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CORPORATE SOCIAL RESPONSIBILITY (CSR) AND ITS IMPORTANCE

Courtesy/By: Ayushi Tripathi  |  18 Apr 2020     Views:1922

There is not any single universally accepted definition of Corporate Social Responsibility, but every definition revolves around the centre idea of responsibilities of corporate entities towards the society & environment. India has become the first country in the world to make Corporate Social Responsibility statutory as well as mandatory, through the new Companies Act 2013. Prior to it, CSR clause was voluntary at the end of companies, though it was mandatory to disclose their CSR spending to shareholders.

The new concept of Corporate Social Responsibility has been introduced under section 135 with Schedule VII of the Companies Act, 2013 and Companies (Corporate Social Responsibility) rules, 2014. The amendment notified in the Companies Act, 2013 requires companies with a net worth of INR 5 billion or more, or an annual turnover of INR 10 billion or more, or net profit of INR 50 million or more, to spend 2% of their average net profits of three years on CSR. The CSR initiatives of companies thrust on creating value in the lives of the communities around its areas of business.

Amid the coronavirus outbreak, the Ministry of Corporate Affairs has notified the companies contributing to expenditure to fight against the pandemic will be considered as CSR activities. The fund so raised shall be used in activities such as promotion of health case, sanitation and disaster management.

The importance and relevance of CSR is highly significant in today’s economy, to ensure the sustainability of life, environment and business for future generations. In India, the term Corporate Social Responsibility (CSR) is widely being used even to related concepts and terms, such as sustainable development, philanthropy, sustainability, corporate citizenship, business responsibility responsible business and corporate responsibility. CSR has been supplementary to implementation of the Sustainable Development Goals (SDGs), which are a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. It is a self-regulatory form of corporate conscience included into corporate and business models guaranteeing that the business is accommodating ethical standards of national and international laws and contributing to societal development surrounding it. In common parlance, it is understood as companies providing funding for valuable social causes prevailing.

Importance of CSR –

The overall aim of Corporate Social Responsibility is to impact the society positively while getting the most out of the creation of shared value for the shareholders, stakeholders and even employees. For understanding CSR’s importance in today’s era following threads must be looked into-

  • It works as a tool for advancing public image of companies within society. It may be psychological but somehow people find companies with social responsibilities as more approachable and philanthropist compared to other self-regarding companies. According to a study, 88% of the people surveyed would buy products from a responsible company.
  • It enhances customer and employees’ engagement as the social causes lures them to participate more and they get interested eventually to be a part of such cause.
  • CSR builds up and boosts government relations. It is an effective tool to get in the good books of government officials, politicians and regulators as a socially responsible company. It also helps to avoid various investigations and probes or even public campaigns.
  • A well-managed CSR program can help increase brand value, awareness and resonate with strong values. The exceptional goodwill of Tata group in India has made it the most valuable brand. People appreciate the company not only for its high-quality products but also for the activities that they do for the greater good of the people.
  • CSR tends to increase sales of company by presenting a positive public perception of its serious approach towards responsibilities.
  • CSR also positively works in sphere of poverty alleviation and risk management.

