The corporate social responsibility (CSR) provisions were notified by the Ministry of Corporate Affairs on 27 February, giving effect to section 135 the Companies Act, 2013, read with Schedule VII of the act and the Companies (Corporate Social Responsibility Policy) Rules, 2014. The section, schedule and rules came into effect on 1 April.
Key features of the CSR provisions are as follows:
Applicability: The CSR provisions will apply to companies with an annual turnover of ₹10 billion (US$165 million) or more, or a net worth of ₹5 billion or more, or a net profit of ₹50 million or more during any financial year. Once applicable, companies must spend at least 2% of their average net profits made during the three immediately preceding financial years on CSR activities and/or report the reason for spending or non-expenditure.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
