UGC Approved Journal no 63975(19)

ISSN: 2349-5162 | ESTD Year : 2014
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Published in:

Volume 9 Issue 4
April-2022
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

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Published Paper ID:
JETIR2204498


Registration ID:
400774

Page Number

e742-e745

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Title

Emerging trend of Corporate Social Responsibility in India in 2022.

Abstract

The Companies Act 2013 replaced the Companies Act of 1956w.e.f. 29thAugust, 2013, which introduced material changes for incorporation and corporate governancestructure of companies in India. It also introduced a new provision under Section 135 for implementing Corporate Social Responsibility (“CSR”) by companies. A Schedule VII was also included in the Companies Act 2013 along with separate set of rules for Companies (Corporate Social Responsibility) Rules, 2014 which prescribe mandatory provisions for Companies to fulfil their CSR obligations. Accordingly, every Company including its holding or subsidiary havingnet worth of Rs. 500 Crore or more, or Turnover of Rs. 1000 crore or more, or Net Profit of Rs. 5 crore or more,during immediately preceding financial yearare mandatorily required to spend on CSR activities related to the areas specified in Schedule-VII of the Companies Act and mandatory prescribe for compliance with regard the allocation, disbursement and utilisation of funds for such CSR activities. The earlier Clause 49 which governed Listing obligations for those companies which are listed and traded on the browses of stock exchanges in India, as per earlier Companies Act 1956 have been substituted with Listing Obligations & Disclosure Regulations 2014which inter alia mandate for compliance reporting by listed entities, to include a section on Corporate Social Responsibility and to report their achievements in the Annual Reports as per the specified norms. With the inclusion of Section 135 of the Companies Act, 2013, India became the first country to legislate make CSR activities mandatory which actually marked a milestone for impetus accorded to CSR activities in India.Section 135 of Companies Act, 2013 made it mandatory for companies earning a certain threshold of turnover and profitability as mentioned above to spend for CSR activities specified in the seventh schedule. Even though the inclusion of such provision was made mandatory, large companies have been quite reluctant to spend their budgetary spends on activities related to the benefits of common public specially the down-trodden section of society and truncated their CSR allocations for the growth and development of infrastructure sector viz. roads, schools, healthcare, hospitals etc. which prompted the law-makersto make several amendments in the policy regulations on CSR. Such companies despite generating huge wealth prefer to spend on such activities which benefit their own resources, indirectly under CSR, by contributing their CSR expenses to the limited developmental activities on the spheres touching their own business or industry or area specific activities for implicit advantage of such companies.

Key Words

Emerging trend of Corporate Social Responsibility in India in 2022.

Cite This Article

"Emerging trend of Corporate Social Responsibility in India in 2022.", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.9, Issue 4, page no.e742-e745, April-2022, Available :http://www.jetir.org/papers/JETIR2204498.pdf

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2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

"Emerging trend of Corporate Social Responsibility in India in 2022.", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.9, Issue 4, page no. ppe742-e745, April-2022, Available at : http://www.jetir.org/papers/JETIR2204498.pdf

Publication Details

Published Paper ID: JETIR2204498
Registration ID: 400774
Published In: Volume 9 | Issue 4 | Year April-2022
DOI (Digital Object Identifier):
Page No: e742-e745
Country: -, -, India .
Area: Engineering
ISSN Number: 2349-5162
Publisher: IJ Publication


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