Every company 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 if :

CS Executive · Corporate and Management Accounting · PYQS · June 2024
Every company 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 if :
(A) It has a net worth of ₹ 500 crore or more, and Turnover of ₹ 1,000 crore or more and a net profit of ₹ 5 crore or more during the immediately preceding financial year
(B) It has a net worth of ₹ 500 crore or more, or Turnover of ₹ 1,000 crore or more or a net profit of ₹ 5 crore or more during the immediately preceding financial year
(C) It has a net worth of ₹ 500 crore or more, or Turnover of ₹ 100 crore or more or a net profit of ₹ 5 crore or more during the immediately preceding financial year
(D) It has a net worth of ₹ 500 crore or more, and Turnover of ₹ 100 crore or more and a net profit of ₹ 5 crore or more during the immediately preceding financial year

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Corporate Governance

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