Courtesy/By: Ayushi Tripathi  |  18 Apr 2020     Views:1922

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SC Designates 37 Lawyers As Senior Advocates...
04 Apr 2019     Views:8348
Adding Additional Accused: To Invoke Section 319 C...
04 Apr 2019     Views:6735
SC Sets Aside Life Ban Imposed On Cricketer Sreesa...
04 Apr 2019     Views:1838
P&H HC Directs Protection Of Honest Officers While...
04 Apr 2019     Views:1618
Death Sentence Can Be Imposed Only When Life Impri...
19 Mar 2019     Views:2170
Islamabad High Court Rejects Plea Against Release ...
19 Mar 2019     Views:2331
Lawyers Resort To Seek Unnecessary Adjournments Am...
19 Mar 2019     Views:2428
Even Poem Can Help Save A Death Convict From Gallo...
19 Mar 2019     Views:2455
Educated Woman Supposed To Be Fully Aware Of Conse...
19 Mar 2019     Views:1469
Jammu and Kashmir HC Upholds PM’s Employment Pac...
19 Mar 2019     Views:1925
Magistrate Shall Specify Whether Sentences Awarded...
23 Feb 2019     Views:2639
Mere Inability To Repay Loan Does Not Constitute C...
23 Feb 2019     Views:3158
Inability To Establish Motive In A Case Of Circums...
23 Feb 2019     Views:2893
Punjab & Haryana HC Issues Slew Of Directions To C...
23 Feb 2019     Views:3190
Court Has to Confine Itself To The Four Corners Of...
23 Feb 2019     Views:1620
Long Pendency Amounts To A Special Reason For Impo...
23 Feb 2019     Views:1685
Successive Applications For Recalling Witnesses Sh...
23 Feb 2019     Views:3285
Lieutenant General (Rtd) Cannot Be Tried In A Gene...
06 Feb 2019     Views:2607
Autonomy Of the Bar Cannot Be Taken Over By The Co...
05 Feb 2019     Views:3258
Casual Act Of Possession Over Property Does Not Co...
04 Feb 2019     Views:2500
No Authority Can Claim Privilege Not To Comply Wit...
04 Feb 2019     Views:2746
Death Sentence Only When The Alternative Option Is...
04 Feb 2019     Views:2825
SC Imposes Rs 5 Crore Penalty On A Medical College...
28 Jan 2019     Views:2094
A Judicial Officer Is Not An Ordinary Government S...
25 Jan 2019     Views:2209
Rape And Murder Of 8 Year Old Girl: SC Commutes De...
23 Jan 2019     Views:2252
Mere Allegations Of Harassment Without Proximate P...
23 Jan 2019     Views:2868
Legal Article Why Should They Speak Lies: Decease...
23 Jan 2019     Views:1779
Can a Economic offender can escape by surrendering...
22 Jan 2019     Views:1643
NCW is a Lame Duck or Legal Guardian for women...
22 Jan 2019     Views:1538
Mutual Consent Divorce Procedure in Chennai Family...
21 Jan 2019     Views:6745
Quick Divorce in India...
21 Jan 2019     Views:1676
4 Important things to file Divorce in Chennai...
21 Jan 2019     Views:1862
How to get Divorce for Muslim Men ...
21 Jan 2019     Views:12077
Offences Under Section 307 IPC Can’t Be Quashed ...
17 Jan 2019     Views:3860
Suspicion, Howsoever Grave, Can’t Substitute Pro...
17 Jan 2019     Views:1620
Delhi HC Rejects AJL's Plea Against Centre's Order...
03 Jan 2019     Views:2630
1984 Anti-Sikh Riots: Delhi HC Awards Life Term To...
03 Jan 2019     Views:2314
SC Dismisses Petitions Seeking Probe Into Rafale D...
20 Dec 2018     Views:2714
Executive Magistrate Cannot Direct Police To Regis...
20 Dec 2018     Views:3294
Why Lawyers Of West UP Are Compelled To Strike Fre...
20 Dec 2018     Views:1901
recheck...
19 Dec 2018     Views:2421
1984 Anti-Sikh Riots – Delhi HC Upholds Convicti...
12 Dec 2018     Views:2036
Why Lawless West UP Has No High Court Bench?...
11 Dec 2018     Views:2331
Bombay HC Quashes Government Resolution Making It ...
26 Nov 2018     Views:2469
SLP Against Death Sentence Shall Not Be Dismissed ...
26 Nov 2018     Views:2522
SC Allows Live-Streaming Of Public Proceedings In ...
26 Nov 2018     Views:2384
Sexual Offenders Registry For Law Enforcement Agen...
26 Nov 2018     Views:4648
Delhi HC Sentences 16 Policemen To Life Imprisonme...
26 Nov 2018     Views:1629
Men Too Have Right Not To Be Defamed And Denounced...
26 Nov 2018     Views:1751
Courts Have To Adequately Consider Defence Of The ...
26 Nov 2018     Views:1607
CJI Ranjan Gogoi Demonstrates His Firm Resolve And...
26 Nov 2018     Views:1545
