Companies Bill approved with mandate on CSR spending
The present Bill was introduced in the Lok Sabha last year by former corporate affairs minister Veerappa Moily. Later in January this year, the Bill was referred to the Parliamentary Standing Committee on finance headed by the former finance minister and BJP leader Yashwant Sinha.
The Parliamentary panel asked the government to make corporate social responsibility (CSR) spending mandatory for companies above a certain threshold. This has been accepted by the government. In its report on the Companies Bill the House panel also suggested that appointment of auditors should be approved by shareholders at the annual general meeting. This too was accepted.
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