2 months ago mycaguruKeymaster
MCA notifies Constitution Steering Committee review CSR
MCA notifies Constitution Steering Committee review CSR: MCA has notified Constitution of Steering Committee on Corporate Social Responsibility to review the functioning of CSR enforcement & to recommend a uniform approach for its enforcement.
The office order has stated that the Steering committee will be constituted for CSR enforcement.
The functions of CSR committee will include:
- Revisiting schedule VI i.e. Activities which may be included by companies in their Corporate Social Responsibility Policies.
- Revisiting CSR provisions & structure of centralised scrutiny & and Prosecution Mechanism.
- Examining the role of NFCSR under IICA.
It will finalise its report within 60 days of its constitution.
Two Sub-Committee ie legal & technical shall be formed in order to assist this Steering Committee.
The Legal committee will have functions like identifying responsibility for non-compliance of CSR, drafting standard show cause notice, revisiting CSR circulars etc.
Technical team shall extract the companies eligible for CSR compliance, draft out mechanism for issuing electronic show cause notice, modifying AOC-4 etc.
These two committees shall submit there report with 30 days of their formation to the Steering Committee.