Date: 2016-01-14Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by sub-section 3 of Section 1 of the Companies Act 2013 18 of 2013 the Central Government hereby appoints the 13th day of January 2016 as the date on which the provisions of sub-section
Executive Summary:
This document is a notification from the Ministry of Corporate Affairs regarding sub-sections of the Companies Act of 2013. It addresses exemptions related to Corporate Social Responsibility (CSR) for certain companies. The notification was issued on January 14, 2016, and refers to previous notifications from 2013. It outlines specific criteria and thresholds for companies to be eligible for these exemptions.
Key Points / Main Content:
Corporate Social Responsibility (CSR) Exemptions:
* Exemptions apply to specific sections and sub-sections within Section 135 of the Companies Act, 2013.
* The notification references S.O. 125(E) and cites relevant sections of the Companies Act, 2013.
* The exemptions concern provisions related to Corporate Social Responsibility (CSR).
* Companies that are required to constitute a Corporate Social Responsibility Committee as per sub-section (1) of section 135.
* Companies defined under sub-section (5) and sub-section (6) of section 135 that meet specific profitability thresholds are addressed in the notification.
References to Previous Notifications:
* The document refers to earlier notifications No. G.S.R. 527(E), dated 27/02/2014
Impact Analysis:
Ministry of Corporate Affairs:
Impact: Issuing and enforcing compliance with the updated CSR regulations and exemptions.
Action Required: Monitor and update guidelines and compliance procedures as needed.
Companies Eligible for CSR Exemptions:
Impact: Reduced compliance burden related to CSR spending and reporting if they meet the specified criteria.
Action Required: Assess eligibility based on financial thresholds and ensure compliance with the exemption criteria.
Other Companies:
Impact: Continued adherence to existing CSR regulations for companies not meeting exemption criteria.
Action Required: Maintain compliance with CSR requirements and reporting as per the Companies Act, 2013.
Key Entities Referenced
Ministry of Corporate Affairs: The ministry responsible for administering the Companies Act 2013 and other laws related to corporations in India.
New Delhi: The capital city of India, where the notification was issued.
January 14, 2016: The date of the notification.
Pausa 24, 1937: The date of the notification in the Saka calendar.
Companies Act, 2013: An Act of the Parliament of India which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company.
S.O. 125(E): A statutory order number related to the notification.
EXTRAORDINARY: Denotes that the notification is published in the Gazette of India, which is an official government publication.
Gazette of India: A public journal and an official record of the Government of India.