Special Campaign: Waste Disposal generates revenue of Rs 15.74 Crores (See 'Corp Brief') IBC - Provisions of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 contravened where RP unilaterally withdraws higher monthly fee without prior approval of CoC: IBBI (See 'Legal Desk') Delhi Railway Area handles 5 Lakh Passengers Daily - Footfall rises to 8 Lakh during festivals (See 'Corp Brief') IBC- SC exercises power under Article 142 - Borrower firm to pay further sum of 125 crores rupees as full & final settlement of all claims concerning assigned debt: SC LB (See 'Legal Desk') Legislative Department initiates Interaction Series on Personal Effectiveness in Leadership (See 'Corp Brief') National Exercise strengthens India's Preparedness for Foot-and-Mouth Disease (See 'Corp Brief') IBC - Once existence of financial debt & a default is clearly established through unimpeachable evidence & records from information utility, admission of application u/s 7 is mandatory: NCLAT (See 'Legal Desk') NHAI Guidelines to standardise Design and Infrastructure for Multi-Lane Free Flow Tolling (See 'Corp Brief') A & C - Clause 26 of Special Conditions of Contract operates as express contractual bar within meaning of Section 31(7)(a) of the Act, thereby prohibiting arbitral tribunal from awarding pre-reference & pendente lite interest: SC (See 'Legal Desk') Centre reviews progress of AB PM-JAY and ABDM with States (See 'Corp Brief') A&C - Petitioner's deliberate omission of material bank account & failure to disclose operational details, even upon specific judicial inquiry, constitutes incomplete compliance with Rule 41(2) - exercise of discretion under Rule 41(3) to issue arrest warrants is justified: HC (See 'Legal Desk') Reddy calls for expediting Mineral Exploration and Strengthening Centre-State Coordination (See 'Corp Brief') MY Bharat's 'Viksit Bharat Yuva Samvad: Know Your Vote' Campaign reaches Over 1 Lakh Youth (See 'Corp Brief') PBPT - Intention behind benami arrangement may be inferred from surrounding circumstances & material on record, even where such intention is not established through direct evidence: Tribunal (See 'Legal Desk') Ministry of Mines launches 9th Tranche of Critical Mineral Block Auction (See 'Corp Brief') Union Health Minister reviews progress of AIIMS Awantipora; directs expeditious completion (See 'Corp Brief') Competition Act - Relief being of the nature of final relief cannot be sought at a stage when the matter is being investigated by the DG: CCI (See 'Legal Desk') BRE Summit & Expo 2026 reinforces India's Position as Major Global Force in Renewable Energy: Joshi (See 'Corp Brief') A&C - Judicial intervention in arbitral proceedings is warranted only in exceptional cases, such as where party is left remediless under the statute or where clear bad faith is established: HC (See 'Legal Desk') An unsuccessful 'success fee' litigation (See CORP EINSICHT)

Print

Govt panel tables report on CSR; moots for making CSR tax deductible

Published: Aug 13, 2019

By TIOLCORPLAWS News Service

NEW DELHI, AUG 13, 2019: THE Secretary (Corporate Affairs), Mr Injeti Srinivas, today presented the Report of the High Level Committee on CSR to the Union Minister of Finance and Corporate Affairs, Ms Nirmala Sitharaman. The Committee has made far reaching recommendations.  The main recommendations  include, making CSR expenditure tax deductible, provision for carry forward of unspent balance for a period of 3 - 5 years, aligning Schedule 7 with the SDGs by adopting a SDG plus framework (which would additionally include sports promotion, Senior Citizens'  welfare, welfare of differently abled persons, disaster management and heritage protection), balancing local area preferences with national priorities, introducing impact assessment studies for CSR obligation of 5 crore or more and registration of implementation agencies on MCA portal. 

The other recommendations include developing a CSR exchange portal to connect contributors, beneficiaries and agencies, allowing CSR in social benefit bonds, promoting social impact companies, and third party assessment of major CSR projects.

The Committee has emphasized on not treating CSR as a means of resource gap funding for government schemes. The Committee discourages passive contribution of CSR into different funds included in Schedule VII of the Act.  It has emphasized on CSR spending as a board driven process to provide innovative technology based solutions for social problems.  The Committee has also recommended that companies having CSR prescribed amount below Rs. 50 lakh may be exempted from constituting a CSR Committee.  The Committee has also recommended that violation of CSR compliance may be made a civil offence and shifted to the penalty regime.

The High Level Committee on CSR was constituted in October, 2018 under the Chairmanship of Secretary (Corporate Affairs) to review the existing CSR framework and make recommendations on strengthening the CSR ecosystem, including monitoring implementation and evaluation of outcomes.  The Members of the Committee included Mr Sameer Sharma, DG & CEO, Indian Institute of Corporate Affairs, Dr A.K. Mittal, former CMD, NBCC, Mr N. Chandrasekaran, Chairman, Tata Sons, Mr Amit Chandra, MD, Bain Capital Private Equity, Mr B.S. Narasimha, former Addl. Solicitor General of India, Mr Rajeev Luthra, Founder & MD, Luthra and Luthra Law Office, Ms Shobana Kamineni,  Executive Vice Chairperson, Apollo,    Prof. Anil Gupta, Founder, Honey Bee Network and Professor, IIM, Ahmedabad, Dr Narinder Dhruv Batra, President, Indian Olympic Association, Mr S. Santhanakrishnan. Chartered Accountant and Mr Mathew Cherian, CEO, Helpage India.  Mr Gyaneshwar Kumar Singh, Joint Secretary, Ministry of Corporate Affairs, was the Member and Convener.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.