TagCorporate Social Responsibility

Presenting a Critique of Green Financing in India

[Priya Garg is a 4th year student at the West Bengal National University of Juridical Sciences (WBNUJS)] The concept of “green banking” has two primary aspects – first, making banks and other financial institutions conduct their operations in an environment-friendly manner; second, their role of extending credit on favourable terms to eco-friendly projects. For the purpose of this post, I refer...

CSR Provisions in Operation

In the latest NSE quarterly briefing titled “Statutory CSR Under the Companies Act – Stylized Facts and the Way Forward”, Professor Subrata Sarkar examines the manner in which companies have complied with the provisions relating to corporate social responsibility (CSR) under the Companies Act, 2013. An executive summary of the briefing is as follows: – The legal provision mandating CSR...

Calls for Socially Responsible Investing

The concept of socially responsible investing (SRI) suggests that investors would invest in companies that are acting in socially and environmentally responsible ways, and that such investors would exit from investments in businesses that do not comport with environmental, social and governance (ESG) criteria. Such investors maintain a balance between financial sustainability and social impact...

Comparative Paper on Corporate Purpose

Professor Afra Afsharipour has posted on SSRN a paper titled “Redefining Corporate Purpose: An International Perspective”, the abstract of which is as follows: Over the past decade, corporate law in India has begun a reform journey with important implications for not only corporate governance, but also for deeper questions about the purpose of the corporation and beneficiaries of the corporate...

Empirical Analysis of CSR Requirements in India

Professors Dhammika Dharmapala and Vikramaditya Khanna have posted an interesting paper on SSRN that is titled “The Impact of Mandated Corporate Social Responsibility: Evidence from India’s Companies Act of 2013”, the abstract of which is as follows: Firms’ Corporate Social Responsibility (CSR) activity has become the subject of a large literature in recent years. This paper analyzes CSR activity...

Budget 2016 amends FCRA – paves way for CSR by FOCCs

[The following guest post is contributed by Aditi Jhunjhunwala, who is a partner at Vinod Kothari & Co, and can be reached at [email protected]]. Amongst the various amendments proposed in the Finance Bill, 2016, one such relates to changes to the provisions of the Foreign Contribution (Regulation) Act, 2010 (the Act/FCRA), which has come as a relief to foreign owned and controlled...

Report of the High Level Committee on CSR

[The following guest post is contributed by Suprotik Das, a 4th year law student at the Jindal Global Law School, Sonepat, Haryana.] This post is with regard to the Report of the High Level Committee to suggest measures for improved monitoring of the implementation of Corporate Social Responsibility policies. The Committee has suggested a number of measures and steps to bring out...

FCRA: CSR by foreign companies

[The following guest post is contributed by Swati Rampuria at Vinod Kothari & Co. She can be contacted at [email protected]] Introduction The Foreign Contribution (Regulation) Act, 2010 (‘FCRA’), regulates the receipt and utilization of foreign contribution by certain persons and also disallows acceptance and utilization of foreign contribution for certain activities. Being a special...

Is provisioning a necessary precursor to CSR spending?

[The following post is contributed by Prachi Narayan and Swati Rampuria at Vinod Kothari & Co. They can be contacted at [email protected] and [email protected] respectively] Introduction Corporate social responsibility (‘CSR’) was made mandatory by Companies Act, 2013 (‘Act’). Al though it has been a year since this concept has entered the Indian corporate regime, still there are...

Committee to Suggest Monitoring Measures for CSR

Readers will recall the debates in the lead up to the Companies Act, 2013 as to whether the provisions relating to corporate social responsibility (CSR) ought to be mandatory or voluntary. Finally, a compromise position was arrived at that largely amounts to a “comply-or-explain” approach. Since the CSR provision (section 135) was brought into effect from April 1, 2014, its impact (particularly...

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