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What are the provisions for CSR under the companies Act?
Section 135 of the Companies Act 2013 provides the threshold limit for applicability of the CSR to a Company: (a) net worth of the company to be Rs 500 crore or more; or (b) turnover of the company to be Rs 1000 crore or more; or (c) net profit of the company to be Rs 5 crore or more.
What are the 6 principles of corporate social responsibility?
In addition to the core subjects, ISO 26000 also defines seven key principles of socially responsible behavior:
- Accountability.
- Transparency.
- Ethical behavior.
- Respect for stakeholder interests.
- Respect for the rule of law.
- Respect for international norms of behavior.
- Respect for human rights.
What are the 4 elements of corporate social responsibility?
Corporate social responsibility is traditionally broken into four categories: environmental, philanthropic, ethical, and economic responsibility.
- Environmental Responsibility.
- Ethical Responsibility.
- Philanthropic Responsibility.
- Economic Responsibility.
What are the legal provisions and specifications on CSR in India?
On April 1, 2014, India became the first country to legally mandate corporate social responsibility. The rules in Section 135 of India’s Companies Act make it mandatory for companies of a certain turnover and profitability to spend 2% of their average net profit for the past three years on CSR.
What are legal provisions regarding corporate social responsibility as per Companies Law in India?
The provision mandates the companies with an annual turnover of Rupees 1,000 crore and more, or a net worth of Rupees 500 crore and more, or a net profit of Rupees 5 crore and more to contribute at least 2% of average net profits towards the development of the society.
What are the provisions of Companies Act 2013?
The major highlights of the 2013 Act are given below:
- The maximum number of shareholders for a private company is 200 (the previous cap was at 50).
- The concept of a one-person company.
- Company Law Appellate Tribunal & Company Law Tribunal.
- CSR made mandatory.
What are CSR standards?
Corporate social responsibility (CSR) is a form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in or supporting volunteering or ethically oriented practices.
What is corporate social responsibility discuss the provisions under Companies Act, 2013 which promote corporate social responsibility?
The Indian Companies Act 2013 makes Corporate Social Responsibility (CSR) compliance mandatory for any company, whether private, public, foreign, or even a nonprofit company registered under Section 8, if the company has particular profit, turnover, or net-worth.
What are the CSR laws in India?
What is corporate social responsibility discuss the provisions under Companies Act 2013 which promote corporate social responsibility?
When companies get ceases to comply with the provisions of CSR?
Once CSR provisions are applicable in any financial year, then it remains applicable for three financial years. Applicability of CSR is not required to be checked every year except where the company ceases to be covered under section 135(1) for 3 consecutive financial years.
Which of the following was a provision of the Act of 1956 passed in Sri Lanka?
(i) In 1956, an Act was passed to make Sinhala as the official language. (ii) The government followed preferential policies favouring Sinhala applicants for University positions and government jobs. (iii) The Constitution provided for State protection for Buddhism.