Failure To Contribute CSR Fund: Registrar of Companies Imposes Rs. 1.06 Crore Penalty On Ganesh Green Bharat Limited And Its Director
5 months, 1 week ago

Failure To Contribute CSR Fund: Registrar of Companies Imposes Rs. 1.06 Crore Penalty On Ganesh Green Bharat Limited And Its Director

Live Law  

The Registrar of Companies, Ahmedabad has imposed a penalty of Rs. 1.06 Crore on Ganesh Green Bharat Limited and its director failing to contribute Corporate Social Responsibility funds during the financial years 2021-22 and 2022-23. Section 135 of the Companies Act, 2013 mandates that every company meeting certain financial thresholds must spend at least two percent of its average net profits from the preceding three financial years on CSR activities. Brief Facts: Ganesh Green Bharat Limited and its directors, Ketanbhai Narsingbhai Patel, Rajendrakumar Narsinhbhai Patel, and Niravkumar Sureshbhai Patel approached the Registrar of Companies and filed an application stating non-compliance with Section 135 of the Companies Act, 2013. Observations by the RoC: The RoC referred to Section 135 of the Companies Act, 2013 which mandates that companies allocate at least two percent of their average net profits from the preceding three financial years towards CSR activities.

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History of this topic

RoC Pune Imposes ₹5.03 Lakh Penalty On Clairvoyant India Pvt. Ltd. For Failing To Constitute CSR Committee
3 months, 3 weeks ago

RoC Pune Imposes ₹5.03 Lakh Penalty On Clairvoyant India Pvt. Ltd. For Failing To Constitute CSR Committee

Live Law  

The Registrar of Companies, Pune has imposed a penalty of ₹5.03 lakh on Clairvoyant India Private Limited and its directors for failing to constitute a Corporate Social Responsibility Committee, despite the company's net profit exceeding the threshold specified under Section 135 of the Companies Act, 2013. According to Section 135, companies with a net profit exceeding ₹5 crore in the …

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Corporate social responsibility is a strategic endeavour

Live Mint  

After having lobbied policymakers for years since 2014 on how they could deploy corporate social responsibility funds, Indian companies ran into some essential amendments made in 2021. Internally, the project could be treated as ‘cause marketing’, which differs from philanthropy in that the latter generally involves donations, while this is about strategic engagement and active relationship building for goals to …

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Hindustan Times  

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News 18  

The concept of corporate social responsibility was first inserted into the statute books by the Companies Act, 2013, in which Section 135 mandated a certain class of companies meeting a specified threshold to spend two per cent of their average net profit on social causes. Initially, CSR laws were somewhere optional in nature: in case a company failed to spend …

Unchanged Corporate Tax, Benefits on CSR: What Corporate India Can Expect from Union Budget 2021
3 years, 10 months ago

Unchanged Corporate Tax, Benefits on CSR: What Corporate India Can Expect from Union Budget 2021

News 18  

Finance Minister Nirmala Sitharaman has already set the expectations high by promising a budget like “never before” to address the biggest concern being likely contraction in GDP of 7.7 percent as uncertainties around a sustainable rebound of demand continue to weigh on economic activity. With the fortune of many multinational corporations being affected by the pandemic, the expectation of India …

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