Corporate Social Responsibility (CSR) which was a voluntary initiative earlier has turned into a corporate obligation as per the provisions of the Companies Act, 2013. Companies have to comply with the various provisions of the Act and the Rules on crossing the threshold limits in terms of net worth or profits or turnover. Corporate Social Responsibility is now an opportunity to create tangible, sustainable value for a business.
Corporates are mandated to carry out CSR activities as per Schedule VII of the Companies Act, 2013 for the benefit of society. The CSR spend is expected to be utilized in various projects through Non-profit organisations/Trusts and Societies that act as the implementing partners. The recent amendments in the CSR Rules call for greater responsibilities on the part of the Board of Directors and the CSR Committee, such as monitoring, evaluating, and reporting on CSR activities to ensure that the CSR funds are being used in a permitted manner.
We at SimplyBiz offer comprehensive services to corporates to help them comply with the requirements of the Companies Act, 2013. Our services commence with verification of the applicability criteria, Advisory on the CSR activities to be undertaken, creating a CSR Annual Activity plan of events and monitoring the same, assistance in the preparation of CSR policy, CSR reports, ensuring timely compliances, making a presentation to the Board, tracking the amendments in the law and analyzing the implications of the same on corporates.
We have also been assisting the implementing partners with the registration of their special purpose entity for CSR activities, advisory on various activities undertaken towards implementation of various projects and the compliance requirements from time to time.
