Corporate Social Responsibility
With the introduction of Companies Act 2013, it has become obligatory on the part of the Companies covered under section 135 to incur expenditure for Social Work as defined in Schedule VII. Although in the past the Company used to donate funds for various social causes as a part of it’s social responsibility, there was no defined and documented policy for this purpose. However the Companies Act 2013 makes it legally obligatory on certain Companies to incur such social expenditure in a formal manner.
With objective to ensure proper utilisation of Company’s CSR Funds which will also be in compliance with the requirements of Section 135 of the Companies Act 2013, The Companies (Corporate Social Responsibility Policy) Rules, 2014 and Schedule VII of the Companies Act 2013 TUV India has formulated CSR (Corporate Social Responsibility) Policy.