsorships of TV
Programmes etc. would not be
qualified as part of CSR expenditure.
18
(iii) Expenses incurred by companies for
the fulfillment of any Act/ Statute of
regulations (such as Labor Laws,
Land Acquisition Act etc.) would not
count as CSR expenditure under the
Companies Act.
(iv) Salaries paid by the companies to
regular CSR staff as well as to
volunteers of the companies (in
proportion to company's time/hours
spent specifically on CSR) can be
factored into CSR project cost as part
of the CSR expenditure.
(v) "Any financial year" referred under
Sub-Section (1) of Section 135 of the
Act read with Rule 3(2) of Companies
CSR Rule, 2014, implies `any of the
three preceding financial years'.
(vi) Expenditure incurred by Foreign
Holding Company for CSR activities
in India will qualify as CSR spend of
the Indian subsidiary if, the CSR
expenditures are routed through
Indian subsidiaries and if the Indian
subsidiary is required to do so as per
section 135 of the Act.
(vii) `Registered Trust' (as referred in Rule
4(2) of the Companies CSR Rules,
2014) would include Trusts registered
under Income Tax Act 1956, for those
19
States where registration of Trust is
not mandatory.
(viii) Contribution to Corpus of a Trust/
society/ section 8 companies etc. will
qualify as CSR expenditure as long as
(a) the Trust/ society/ section 8
companies etc. is created
exclusively for undertaking CSR
activities or (b) where the corpus is
created exclusively for a purpose
directly relatable to a subject covered
in Schedule VII of the Act.
20
General Circular No. 01/2016
Dated: 12.01.2016
Subject: FAQ with regard to Corporate Social responsibility
Q. FAQ Public Comments
No.
1. Whether CSR provision of the Companies Act,
2013 is applicable to all companies?
CSR provisions of the Companies Act 2013 is
applicable to every company registered under
the Companies Act 2013 and any other previous
companies law having
i. Net worth of rupees five hundred
crore or more, or
ii. ii. Turnover of rupees one thousand
crore or more or
iii. iii. A net profit of rupees five crore or
more during any financial year
2. What is meaning of `any financial year'
mentioned above?
"Any Financial Year" referred under Sub-
section (1) of Section 135 of the Act read with
Rule 3(2) of Companies CSR Rule, 2014 implies
any of the three preceding financial years (refer
General Circular No. 21/2014, dated:
18.06.2014)
3 Whether CSR expenditure of a company can be
claimed as a business expenditure?
The amount spent by a company towards CSR
cannot be claimed as business expenditure. The
Finance Act, 2014 provides that any
expenditure incurred by an assessee on the
activities relating to Corporate Social
Responsibility referred to in section 135 of the
Companies Act, 2013 shall not be deemed to be
an expenditure incurred by the assessee for the
purposes of the business or profession.
21
4. Whether the `average net profit' criteria for
section 135(5) is net profit before tax or net
profit after tax?
Computation of net profit for section 135 is as
per section 198 of the Companies Act, 2013
which is primarily PROFIT BEFORE TAX
(PBT).
5 Can the CSR expenditure be spent on the
activities beyond schedule vii?
General Circular No. 21/2014 dated June 18,
2014 of MCA has clarified that the statutory
provision and provisions of CSR Rules, 2014, is
to ensure that activities undertaken in
pursuance of the CSR policy must be relatable
to Schedule VII of the Companies Act, 2013. The
entries in the said Schedule VII must be
interpreted liberally so as to capture the essence
of the subjects enumerated in the said Schedule.
The items enlisted in the Schedule VII of the
Act, are broad-based and are intended to cover
a wide range of activities. The General Circular
also provides an illustrative list of activities that
can be covered under CSR. In a similar way
many more can be covered. It is for the Board of
the company to take a call on this.
