CSR provisions of Companies Amendment Act 2017 w.e.f 19.09.2018

By | September 22, 2018
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(Last Updated On: September 22, 2018)
The Ministry of Corporate Affairs (MCA) has appointed the 19th September, 2018 as  the date on which the provision of Corporate Social responsibility of the Companies Amendment Act, 2017 shall into force.
To be published in the Gazette of ‘India, Extraordinary, Part II,
Section 3, Sub-section (ii)]
Government of India
Ministry of Corporate Affairs
New Delhi, the .19th. September, 2018
5.0. (E). – In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2017 (1 of 2018), the Central Government hereby appoints the 19th September 2018, as the date on which the provisions of section 37 of the said Act shall come into force.
[File No.1 /1 /2018-CL-I]
K.V R. Murty
Joint Secretary to the Government of India

Relevant Portion of  Section 37 of Companies Amendment Act, 2017

In section 135 of the principal Act,—
(i) in sub-section (1),—
(a) for the words “any financial year”, the words “the immediately preceding financial year” shall be substituted;
(b) the following proviso shall be inserted, namely:—
“Provided that where a company is not required to appoint an independent director under sub-section (4) of section 149, it shall have in its Corporate Social Responsibility Committee two or more directors.”;
(ii) in sub-section (3), in clause (a), for the words and figures “as specified in Schedule VII”, the words and figures “in areas or subject, specified in Schedule VII” shall be substituted;
(iii) in sub-section (5), for the Explanation, the following Explanation shall be substituted, namely:—
‘Explanation.—For the purposes of this section “net profit” shall not include such sums as may be prescribed, and shall be calculated in accordance with the provisions of section 198.’.
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