Call for Paper - Upcoming Issues

Rules implicated by Companies Act, 2013 for spending of Corporate Social Responsibility activities

International Journal of Economics and Management Studies
© 2017 by SSRG - IJEMS Journal
Volume 4 Issue 6
Year of Publication : 2017
Authors : G.Silpa, Prof. DV Ramana, Dr.T.Narayana Reddy
10.14445/23939125/IJEMS-V4I6P106
pdf
How to Cite?

G.Silpa, Prof. DV Ramana, Dr.T.Narayana Reddy, "Rules implicated by Companies Act, 2013 for spending of Corporate Social Responsibility activities," SSRG International Journal of Economics and Management Studies, vol. 4,  no. 6, pp. 32-36, 2017. Crossref, https://doi.org/10.14445/23939125/IJEMS-V4I6P106

Abstract:

 

The concept of Corporate Social Responsibility (CSR) is not a new one in India. Previously, it was an optional matter for India which has turned into a compulsory activity for the corporate houses. This paper looks into different aspects of CSR as provisioned in the Companies Act 2013, including a list of activities defined by the law as CSR, penalties for violating the law in this regard, the responsibility of the board of directors of the concerned company, and the responsibility of CSR committee. The paper also focuses on the other important aspects of CSR like the principal process CSR spending that the companies follow in general, minimum mandatory CSR spending, evaluation of CSR spending trend, the response of the industries in this matter, etc.

Keywords:

 Corporate Social Responsibility, Companies Act, 2013.

References:

1) Bhatt, B. (2015). Indian Corporate Citizenship: Myth or Reality?, a report prepared by Mr. Bimal Bhatt, Chartered Accountant, Vadodara, India.
2) Desai, N., Pingali, V., and Tripathi, A. (2015). “Is 2% the Solution?: Experimental Evidence on the New CSR Rule in India,” Indian Institute of Management Ahmedabad (IIMA) Working Paper No. WP2015-03-09.
3) MCA (2013). The Companies Act, 2013; accessed on 22/5/2015 from website of Ministry of Corporate Affairs at http://www.mca.gov.in/Ministry/pdf/CompaniesAct2013.pdf
4) MCA (2014a). General Circular No 21/2014; accessed on 22/5/2015 from Ministry of Corporate Affairs website at http://www.mca.gov.in/Ministry/pdf/General_Circular_21_2014 .pdf
5) MCA (2014b). Notification, dated 27/2/2014; accessed on 23/5/2015 from Ministry of Corporate Affairs website at http://www.mca.gov.in/Ministry/pdf/Companies Act Notification2_ 2014.pdf
6) Karnani, Aneel (2013). Mandatory CSR in India: A Bad Proposal,” Stanford Social Innovation Review, May 20, retrieved from http://www.ssireview.org/blog/entry/mandatory_csr_in_ india_a_bad_proposal
7) Mehta, F. and Deodhar S. (2014). “Assessing Impact of Mandatory CSR on Food Industry,” Indian Food Industry, Vol. 33(6), pp. 29-36.
8) MF (2015). “Receipt Budget,” Union Budget 2015-16 published by Ministry of Finance (MF), accessed on 25/5/2015 from the website http://indiabudget.nic.in/ub2015-16/rec/tr.pdf
9) PMO (2014). “Prime Ministers National Relief Fund – Reg.,” letter dated 20/8/2014 accessed on 26/5/2014 from http://taxguru.in/wp-content/uploads/2014/09/Prime-Ministers- National-Relief-Fund-4-9-2014.pdf.