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The Companies Act 2013 (No. 18 of 2013) is an Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956 .
The new CSR legislation under section 135 of the Companies Act 2013 requires companies of a certain size to spend 2% of their net profit [8] on activities as prescribed under schedule VII, which are primarily aimed at community development. The canvas of CSR remains narrow and de-linked from the core-business activities of a company.
The 2013 Companies Act superseded the Companies Act of 1956, under whose provisions Indian corporations previously operated.In addition to the Companies Act, corporations are subject to other regulations administered by the Ministry of Corporate Affairs (MCA), [1] which has two branches: the Regional Director (RD) and the Registrar of Companies (ROC).
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The environmental aspect of corporate social responsibility has been debated over the past few decades, as stakeholders increasingly require organizations to become more environmentally aware and socially responsible. [2] In the traditional business model, environmental protection was considered only in relation to the "public interest ...
In Australia, companies must disclose information on their environmental performance under the Corporations Act 2001 and the National Greenhouse and Energy Reporting Act 2007. In China, companies must disclose social responsibility information while those listed on the Shanghai and Shenzhen Stock Exchanges must include their corporate social ...
In 2014, India also enacted a mandatory minimum CSR spending law. Under Companies Act, 2013, any company having a net worth of 500 crore or more or a turnover of 1,000 crore or a net profit of 5 crore must spend 2% of their net profits on CSR activities. [183] The rules came into effect on 1 April 2014. [184]
As the Companies Act 2013 only allowed CSR exemptions for funds established by the government for socio-economic development and relief work, the Ministry of Corporate Affairs issued a circular in March 2020, authorising exemptions for the PM CARES Fund, noting that it was a public fund established by the Central Government. [41]