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Is 2% CSR Law Applicable to MNCs / Foreign Co’s in India?
A simple write-up to explain the applicability of new CSR law in India, especially to the foreign companies operating in this country.
Criticism of 2% CSR Spend: A Selfish Mentality
The newly enacted legislation mandating certain companies to spend 2% of their average profits on CSR has evoked mixed responses. The critics are questioning the law on primarily two grounds – Firstly, is the government abdicating its own fundamental responsibilities and secondly, since the profit earned by a company is shareholders’ money, can it be spent by the directors on CSR?
Open Items / Gaps in Indian CSR Legislation
India has embarked on a new journey by making it mandatory for certain companies to spend 2% of their average net profit of last three years on Corporate Social Responsibility (CSR). However, there are still a few gaps in the new legislation, which I hope will all be addressed by the Ministry of Corporate Affairs in due course