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...The new act will be a milestone in achieving the ministry of corporate affairs' vision "to facilitate corporate growth with enlightened regulation".Among the new provisions, the one related to corporate social responsibility (CSR) is in the limelight.The bill requires large and profitable companies to spend 2 per cent of their average net profits from the previous three years in CSR-related activities.According to the bill, a company should ideally undertake CSR activities in its area of operation.A list of approved CSR activities outlined in the bill includes those aimed at building relationships and social capital, developing skills through vocational training, ensuring environmental sustainability and social business projects.This suggests lawmakers do not consider CSR to be purely philanthropic.Interestingly, the law has only established a benchmark for CSR expenditure.A company may decide not to spend or spend less than 2 per cent of its profits on CSR activities. ...Indian Express on Aug. 29, 2013, 4:42 a.m.