Assignment:

Subject : Social Responsibility

Topic: Government to review the CSR Criminal
Provisions under the Companies(Amendment) Act,
2019:

Submitted to: Dr. Santhi Perumal

Submitted by: GROUP: 9 (SECTION B)

TUSHAR SOHALE (201912097)
ARSHREE SABAT (201912112)
ROHIT KUMAR (201912085)
JATIN KHANNA (201912065)
LAKSHAY JHALANI (201912070)
 As the Companies(Amendment) Act, 2019 passed on 31st
July, 2019, the Finance Minister of India, Nirmala Sitharaman
has come down heavily on the companies which are avoiding
Corporate Social Responsibility requirements. She said by
quoting Mahatma Gandhi that the companies which are earning
profits legally are also bounded towards social responsibility.
Under this act, specific penal provisions are provided in case of
non-compliance and now onwards the Corporate Affairs
Ministry will be able to give directions to companies to ensure
compliance with CSR norms.
As per the provisions, the companies violating CSR norms
and defaulting officers will be fined in the range of ₹ 50,000 to
₹ 25 Lakh, with officers also liable for imprisonment of up to
three years. She also said that now it has become mandatory that
companies have a verifiable registered physical address.
 But, after merely ten days, the Government is set to review
the CSR Criminal Penal Provisions, assured the Finance
Minister to the members of the Confederation of Indian
Industry, also assuring of cutting Corporation Tax Rate to 25
percent from 30 percent. Sitharaman also ensured that the
government will release the non-litigation amount of ₹ 48,000
crore delayed payments of MSME sector.
Many Indian Industrialists have asked the government to give
impetus to the Indian growth story by raising expenditure in the
infrastructure side and also have requested the government to
cut the GST rate for the Automobile sector.