Corporate Social Responsibility compliance: new set off for excess spending, revised penalties, and committee exemption for smaller spenders.

Amendments to section 135 permit companies that spend in excess of CSR requirements to set off excess expenditure against future CSR obligations as prescribed; revise penalty provisions to tie company and officer liabilities to CSR transfer obligations or prescribed caps; and exempt companies with CSR expenditure below a lower threshold from constituting a Corporate Social Responsibility Committee, assigning those committee functions to the Board of Directors.

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