Apr 09, 2022
In Welcome to the Forum
The new corporate law of india (company law) in email list 2013 introduced several new provisions that will change the face of indian corporate business. One such new provision is corporate social responsibility (csr). The concept of csr is based on the give-and-take ideology. Companies take resources from society in the form of raw materials and human resources. Companies are giving back something to society by conducting csr activities. The ministry of internal affairs and communications recently notified article 135 of the companies act and schedule vii , as well as the provisions of the 2014 corporate social responsibility policy (crs regulations) , which came into effect on april 1, 2014 . The next paragraph describes various aspects of csr activities. Corporate social responsibility applicability the csr committee must consist of the following companies – a company with a net worth of rs. 500 chlores or more , or a company with sales of rs. 1000 chlores or more , or a company with a net profit of rs. 5 rolls or more . If any of the above financial strength standards are met, the csr provisions and related rules will apply to email list the company. These companies should have a csr committee consisting of directors. This committee oversees overall csr activities. The role of the board of directors the board of directors plays an important role in csr activities. The role of the board is as follows –approve the csr policy. Check its implementation. We will disclose the details of our csr policy in a report. Please post the same on your company website. Make sure your company spends statutory amounts on email list csr activities. It is important to note that there is no penalty if the specified amount is not spent on csr activities. In such cases, the board's report should identify the reasons for such short-term spending. Csr – expenditure, policies, and activities the key points of csr spending are: companies covered by section 135 must spend at least 2% of their average net income for the last three fiscal years . This section assumes that "Net income" is calculated according to the provisions of section 198.