MCA has reiterated that the first proviso to Sec. 135(5) of the Companies Act, 2013 has to be followed in “letter and spirit”. The first proviso to Sec. 135(5) of the Act lays down that the Company shall give preference to the local area and areas around it where it operates, for spending the amount earmarked for Corporate Social Responsibility activities.
from taxmann.com News https://www.taxmann.com/topstories/222330000000015613/compliance-with-provision-relating-to-csr-spending-must-be-followed-in-“letter-and-spirit”-mca-reiterates.aspx
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