Corporate Social Responsibility rules require the immediately preceding financial year and specify committee composition and net profit calculation. The amendment shifts applicability to the immediately preceding financial year, requires a Corporate Social Responsibility Committee of two or more directors where an independent director is not mandated, confines CSR activities to areas or subjects specified in Schedule VII, and replaces the Explanation to provide that net profit shall exclude prescribed sums and be calculated in accordance with section 198.
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Provisions expressly mentioned in the judgment/order text.
Corporate Social Responsibility rules require the immediately preceding financial year and specify committee composition and net profit calculation.
The amendment shifts applicability to the immediately preceding financial year, requires a Corporate Social Responsibility Committee of two or more directors where an independent director is not mandated, confines CSR activities to areas or subjects specified in Schedule VII, and replaces the Explanation to provide that net profit shall exclude prescribed sums and be calculated in accordance with section 198.
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