Csr

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This query is : Resolved

RAHUL SHARMA (Querist)

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.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)

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.

RAHUL SHARMA

RAHUL SHARMA (Querist)

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

RAHUL SHARMA

RAHUL SHARMA (Querist)

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.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)

22 January 2015 1 YEAR TIME PERIOD IS PROVIDED TO COMPLY WITH THE PROVISIONS

CS Mitesh Mehta

CS Mitesh Mehta (Expert)

22 January 2015 For the time being you can constitute CSR Committee without ID

RAHUL SHARMA

RAHUL SHARMA (Querist)

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...??

CS Mitesh Mehta

CS Mitesh Mehta (Expert)

22 January 2015 yes it will be trated as vaild.

RAHUL SHARMA

RAHUL SHARMA (Querist)

22 January 2015 thanks a lot sir for giving your valuable views.

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