SC Issues Directions On Examination Of Witnesses I...
26 Nov 2018     Views:3189
Aadhaar Held Mandatory For Government Subsidies An...
26 Nov 2018     Views:2002
Legal Article Now Bar Council ID Card Is Valid Id...
01 Nov 2018     Views:2770
SC Sets Deadline On Sale Of BS-IV Vehicles; Says H...
01 Nov 2018     Views:2576
Devotion Cannot Be Subjected To Gender Discriminat...
23 Oct 2018     Views:3847
There Cannot Be Any Mechanical Denial Of Appointme...
23 Oct 2018     Views:2890
Rights Of Accused Far Outweigh That Of Victims, Ne...
23 Oct 2018     Views:1772
SC Strikes Down 158 Year Old Adultery Law Under Se...
23 Oct 2018     Views:2854
Extra-Judicial Confession Of Accused Need Not In A...
23 Oct 2018     Views:2023
Leaders Of Outfits Calling For Mob Violence Liable...
23 Oct 2018     Views:1797
Section 377 IPC Decriminalised Partially By Supre...
23 Oct 2018     Views:2333
New CJI Ranjan Gogoi Is Determined To Ensure Sweep...
23 Oct 2018     Views:2159
Court Must Not Go Deep Into The Matter While Consi...
26 Sep 2018     Views:2471
Reputation Of An Individual Is An Insegregable Fac...
26 Sep 2018     Views:3282
Sec. 498A IPC: Only HC Can Quash Cases On Settleme...
18 Sep 2018     Views:4213
Punjab & Haryana HC Orders Rape Convict, Mother To...
17 Sep 2018     Views:2546
Bombay HC Imposes Cost Of Rs 50K On Petitioner Fir...
17 Sep 2018     Views:1818
Uttarakhand HC Dismisses “Contempt Petition” A...
14 Sep 2018     Views:1886
SC Stresses On Need To Develop And Recognize ‘De...
08 Sep 2018     Views:1815
Mirchpur Dalit Killings: “Atrocities Against SCs...
08 Sep 2018     Views:1996
SC Upholds Pan India Reservation Rule in Delhi; Bu...
03 Sep 2018     Views:2345
NDPS Bail Conditions Discriminatory, Irrational An...
31 Aug 2018     Views:3169
People Without A Degree Performing Surgeries: Utta...
28 Aug 2018     Views:1906
Uttarakhand HC Issues Directions For Conserving ...
28 Aug 2018     Views:2373
12 Year Old Girl’s Rape And Murder: Constitute P...
28 Aug 2018     Views:2169
MP HC To Debar Members/Office Bearers Of Bar Counc...
22 Aug 2018     Views:1830
Special Squad, Police Patrolling Every 24 Hours To...
20 Aug 2018     Views:1994
NRC Being Prepared Under Supreme Court’s Watch I...
20 Aug 2018     Views:1995
Victims Of Crime Can Seek Cancellation Of Bail: MP...
20 Aug 2018     Views:2137
Delhi HC Strikes Down Provisions In Law That Crimi...
13 Aug 2018     Views:2182
Delhi HC Quashes Govt Notification Revising Minimu...
09 Aug 2018     Views:2151
Poorest Of Poor Cannot Go To Private Hospitals: Ut...
07 Aug 2018     Views:2466
How Long Will Lawyers Of West UP Just Keep Strikin...
04 Aug 2018     Views:2440
Courts Must See That The Public Doesn’t Lose Con...
04 Aug 2018     Views:1925
UK Tier 1 Entrepreneur Visa: Overview from Experts...
31 Jul 2018     Views:2025
Enact Law For Safety Of Soldiers Of Jammu And Kash...
23 Jul 2018     Views:1898
SC Advocates Creating A Special Law Against Lynchi...
23 Jul 2018     Views:3275
Matrimonial Discord Can’t Be Considered As Reaso...
23 Jul 2018     Views:3262
Uttarakhand HC Recommends Govt To Enact Legislatio...
23 Jul 2018     Views:3111
High Court Priests Cannot Refuse To Perform Religi...
23 Jul 2018     Views:2393
Uttarakhand High Court Passes String Of Directions...
23 Jul 2018     Views:1726
SC Finally Decides Master Of Roster Case...
23 Jul 2018     Views:1664
Stone Pelters And Terrorists Have No Right To Life...
23 Jul 2018     Views:2231
Remove Designations Like Police, HC, Journalist, A...
23 Jul 2018     Views:2223
Why Centre is Providing Security For Separatists B...
23 Jul 2018     Views:1970
Farmer Suicide Due To Bankruptcy Or Indebtedness: ...
05 Jul 2018     Views:4826
Every Indian Should Salute Brave Soldier Aurangzeb...
05 Jul 2018     Views:3393
Uttarakhand HC Issues Directions To Curb Drug Pedd...
05 Jul 2018     Views:2701
Have A Functional National Law University Within 3...
05 Jul 2018     Views:2295
Establish Regional Bench Of AFT In The State Withi...
05 Jul 2018     Views:1680
Cancel Licences of Drivers Using Cell Phones; Helm...
05 Jul 2018     Views:1573
Uttarakhand High Court Puts Restrictions On Noise ...
05 Jul 2018     Views:1734
