CSR-1 for Registration of Entities for undertaking CSR activities shall be available for filing as e-Form w.e.f 1st April 2021. Stakeholders may please take note and plan accordingly. ..
The Government has made changes to the Corporate Social Responsibility (CSR) Rules and the recent amendments in the Companies (CSR Policy) Rules, 2014 have been notified on 22nd January 2021. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha today. Giving more details, the Minister said that all data related to CSR filed by companies in the MCA21 registry, including Aspirational Distr..
CORPORATE SOCIAL RESPONSIBILITY UNDER THE COMPANIES ACT, 2013 For conducting its business activities, a company exploits various resources of society and the environment. Corporate Social Responsibility (CSR) is an act of incorporating social and environmental concerns into the business model of the company. CSR has always been a topic of discussion in all forums. To achieve the intent of CSR policy, the Indian scenario called for a rethink of strategy. The amendments, being technical in n..
Numerous amendments have taken place in the Corporate Social Responsibility ('CSR') provisions since it is incorporated under the Companies Act, 2013 ('Act'). The Act further welcomes the recent amendments in the CSR provisions vide Companies Amendment Act, 2019, Companies Amendment Act, 2020 and Companies (CSR Policy) Amendment Rules, 2021 which are made applicable with effect from 22nd January 2021. KEY CHANGES IN THE SECTION 135 1. Quantum of CSR Companies are requir..
Ministry of Corporate Affairs ("MCA") have ruled out the forbearance, which was there in requirements regarding corporate social responsibility (herein after referred to as "CSR"). MCA has issued Companies (Corporate Social Responsibility Policy) Amendment rules, 2021 ("the rules") and notified Section 21 of the Companies (Amendment) Act, 2019 on 22 January 2021. Comparison of the overhauling brought in by the aforesaid rules are compared in the table below: ..
Intention behind CSR is Corporates can do better social activities as compared to the other individuals and organisations. This has been evidenced and proved so far. This will create a Brand Image for the Corporate at the same time; it gives special status in the peoples mind. It is a pride to do service to the society and the nations. Though this should be voluntary or optional at the discretion of the Corporate, Government of India now moving it to a mandatory. In India, unless it is compu..
The Ministry of Corporate Affairs, Government of India has notified new amendments to the Companies (Corporate Social Responsibility) Rules, 2014. Before discussing the amendments in details, first let us look at the CSR implementation by MCA so far: Background of CSR Corporate Social Responsibility ('CSR' in short) was conceived by the Government of India as 'an instrument for integrating social, environmental and human development concerns'. The Ministry of Corporate A..
The Ministry of Corporate Affairs (MCA) vide its notification dated 22nd January 2021 has amended the Companies (Corporate Social Responsibility Policy) Rules, 2014 and inserted major changes in the provisions of the CSR through the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021. Key highlights of the said amendments are as follows. S.No Amended Provisions Old Provisions Comments ..
Existing Rules Revised Rules w.e.f 22/01/2021 2. Definitions (1) In these rules, unless the context otherwise requires, - (a) "Act" means the Companies Act, 2013; (b) "Annexure" means the Annexure appended to these rules; (c) "Corporate Social Responsibility (CSR)" means and includes but is not limited to :- (i) Projects or programs relating to activities areas or s..
After a considerable period of "wait and watch" MCA has through a slew of notifications issued on January, 22, 2021 given effect to some of the amendments made to the Companies Act, 2013 (hereinafter the "Act") through the Amendment Act, 2020 which encapsulated substantially the recommendations made by the high powered Committee set up in the year 2019 by the Govt. In this exposition, we shall examine the implications of some of the amendments notified in relation to Sectio..
Ministry of Corporate Affairs has issued Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 and in order to bring transparency and increase the accountability of the Companies required undertaking CSR Activities following major amendments have been made: In house activity of R&D in relation to Covid-19 medicine may be included in th CSR Activities: Companies may undertake research and development activities in relation to new vaccine, drugs and medical ..
General Circular No. 01/2021 E-file no. CSR-10/9/2020-CSR-MCA Government of India Ministry of Corporate Affairs 5th Floor, 'A' Wing, Shastri Bhawan, Dr. R. P. Marg, New Delhi - 110 001 Date: 13th January 2021 To, The DGCoA, All Regional Directors, All Registrar of Companies, All Stakeholders. Subject: - Clarification on spending of CSR funds for Awareness and public outreach on COVID-19 Va..