In Form CSR-2, we have to mention SRN of FY 2020-21 and Net worth, turnover & Profit before tax of FY 2019-20 which will automatically shows the criteria of applicability on the basis of figures of immediately preceding FY.
In such case, what will happen to Rule 3(2) which clearly says that “Every company which ceases to be a company covered under subsection (1) of section 135 of the Act for three consecutive financial years shall not be required to —(a) constitute a CSR Committee; and(b) comply with the provisions contained in 1[sub-section (2) to (6)] of the said section, till such time it meets the criteria specified in sub-section (1) of section 135.
For Instance Profit Before Tax for FY 2019-20 is less than 5 crore and all previous years are above 5 crore. Here subsection (1) of section 135 of the Act will still be applicable as per Rule 3(2) because the Profits are not below 5 crore for three consecutive financial years. That means we still have to follow provisions of sec 135 (1) and spend the amount.
But in Form CSR-2 when we mention Net worth, turnover & Profit before tax of FY 2019-20, there will not be any criteria for applicability. The form take details only for unspent of previous year and do not allows option to fill the details of previous three years. Which also means that company is not falling under 135(1) related to applicability and spending. However as per Rule 3(2) the company is still covered under 135(1) because the Profits are not below 5 crore for three consecutive financial years.
Please suggest that for the purpose of Form CSR-2, whether applicability/non-applicability is to be checked only on the basis on 135(1) i.e. only on the basis of immediately preceding financial year figures and we have to ignore rule 3(2). What will happen to Rule 3(2) thereafter?
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Dear Seasoned Professionals,
Kindly advise me whether hard copy of the application for shifting registered office from one state to another is to be submitted after filing INC 23 to the Regional Director?
Dear Members,
Kindly provide your views, whether the Company can accept deposits from LLP? If yes, under what head it can enter the amount in DPT 3, and if no, then how can the same be adjusted or reported in DPT 3?
Thank You
Hi,
kindly suggest that whether noc from childrens is required at the time of transmission of shares to the spouse of the deceased member
dear members
Pls share ur view whether the LLP can do the trading in shares as its main business.
thanks
Dear Members,
Please share your views:
If MD is appointed in a Pvt company, whether he/ she should be considered as a KMP?
Since, Sec 2(51) doesn't refer to 203 and going by the designation used, he/ she will be KMP.
However, as per 203, its not mandatory for private companies.
Dear Members,
Please share your views:
If MD is appointed in a Pvt company, whether he/ she should be considered as a KMP?
Since, Sec 2(51) doesn't refer to 203 and going by the designation used, he/ she will be KMP.
However, as per 203, its not mandatory for private companies.
Dear All
Please suggest if LLP can borrow from Foreign resident?
Dear Learned Members,
For FY 20-21, unspent CSR amount of INR 1.25 crores transferred to unspent csr account Whether provisions has to be created in financials for the said unspent csr amount?
Awaiting the views of learned members
Dear Learned Members,
For FY 20-21, unspent CSR amount of INR 1.25 crores transferred to unspent CSR account Whether provisions has to be created in financials for the said unspent CSR amount?
Awaiting the views of learned members
Following declaration is given in Form INC20A-I declare that I’ve been duly engaged for the purpose of certification of this form.It is hereby certified that I have gone through the provisions of the Co.Act13 and Rules Co./applicant which is sub.matter of this form and found them to be true, correct and complete and no info. material to this form has been suppressed
Dear All,
A Company had passed a Special Resolution in FY 2019-20. But it had not filed it with ROC. Now they have applied for condonation in Form CG-1. The application is still under process.
In MGT-7 should I choose "Yes" or should I choose "No" in Point XI A - "Whether Company has made compliances".
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