Implementation Of Section 135 Of Companies Act Essay

Implementation of Section 135 of Companies Act, 2013: Corporate Social Responsibility Abstract In recent past, the concept of Corporate Social Responsibility has gained much attention. The CSR and citizenship which aims at invoking the corporate conscience whereby the companies incur short term cost but these short term cost do not provide immediate financial benefit, instead these costs promote positive social environmental change. The Companies Act of 2013 which replaced the 60 years old Act of 1956 gave a provision with the concept of mandatory CSR. This research paper is focused on the provision relating to mandatory spending and disclosure relating to Corporate Social Responsibility activities. It also discusses the major loopholes of provision which hinders the practical applicability of Section 135 of the Companies Act, 2013 Introduction India has undergone a process of economic liberalization and comes under top 5 fastest growing economies in World over past three decades . The Industrial sector crated abundant wealth over the period of 10 years, yet the growth has trickled down the large population of the nation with lack of access to basic amenities such as sanitary, clean water, health facilities and the list goes on. India is ranked as 135th amongst 187 countries as per the latest Human Development Report. Inspite of India being recognized as global player, the nation is home to largest number of poor, malnourished children, poor access to health, educationShow MoreRelatedA Practical Example Of Indemnity And Contract Of Guarantee Essay948 Words   |  4 Pageshospital agrees to protect the company from any losses or lawsuits should patients be injured while using any of the wheelchairs. In doing this, the hospital indemnifies the wheelchair company, or the hospital guarantees indemnity for any losses or injurie s that may occur. . 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