CSR RULES AND THE COMPANIES ACT 2013
Keywords:Corporate Social Responsibility, Company Law, Corporation
In recent years, corporate social responsibility has received a lot of attention. CSR, or corporate citizenship, strives to awaken the corporate consciousness by requiring businesses to pay short-term costs that do not give a direct financial return but instead create positive social and environmental change. The New Companies Act of 2013 introduced the concept of required CSR, and it will replace the archaic Companies Act of 1956, which is nearly 60 years old. This article focuses on the Companies Act of 2013 and its requirements for mandated spending and disclosure of CSR initiatives. The article also goes over the significant flaws in the clause that could make it difficult to apply in practise.
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