3RD CSR INTERNATIONAL CONFERENCE SEEKS CLARITY ON COMPANIES ACT 2013: PHD CHAMBER

3RD CSR INTERNATIONAL CONFERENCE SEEKS CLARITY ON COMPANIES ACT 2013: PHD CHAMBER

3RD CSR INTERNATIONAL CONFERENCE SEEKS CLARITY ON COMPANIES ACT 2013: PHD CHAMBER

No.PR-67
July 16, 2014
New Delhi

3RD CSR INTERNATIONAL CONFERENCE SEEKS CLARITY ON COMPANIES ACT 2013: PHD CHAMBER

3rd International Conference on Corporate Social Responsibility: Partnering for a Better India organized under aegis of PHD Chamber of Commerce and Industry here today attempted to create a consensus within all stakeholders to comply with the CSR norms as prescribed in the Companies Act 2013 as also sought clarity on certain contravention aspects of the provisions of the Act so that confusion in them is eradicated for good.

It was highlighted during the Conference that the Companies Act 2013 would be applicable to 16,000 companies and entities that are registered with the Ministry of Corporate Affairs which would see to it that the CSR activities are performed by all stakeholders not only as the Act provides for but also rules prescribed in the Act would also govern the Corporate Social Responsibilities.

The CSR landscape as has been evolved in the Companies Act of 2013 was quite vast but the CSR activities were defined precisely in the Act and the government expected their compliance in toto, said Ms. Gayatri Subramaniam, Convener & Chief Programme Executive, National Foundation for Corporate Social Responsibility (NFCSR), IICA.

In her detailed presentation during the Conference, Ms. Subramaniam called upon the corporates to not only perform CSR activities the way the government expected to them but also get the approval of such activities from the boards of corporates and disclose their intent.

Among others who contributed to the conference included Dr. S Y Quraishi, Former Chief Election commissioner of India; Dr. Bindeshwar Pathak, Padma Bhushan Recipient and Founder, Sulabh Sanitation & Social Reform Movement; Mr. Mahesh Gupta, Vice President, PHD Chamber; Mr. Vinod Bansal, Co-Chairman, Task Force on CSR, PHD Chamber.

A consensus view that emerged during the conference was that the corporate India is facing a period of significant change with the introduction of Companies Act 2013.  While there has long been a deep understanding on a wide range of CSR actives in India, the New Companies Act puts into law very innovative CSR regulations and obligations on corporate India which are intended to simulate increased spend on local CSR activities. 

International community has applauded India on its innovative approach to CSR.  They are now watching this new policy intervention to see if this model can be developed in other parts of the world.
ENDS
Koteshwar Prasad Dobhal
Consultant (PR)