Companies Act

199 companies face penalty for non-compliance of CSR norms. No proposal to review provisions of the Companies Act

199 companies face penalty for non-compliance of CSR norms. No proposal to review the state of implementation of the Companies Act related to CSR

Section 135 of the Companies Act, 2013 mandates for expenditure on Corporate Social Responsibility (CSR). Further Section 134 provides that the Board’s Report attached to the Financial Statements of the Company shall also include details about the CSR policy formulated and implemented by the company during the year. The sub section (8) of section 134 further provides that the contravention of its provisions shall make the company punishable with fine and every officer of the company shall be punishable with imprisonment and/or fine.

As per the press release issued by the Ministry of Corporate Affairs (MCA) today, the Government has accorded permission for initiating penal action against 199 companies for non-compliance of provisions of section 135 read with section 134 (3) (o) of the Companies Act, 2013. This was stated by Shri P.P. Chaudhary, Minister of State for Corporate Affairs and Law & Justice in the Rajya Sabha today.

It was also clarified that the Government has no proposal to review the state of implementation of the provisions of the existing Act related to Corporate Social Responsibility. Whenever violation of Corporate Social Responsibility (CSR) provisions is found, action under section 134 (8) of the Companies Act, 2013 (the ‘Act’) is initiated.

FCRA specifies list of 105 purposes to be selected for which registration is applied

FCRA specifies list of purposes to be selected for which registration is applied. The Ministry of Home Affairs has notified…

2 days ago

Income Tax

Withholding tax u/s 40(a)(i) not required on cost-to-cost reimbursement made to parent company

Assessee was not liable to withhold tax at source u/s 40(a)(i) on cost-to-cost reimbursement made to parent company In a…

2 days ago

Government

Temporarily blocking public access to Telegram App not disproportionate – Delhi High Court

Temporarily blocking public access to Telegram App under section 69A of IT Act 2000 is not disproportionate - Delhi HC…

5 days ago

Income Tax

High Court explains the meaning of term ‘enterprise’ appearing in section 80IA

High Court explains the meaning of term ‘enterprise’ appearing in section 80IA to means a project or an undertaking owned…

5 days ago

Income Tax

Addition deleted as assessee was only a carrier of cash not owner who came up to own it

Addition deleted as assessee was only a carrier of cash and the real owner had come forward owning the cash…

1 week ago

Lokayukta Police not exempt from disclosure of information under RTI Act 2005 – SC

Lokayukta Police not an ‘intelligence and security’ organisation and hence not exempt from disclosure of information under RTI Act 2005…