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Moreover the modalities suggest that the companies identified for mandatory CSR spending will have to constitute a CSR Committee of the Board which will include three or more directors along with at least one independent director.This CSR Committee will formulate the CSR policy and recommend to the Board for undertaking activities to be undertaken by the company.
This catastrophe caused by lack of responsibility as terrible consequences, it can damage not only the environment but also can take people’s lives.
Of course, these examples are exaggerated but the last one shows how much important responsibility is.
In the mean time, a number of companies have welcomed the new mandatory CSR Act and they are of the view that this Act will strengthen their CSR initiative and will permit them to continue with such activities genuinely for a longer period.
However, there are some gray areas within CSR activities.
A professor would definitely call the student irresponsible.
In this case, there is no damage from irresponsibility, except for the student’s personal harm. An employee of a Nuclear Power Plant was not attentive enough, pushed a wrong button and it led to an explosion.In this essay we will discuss about Corporate Social Responsibility. Thus every corporate unit must have a responsibility for the upliftment of society which is broadly considered as Corporate Social Responsibility (CSR). Introducing Mandatory CSR under Companies Act, 2013 3. The corporate sector has responsibility towards its own business entity, shareholders as well as towards society.Similarly, arguments are also made against those companies involved in CSR activities on our hand but flouting the norms related to environment, labour welfare etc. We all know that some people are responsible, others are irresponsible. Oxford dictionary defines responsibility as the state or fact of having a duty to deal with something or of having control over someone.That is why for someone it can be easier to be responsible, while for others it is rather hard.Honestly saying, judging from my own experience sometimes it is so difficult to stay responsible, especially when you want to relax and to have a little rest without thinking about the duties you have. You can be a responsible and joyful person at the same time. Nevertheless asking “To be or not to be responsible? But you should always remember that everything is good in moderation.The second confusion arises in respect of tax implications of the CSR activities.Whether the CSR spending of certain company will be eligible for tax exemptions or not will be depending on the discretions of related tax authorities.The first confusion is related to whether an activity comes under CSR or not.Sometimes it is found that the boundary between normal business activities and CSR activities is hazy.