Section 37 - Amendment of section 135 - Companies (Amendment) Act, 2017

Amendment of section 135 37. 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.'.