Supreme Court To Look Into Validity Of Amended Law...
05 Jul 2018     Views:1559
Mysterious Deaths, Rapes, Malnutrition, Unsanitary...
29 Jun 2018     Views:2741
No Politics Please Over Plan To Assassinate PM Mod...
11 Jun 2018     Views:2158
Free Mentally Ill Children And Formulate Policies ...
11 Jun 2018     Views:2569
Landmark Ruling By Uttarakhand HC On Solitary Conf...
07 Jun 2018     Views:3172
Right Of Adult Couple To Live Together Without Mar...
06 Jun 2018     Views:2265
Why BJP Will Be Wiped Out In West UP And UP?...
06 Jun 2018     Views:2335
Why UP Has Just One High Court Bench And West UP N...
05 Jun 2018     Views:1867
Women Governed By Muslim Personal Law Can Invoke P...
04 Jun 2018     Views:1614
Why Is BJP Not Creating More Benches In UP?...
01 Jun 2018     Views:1776
Probation Period To Count For New Civil Servants B...
01 Jun 2018     Views:3587
SC Women Lawyers Association Seeks Chemical Castra...
01 Jun 2018     Views:1608
SC Finally Steps In To Expedite POCSO Cases...
01 Jun 2018     Views:3029
UP Former CMs Can’t Stay In Govt Bungalows: SC...
01 Jun 2018     Views:1547
Make BCCI A Public Body: Law Panel...
01 Jun 2018     Views:1914
Self-Styled Godman Asaram Awarded Life Until Death...
01 Jun 2018     Views:1799
Why Cases Withdrawn Against Stone Pelters In Kashm...
01 Jun 2018     Views:1969
A High Court Bench For West UP In Meerut Is Impera...
01 Jun 2018     Views:2159
People Of Karnataka Should Worship Congress...
01 Jun 2018     Views:1984
Delhi HC Upholds Life Term To Seven Policemen...
19 Mar 2018     Views:1689
Finance Act-2018 And Customs Act-1962 (Amendments)...
28 Feb 2018     Views:1822
Why No Death Or Life Term For Corruption?...
19 Feb 2018     Views:1603
Will Electoral Bonds Usher In Transparency?...
19 Feb 2018     Views:1552
How Long Will Lawyers Of West UP Keep Striking?...
19 Feb 2018     Views:1689
Finance Act 2018 and Customs Act 1962...
18 Feb 2018     Views:2169
Why Has Stone Pelting Been Legalised In Kashmir?...
12 Feb 2018     Views:1719
Shopian Firing: Major's Dad Moving SC For Quashing...
12 Feb 2018     Views:1631
Soldiers Have Every Legal Right To Kill Stone Pelt...
12 Feb 2018     Views:3028
Attack On Lawyers: Delhi HC Issues Notice To Delhi...
10 Feb 2018     Views:1610
Female Foeticide Must Be Punished Most Strictly...
10 Feb 2018     Views:1867
Soldiers Have Every Legal Right To Act In Self Def...
10 Feb 2018     Views:1612
New Consumer Protection Bill 2018 Will Entail More...
10 Feb 2018     Views:1630
CJI Brings Out A Roster To Allot Cases...
10 Feb 2018     Views:2195
Five Year Jail Term For Lalu In Third Fodder Scam ...
10 Feb 2018     Views:1715
SC Quashes All The 88 Mining Leases In Goa...
10 Feb 2018     Views:1746
Prevention Of Money Laundering Act -2002 (PMLA-20...
07 Feb 2018     Views:1772
Prevention Of Money Laundering Act-2002 Amended ...
04 Feb 2018     Views:2314
Prevention Of Money Laundering Act -2002 --U/S 45(...
03 Feb 2018     Views:2154
Prevention Of Money Laundering Act-2002 (P...
16 Jan 2018     Views:1805
humanity...
13 Jan 2018     Views:1569
Prevention Of Money Laundering Act-2002 PMLA...
13 Jan 2018     Views:1600
Right to Know...
05 Jan 2018     Views:2088
A STUDY OF CERTAIN DEDUCTIONS ON INCOME TAX RELATI...
29 Dec 2017     Views:2239
Enviornment protection is for saving universe...
28 Dec 2017     Views:1566
RIGHT TO PRIVACY AND STATUS OF SECTION 377, IPC, 1...
26 Dec 2017     Views:1833
PROBLEMS WITHIN THE EXISTING POLICE SYSTEM...
26 Dec 2017     Views:1667
LEGALITY : LEGALITY OF MARITAL RAPE...
26 Dec 2017     Views:2607
RIGHT TO PRIVACY AND DIRECTION FOR MANDATORY AADHA...
26 Dec 2017     Views:1775
THE PARADOX OF PLEA BARGAINING...
26 Dec 2017     Views:2604
JOURNEY OF EVMs AMIDST CONTROVERSIES ...
26 Dec 2017     Views:1686
UIDAI suspends Airtel, Airtel Payments and Banks e...
26 Dec 2017     Views:2170
2G Scam : The 2G Scam and much more...
26 Dec 2017     Views:2424
Kerala teen surveillance case: Invasion of Privacy...
26 Dec 2017     Views:1838
Motherhood or Employment- the judicial perspective...
26 Dec 2017     Views:1867

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