Corporate Social Responsibility under Companies Act, 2013

Abstract

The recently enacted Companies Act 2013 is landmark legislation and is likely to have far-reaching consequences on all companies operating in India. The Companies act 1956 had been in existence for over fifty five years and had been amended several times. The erstwhile Companies Act 1956 (the ‘1956 Act’) appeared to be somewhat ineffective at handling some of these present day challenges of a growing industry and the interests of an increasing class of sophisticated stakeholders. In view of changes in national and international economic environment and expansion and growth of economy of our country, the central government decided to repeal Companies Act 1956 and enact a new legislation. The 2013 Act promises to substantively ‘raise the bar on governance’. The present paper makes an attempt to study the Corporate Social Responsibility clause of new Companies Act and highlighting its impacts of it on the Promoters, Boards of directors, Audit Committee, independent directors and corporate as a whole. The research approach is exploratory in nature.


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Categories: February 2014