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Corporate social resposibilty
If a Company fulfilling the conditions of Section 135 and decided not to spend 2% in the Current Financial Year then what will be the consequences?
Replies (1)
Refer second proviso to Sec.135(5) which reads as under:
"Provided further that if the company 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."
There is no penalty prescribed if you fulfil this requirement.
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