(a) whether the Government is planning to make it mandatory for all water based industries and plants to spend a portion of their Corporate Social Responsibility (CSR) funds especially for the cleanliness and preservation of water;
(b) if so, the details thereof and the time by which it will be implemented; and
(c) if not, the reasons therefor?
THE MINISTER OF STATE FOR LAW AND JUSTICE
AND CORPORATE AFFAIRS (SHRI P. P. CHAUDHARY)
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(a): No, Madam.
(b): Does not arise.
(c): Section 135 of the Companies Act, 2013 (‘the Act’) mandates every company, above the specified threshold of turnover or net worth or net profit, to spend at least two per cent of the average net profits earned during the three immediately preceding financial years on CSR activities specified in Schedule VII of the Act. Further the Section 135 (3) and 135 (4) of the Companies Act, 2013 already empower the Board of the companies to take decisions regarding allocation of CSR funds for items listed in Schedule VII of the Act.
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