Helpline

+91-18003457111( 10.00AM - 06.00PM, working days ) gocare[at]investodisha[dot]org

All News/Events

Back

Companies will have to pay unused CSR money into state corpus

Fri,19 Jul 2019

Companies will have to deposit their unused funds meant for corporate social responsibility (CSR) activities to a fund set up by the government for better utilization of resources for public welfare, according to amendments to the Companies Act approved by the Cabinet on Wednesday.The Companies (Amendment) Bill 2019 cleared by the Cabinet will replace an ordinance issued earlier to help reduce the burden on special courts and to bring down applicable penalties for small companies. In addition, it seeks to bring about a few other changes to the law, which includes the provisions related to CSR. The proposed amendment requires businesses to transfer the CSR amount allocated in specific years to a dedicated fund set up by the government if the company could not utilize it for three years. This would bring accountability to the CSR activities of businesses, said a government official who spoke on condition of anonymity.

Source : Live Mint 17 Jul 2019

Copyright © 2016 Odisha New Opportunities, All rights reserved.