Independent director for csr comitee.
This query is : Resolved
16 October 2013
According to Sec 135 of the new companies act 2013,It is now mandatory for the Companies with net worth of 500 crore or more or turnover of 1000 crore or more or a net profit of 5 crore or more during any FY to constitute a CSR committee which shall be responsible for formulating CSR policy and recommend the expenditures to be made.
The CSR committee of the Board shall consist of 3 or more Directors out of which at least 1 director shall be independent Director.
My Question is whether independent director for the CSR committee of Private limited company is also required
because for the private companies Independent director criteria is not applicable till now
The CSR committee of the Board shall consist of 3 or more Directors out of which at least 1 director shall be independent Director.
My Question is whether independent director for the CSR committee of Private limited company is also required
because for the private companies Independent director criteria is not applicable till now
20 October 2013
As per the wordings of the section 135 it is required to have atleast one independent ditrector if the company falls within the ambit of section 135. Section 135 does not give exemption to Private limited companies.
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