Draft the required paragraph in the Board Report relating to the CSR activities of the Company for which it was mandatory to spend on CSR.
CS Professional · Advanced Company Law and Practice · PYQS · December 2021
Draft the required paragraph in the Board Report relating to the CSR activities of the Company for which it was mandatory to spend on CSR.
Answer & Explanation:
Draft of the paragraph to be included in Board's Report regarding Corporate Social Responsibility The Company has adopted a comprehensive CSR Policy outlining programmes, projects and activities that it plans to undertake falling under the purview of Section 135 read with Schedule VII of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014. The Company has attracted the provisions of Section 135 by virtue of the financial parameters indicated in the Section and hence had an obligation to spend a sum of ₹25 lakh during the financial year under review. The Board of Directors has constituted a CSR Committee under the Chairmanship of Mr Saxena. The other members of the Committee are Mr Sinha, Professor of Sociology, University of Delhi and Mr Dubey, Professor of Economics, University of Kolkata. In line with the policy, the Company had spent an amount of ₹26 lakh during the financial year under review, towards projects involving public healthcare and education as detailed in Annexure- 1.
Topics: Corporate Social Responsibility
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