Companies Bill approved with mandate on CSR spending

Companies Bill approved with mandate on CSR spending:
The Companies Bill, 2011 was passed by the Lok Sabha on Tuesday, in a move that would usher in a regime for less-intrusive regulation of corporates balanced with enhanced shareholder democracy.
The new Companies Bill aims to make it mandatory for private companies to earmark 2% of net profit in preceding three years for corporate social responsibility (CSR) activities. It will also make corporate governance more transparent and make independent directors more accountable.

The Companies Bill has been under works for over a decade. It will replace the Companies Act of 1956, which was amended several times in the past two decades."

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