6. What tax benefits can be availed under CSR?
No specific tax exemptions have been extended
to CSR expenditure per se. The finance Act,
2014 also clarifies that expenditure on CSR does
not form part of business expenditure. While no
specific tax exemption has been extended to
expenditure incurred on CSR, spending on
several activities like contributions to Prime
Minister's Relief Fund, Scientific Research,
Rural development projects, skill development
projects, agricultural extension projects, etc.
which find place in Schedule VII, already enjoy
exemptions under different sections of the
Income Tax Act, 1961.
7. Which activities would not qualify as CSR?
i. The CSR projects or programs or activities
that benefit only the employees of the company
and their families.
22
ii. One- off events such as marathons/ awards/
charitable contribution/ advertisement/
sponsorships of TV programs etc.
iii. Expenses incurred by companies for the
fulfilment of any other Act/ Statue of
regulations (such as Labor Laws, Land
Acquisition Act, 2013, Apprentice Act, 2013,
Apprentice Act, 1961 etc.)
iv. Contribution of any amount directly or
indirectly to any political party.
v. Activities undertaken by the company in
pursuance of its normal course of business.
vi. The project or programs or activities
undertaken outside India.
8. Whether a holding or subsidiary of a company
which fulfils the criteria under section 135(1)
has to comply with section 135, even if the
holding and subsidiary itself does not fulfill the
criteria.
Holding or subsidiary of a company does not
have to comply with section 135(1) unless the
holding or subsidiary itself fulfills the criteria.
9. Whether provisions of CSR are applicable on
Section 8 Company, if it fulfills the criteria of
section 135(1) of the Act.
Section 135 of the Act reads "Every
company......", i.e. no specific exemption is
given to section 8 companies with regard to
applicability of section 135, hence section 8
companies are required to follow CSR
provisions.
23
10. Can contribution of money to a trust/ society/
section 8 companies by a company be treated as
CSR expenditure of the company?
General Circular No 21/2014 of MCA dated
June 18, 2014 clarifies that contribution to
Corpus of a Trust/ Society/ Section 8
companies etc. will qualify as CSR expenditure
as long as:
1. The trust/ Society/ Section 8 company
etc. is created exclusively for
undertaking CSR activities or
2. Where the corpus is created exclusively
for a purpose directly relatable to a
subject covered in Schedule VII of the
Act.
11. Whether display of CSR policy of a company on
website of the company is mandatory or not?
As per section 135(4) the Board of Directors of
the company shall, after taking into account the
recommendations of CSR Committee, approve
the CSR Policy for the company and disclose
contents of such policy in its report and the
same shall be displayed on the company's
website, if any (refer Rule 8 & 9 of CSR policy,
Rules 2014).
12. Whether reporting of CSR is mandatory in
board's report?
The Board's Report of a c ompany qualifying
under section 135(1) pertaining to a financial
year commencing on or after the 1st day of
April, 2014 shall include an annual report on
CSR containing particulars specified in
Annexure. (refer Rule 9 of CSR policy, Rules
2014).
13. Whether it is mandatory for foreign company to
give report on CSR activity?
In case of a foreign company, the balance sheet
filed under sub-clause (b) of sub-section (1) of
section 381 shall contain an Annexure
regarding report on CSR.
24
14. Whether contribution towards disaster relief
qualifies as CSR or not?
(May please refer point no. 7 to the annexure to
General Circular dated 18.06.2014 issued by
Ministry of Corporate Affairs).
15. Whether contribution in kind can be monetized
to be shown as CSR Expenditure?
Section 135 prescribes "..... shall ensure that
company spends.....". The company has to
spend the amount.
16. if a company spends in excess of 2% of its
average net profits of three preceding years on
CSR in a particular year, can the excess amount
spent be carried forward to the next year and be
offset against the required 2% CSR expenditure
of the next year?
Any excess amount spent (i.e., more than 2% as
specified in Section 135) cannot be carried
forward to the subsequent years and adjusted
against that year's CSR expenditure.
17. Can the unspent amount from out of the
minimum required CSR expenditure be carried
forward to the next year?
