Question
. What do you understand by CSR? Discuss the provisions under Section 135 and Schedule
VII of Companies Act, 2013.
Answer :
Word Count : 1215
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Skip in 10
Corporate Social Responsibility (CSR) refers to the responsibility of a business organisation to contribute to the economic, social and environmental well-being of society while carrying out its business activities. It reflects the idea that companies should not focus only on earning profits but should also consider their impact on employees, communities, consumers, the environment and the wider society. CSR therefore represents a commitment by companies to participate in activities that promote sustainable development and social welfare. In India, CSR has been given a statutory framework through Section 135 of the Companies Act, 2013, along with Schedule VII, which specifies the activities that may be undertaken as CSR activities. Section 135 applies to companies that satisfy prescribed financial criteria during a financial year. A company is covered when its net worth is ₹500 crore or more, or its turnover is ₹1,000 crore or more, or its net profit is ₹5 crore or more. Such companies are required to comply with the CSR provisions prescribed under the Act and the relevant CSR Rules. The provision makes CSR an important part of corporate governance and encourages companies to systematically allocate resources for social development. One of the important requirements under Section 135 is the constitution of a Corporate Social Responsibility Committee, subject to the statutory conditions and exemptions applicable to certain companies. The CSR Committee is responsible for assisting the Board in formulating and recommending the company's CSR policy, recommending the amount of expenditure to be incurred on CSR activities, and monitoring the CSR policy from time to time. The Committee also helps the company identify appropriate projects and programmes that are consistent with the objectives specified in Schedule VII. The Board of Directors has an important role in implementing CSR provisions. The Board considers the recommendations of the CSR Committee, approves the CSR policy and ensures that the activities included in the policy are undertaken in accordance with the Act and applicable rules. The Board must also ensure that the company spends, in every financial year, at least two per cent of the average net profits made during the three immediately preceding financial years,
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