Adv. Nayan Jitendra Hule, BA.LLB, LL.M., Deccan Education Society’s Shri. Navalmal Firodia Law College, Savitribai Phule Pune University
ABSTRACT
The concept of Corporate Social Responsibility (CSR) involves businesses committing to ethical behavior and contributing to economic development while enhancing the well-being of their employees, families, local communities, and society at large. CSR has historical roots in ancient India, as evidenced by references in the Rig Veda emphasizing the importance of giving back to society for social development. This principle of giving back, known as DHARMA AND SEVA, has been deeply embedded in Indian culture for centuries. In the early 1990s, Mahatma Gandhi introduced the concept of Trusteeship to promote socioeconomic growth. In India, CSR is regulated by section 135 of The Companies Act, 2013, and it serves as a form of self-regulation that highlights a company's economic and social responsibilities. In recent years, several amendments have been made to this Act. Under these amendments, companies with a net worth of 500 crore or more, a turnover of 1,000 crore or more, or a net profit of 5 crore or more in any financial year are mandated to allocate at least 2% of their average net profits from the past three years to CSR activities. The COVID-19 pandemic has prompted significant changes in CSR policies, with many companies directing their CSR funds towards Covid-19 relief efforts. The Indian government designated the Covid-19 outbreak as a 'notified disaster,' making it permissible for companies to allocate funds to Covid-19 relief as part of their CSR activities. Research into the CSR activities of corporate companies during Covid-19 in India will be valuable in identifying any challenges faced by the government during the pandemic. Additionally, it is important for the Ministry of Corporate Affairs to implement reforms that can be utilized during similar pandemic situations. This research aims to examine the CSR initiatives undertaken by corporate companies during the global pandemic and analyze the revised CSR spending patterns adopted by several companies.
Keywords: CSR, Covid relief funds, Global Pandemic, Ministry of Corporate Affairs
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