Authors : Rashmi Uttarwar
Page Nos : 38-43
Description :
The Concept of Social Responsibility is not new to Indian Society. It is observed over the years Corporations in India has increasingly played a vital role in the Socio-economic development of the country, through their innovative and responsible business practices, as well as conscientious CSR initiatives.
This dynamic has given enormous reach, scale and impact to business and their operations-across geographies, cultures and ethnicities. Thus, corporations in India have today evolved as a major player in nation building. Keeping this progression in mind The Companies Act 1956 has been radically overhauled in the form of the New Companies Act 2013 effective from 1 April 2014.
In 2013 India has become first country in the world to make spending under CSR mandatory by law. This legislation has thus created an important opportunity to mobilize resources and build mechanisms to promote inclusive development in the country. This paper aims to examine the CSR legislation along with its legislative changes which is creating a great impact on the corporations and on the society as well.
