Modest Ltd. has fallen within the purview of Corporate Social Responsibility norms recently. The Chief Executive Officer of the company wants to know from you, practising Company Secretary, how the following be dealt wit

Where a company spends an amount in excess of requirement provided under sub-section (5) of section 135 of the Companies Act, 2013 read with rule 7 of Companies (Corporate Social Responsibility Policy) Rules, 2014, such excess amount may be set off against the requirement to spend under sub-section (5) of section 135 up to immediate succeeding three financial years subject to the conditions that: the excess amount available for set off shall not include the surplus arising out of the CSR activities, if any, in pursuance of sub-rule (2) of this rule. the Board of the company shall pass a resolution to that effect.