Recent change in Section 135 and corresponding rules is laying down best practices and is channelizing CSR in a more policy-process driven social work. There is very close resemblance of teaching of recent CSR amendments and Satvik Dana in Bhagavad Gita. This article elaborates teachings of Bhagavad Gita and connects it to various styles/approach in
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2023 August
August 31, 2023
Section 135 of the Companies Act
Notified Date of Section:01/04/2014 135. Corporate Social Responsibility. 1&2 (1) Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during 3[the immediately preceding financial year] shall constitute a Corporate Social Responsibility Committee ofthe Board consisting of three or more Directors,
August 31, 2023
Unspent CSR obligations met, but is the company still non-compliant?
Unspent CSR obligations met, but is the company still non-compliant? Applicable Provisions for Spending of CSR & Responsibility casted: Sub section (5) of section 135 of the Companies Act, 2013 [“Act”] casts a duty on the Board of Directors of every company who is required to constitute a CSR Committee in terms of section 135
August 31, 2023
The Origin and Evolution of Corporate Social Responsibility (CSR) in India: A Historical Perspective
Corporate Social Responsibility (CSR) has emerged as a significant aspect of business practices globally, reflecting a commitment to sustainable development and societal well-being. In Indian context, CSR has a deep-rooted history that intertwines with the country’s social and economic transformation. The origins of CSR in India traces back to its historical evolution in the country
August 31, 2023
Disaster management expenditure can be claimed as CSR Expenditure?
The Ministry of Corporate Affairs (MCA) has amended the Schedule VII of the Companies Act, 2013 (the Act). The Schedule VII of the Act speaks about the Activities which may be included by companies in their Corporate Social Responsibility (CSR) Policies. The schedule is amended by adding point (xii) viz., “(xii) disaster management, including relief,
August 31, 2023
Aligning Sustainable Development Goals and Corporate Social Responsibility in India
Introduction: In recent years, the global community has increasingly recognized the importance of achieving sustainable development and addressing pressing social and environmental challenges. The United Nations’ Sustainable Development Goals (SDGs) provide a comprehensive framework for sustainable development, while Corporate Social Responsibility (CSR) encourages businesses to contribute positively to society. This article explores the alignment between
August 29, 2023
Applicability of Corporate Social Responsibility (CSR)
Applicability of Corporate Social Responsibility (CSR) The provisions of Corporate Social Responsibility (CSR) were introduced in the new avatar of the Companies Act, 2013 (the Act). The Act was notified on 29 August 2013 and the provisions of the Act were made applicable in the phased manner. The provisions of CSR were made effective from
August 20, 2023
MISAPPROPRIATION OF CSR FUNDS
The Anti-Corruption Bureau of the CBI raided the houses of former top officials of public sector technical consultancy Company Kerala Industrial and Technical Consultancy Organization Ltd (KITCO) in Kochi and Kottayam. This was in connection with the probe into instances of alleged misappropriation of Corporate Social Responsibility (CSR) funds. Among the alleged cases of fund
August 16, 2023
Governance of CSR Program and Challenges
Since the inception of the Companies Act, 2013, there has been a steady increase in the Corporate Social Responsibility (CSR) spending. In 2019, the CSR spend was estimated to around ₹11,961 crore which was higher by 18% as compared to year 2018. The trend is likely to continue mainly due to policy changes which include
August 15, 2023
Changes introduced by the CSR Amendment Rules 2022
Corporate Social Responsibility (“CSR”) is mandatory in India for companies exceeding certain thresholds of net worth, turnover or profits. On September 20, 2022 the Ministry of Corporate Affairs (MCA/Ministry) notified various amendments to the Companies (Corporate Social Responsibility Policy) Rules, 2014. The amendments and its practical implications are as follows: 1. CSR Committee Section 135(9)