Snow Ltd. is a closely held public company in the manufacturing sector. The company's net worth is ₹250 crore as on 31st March, 2015. The turnover of the company for the year 2014-15 is ₹750 crore. The profits earned by

As per Section 135(1) Companies having net worth of ₹ 500 crores or more or turnover of ₹ 1,000 crores or more or net profit of ₹ 5 crores or more during any financial year shall constitute a CSR Committee of Board comprising of 3 or more directors, one of whom shall be an independent director. Section 135(5) states that the companies covered under Section 135(1) should ensure that the company spends, in every financial year, at least two per cent of the average net profits (to be calculated in accordance with the provisions of Sec. 198) of the company made during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy. "Any financial year" referred under sub-section (1) of section 135 of the Act read with Rule 3(2) of Companies CSR Rule, 2014, implies 'any of the three preceding financial years'. Net Profit for the Financial Year 2013-14 is ₹ 6.00 crore where by provisions of Section 135(1) are applicable to the company. The company has spent more than 2% of average of its preceding three years of net profit.