Corporate entities raise several issues concerning the Section 135 of the new Companies Act

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 IndiaCSR News Network

IHGBCFGJUAHMEDABAD: Corporate entities participated in the discussion and raised several issues concerning the Section 135 of the new Companies Act while participating in the interactive session at the one day advocacy seminar on ‘Business Responsibility and Corporate Social
Responsibility’ which was jointly organized by the Indian Institute of Corporate Affairs; GIZ and Indo-American Chamber of Commerce. A large number of business representatives participated in the seminar.

The queries raised covered areas such as CSR implementation agencies; accounting issues; independent directors; penal provisions; and CSR
thematic areas. Mr. Mukesh Kumar, Chief Programme Executive, National Foundation for CSR addressed all queries. Several interactions were made during the business responsibility session and Mr Rijit Sengupta, who presented the Business Responsibility session, replied to all queries.

It was emphasised by the corporate leaders that a much wanted training, development and upgrading the skills of the volunteers and monitoring of the of the projects undertaken by the business houses should be in place along with the CSR activities. The big business
houses can definitely undertake certain activities of its own but the MSME can probably rely on utilising the capacities of already existing
NGOs and participation in the ongoing projects, they can even outsource to a NGO in the field. This requires monitoring along with the accounting standards to be understood thoroughly.

“As the Accounting has to be reported and would be in the public domain, it is to be undertaken in the most stringent fashion on which
the statutory guidelines from Institute of Chartered Accountants of India and Institute of Company Secretaries is already preparing the guidelines” speakers added.

The grand Round Table on the Advocacy of Corporate Social Responsibility and the Business Responsibility was facilitated under
the competent management and team of Fourth Dimensional Global, a consulting firm with specialisation in this and allied area of the
newly enacted Act.

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