The world has come a long way from Milton Friedman's statement, "The purpose of corporate social responsibility is to make profits." The jury have settled for a clear mandate that corporations have the responsibility to partake in the development of the society around the place where such development is in severe shortage. In India, on 29th August, 2013, The Companies Act 2013 replaced the Companies Act of 1956 and the New Act has introduced far-reaching changes that affect company formation, administration and governance, and incorporates an additional section i.e. Section 135 - clause on Corporate Social Responsibility obligations ('CSR') for companies listed in India. The clause covers the essential prerequisites pertaining to the execution, fund allotment and reporting for successful project implementation.
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