The Board is free to decide whether any
unspent amount from out of the minimum
required CSR expenditure is to be carried
forward to the next year. However, the carried
forward amount should be over and above the
next year's CSR allocation equivalent to at least
2% of the average net profit of the company of
the immediately preceding three years.
25
18. What is the role of government in monitoring
implementation of CSR by companies under the
provision of the companies act, 2013?
The main thrust and spirit of law is not to
monitor but to generate conductive
environment for enabling the corporates to
conduct themselves in a socially responsible
manner, while contributing towards human
development goals of the country.
The existing legal provisions like mandatory
disclosures, accountability of the CSR
committee and the Board, provisions for audit
of the accounts of the company etc., provide
sufficient safeguards in this regard.
Government has no role to play in monitoring
implementation of CSR by companies.
19. Whether government is proposing to establish
any mechanism for third parties to monitor the
quality and efficacy of CSR expenditure as well
as to have an impact assessment of CSR by
companies?
Government has no role to play in engaging
external experts for monitoring the quality and
efficacy of CSR expenditure of companies.
Boards / CSR Committees are fully competent
to engage third parties to have an impact
assessment of its CSR programme to validate
compliance of the CSR provisions of the law.
26
20. Can CSR funds be utilized to fund government
scheme?
The objective of this provision is indeed to
involve the corporates in discharging their
social responsibility with their innovative ideas
and management skills and with greater
efficiency and better outcomes. Therefore, CSR
should not be interpreted as a source of
financing the resource gaps in Government
Scheme. Use of Corporate innovations and
management skills in the delivery of `public
goods' is at the core of CSR implementation by
the companies. In- principle, CSR fund of
companies should not be used as a source of
funding Government Schemes. CSR projects
should have a larger multiplier effect than that
under the Government Schemes.
However, under CSR provision of the Act and
rules made thereunder, the Board of the eligible
company is competent to take decision on
supplementing any Government Scheme
provided the Scheme permits corporates
participation and all provisions of Section 135
of the Act and rules thereunder are compiled by
the company.
21. Who is the appropriate authority for approving
and implementation of the CSR
programmes/projects of a company? What is
government's role in this regard?
Government has no role to play in this regard.
Section 135 of the Act, Schedule VII and
Companies CSR Policy Rules, 2014 read with
General Circular dated 18.06.2014 issued by the
Ministry of Corporate Affairs, provide the
broad contour within which eligible companies
are required to formulate their CSR policies
including activities to be undertaken and
implement the same in the right earnest.
Therefore, all CSR programmes/ projects
should be approved by the Boards on the
recommendations of their CSR Committees.
Changes, if any, in the programme / project
should also be undertaken only with the
approval of the Committee / Board.
27
22. How can companies with small CSR funds take
up CSR activities in a project/ programme
mode?
A well designed CSR project or programme can
be managed with even small fund. Further,
there is a provision in the CSR policy Rules,
2014 that such companies can combine their
CSR programs with other similar companies by
way of pooling their CSR resources. (refer rule
4 in Companies (CSR Policy) Rules, 2014.
23. Whether involvement of employees of the
company in CSR project/ programme of a
company can be monetized and accounted for
under the head of `CSR expenditure'?
Contribution and involvement of employees in
CSR activities of the company will no doubt
generate interest/ pride in CSR work and
promote transformation from Corporate Social
Responsibility (CSR) as an obligation to Socially
Responsible Corporate (SRC) in all aspects of
their functioning. Companies therefore, should
be encouraged to involve their employees in
CSR activities. However monetization of pro
bono services of employees would not be
counted towards CSR expenditure.
28
General Circular No. 06/2018
Dated: 28.05.2018.
Subject: Clarification with regard to provisions under section 135(5) of the
Companies Act, 2013.
Clarification Public Comments
The company shall give
preference to the local area and
areas around it where it
operates, for spending the
amount earmarked for
Corporate Social Responsibility
activities - It is reiterated that the
above provision has to be
followed in letter and spirit
29
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