thereon pertaining to corporate social responsibility (CSR) have been notified
yesterday. They will take effect from April 1, 2014. A copy of the rules as
notified is available here.
Act containing the list of permitted activities has been amended.
in due course, it appears that the rules are fairly prescriptive
as to the nature of CSR activities that companies can carry out. Moreover, it
has been explicitly stated that political funding by corporates it outside the
purview of CSR, and understandably so. Some of the other issues discussed
previously continue in the new version as well, including the fact that
employee benefits will not be encompassed within CSR.
April 1 this year would mark a new era in
corporate law and governance in India with companies being required to comply
with the quasi-mandatory obligations regarding CSR, an approach that is fairly
unique in the global context.