Corporate Social Responsibility Amendment Enforced

Corporate Social Responsibility (hereinafter referred to as "CSR") is one of the methods whereby the companies pay back to the society by making their contribution for the welfare of mankind. As per the European Union, it "is a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis". Corporate Social Responsibility ascertain the socioeconomic and environmental welfare of the society while balancing the interests of the corporates.

CSR- A responsibility

Introduced under the provisions of Section 135 of the Companies Act, 2013 (hereinafter referred to as the "Act"), the Government makes it mandatory for certain class of profitable enterprises to spend a share of their profits on social activities by the way of a dedicated procedure of CSR. The welfare causes may include acts as eradication of hunger/ malnutrition or poverty, promoting healthcare and