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The new CSR legislation under section 135 of the Companies Act 2013 requires companies of a certain size to spend 2% of their net profit [8] on activities as prescribed under schedule VII, which are primarily aimed at community development. The canvas of CSR remains narrow and de-linked from the core-business activities of a company.
The Companies (Amendment) Bill, 2020. Status: In force. The Companies Act 2013 (No. 18 of 2013) is an Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956. The Act was brought into force in stages.
In 2014, India also enacted a mandatory minimum CSR spending law. Under Companies Act, 2013, any company having a net worth of 500 crore or more or a turnover of 1,000 crore or a net profit of 5 crore must spend 2% of their net profits on CSR activities. [180] The rules came into effect on 1 April 2014. [181]
The 2013 Companies Act superseded the Companies Act of 1956, under whose provisions Indian corporations previously operated.In addition to the Companies Act, corporations are subject to other regulations administered by the Ministry of Corporate Affairs (MCA), which has two branches: the Regional Director (RD) and the Registrar of Companies (ROC).
Registration. A Non-Profit can be organized in India in the following ways: Trust under Public Trust Acts of various state governments. A Society under Societies Registration Act, 1860. Section-8 Company under Companies Act, 2013 (Formerly, Section-25 Under Companies Act, 1956)
Clause VI (ii) of Clause 49 requires all companies to submit a quarterly compliance report to stock exchange in the prescribed form. The clause also requires that there be a separate section on corporate governance in the annual report with a detailed compliance report. A company is also required to obtain a certificate either from auditors or ...
The Company Law of the People's Republic of China is a law which was passed by the National People's Congress of the PRC on 29 December 1993 and came into force on 1 July 1994. [ 1] It has been amended several times since then. The most current version of the law took effect in 2018. [ 2] The law regulates limited liability and joint stock ...
The National Company Law Appellate Tribunal (NCLAT) is a tribunal which was formed by the Central Government of India under Section 410 of the Companies Act, 2013.The NCLAT was formed as a body with an appellate jurisdiction at the same time when NCLT was established as a major reform as per powers granted to the Ministry of Corporate Affairs in India,