why csr is important for BBA student?
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Explanation:
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Answer:
Corporate Social Responsibility (also known as Corporate Citizenship) means the responsibility taken by the companies or the corporates towards the betterment of society as a whole. Companies undertake these activities for upgradation in the lives of the people.
A large number of activities are undertaken by the companies under the umbrella of CSR. Few of these activities are:
To promote education in society.
To organize programs designed to enhance the vocational skills among people.
To promote health care and sanitation.
To organize seminars and programs in order to educate people about the environment and sustainable development.
Setting up of orphanages, old age homes and daycare centres.
Promote training for sports
To contribute during the times of natural calamities like earthquakes, droughts and floods.
To promote programmes and schemes for poverty alleviation, eradication of hunger, providing safe drinking water, health care measures, rural development programs.
To promote infrastructure development for building schools, hospitals, sports training complexes, etc.
As per section 135 of the Companies Act, 2013, every Company, including its holding or subsidiary whose :
"Net worth is Rs 500 crore or more" OR
"Is having a turnover of Rs 1000 crore or more" OR
"Whose Net Profit is Rs 5 crore or more",
during the immediately preceding financial year, have to contribute towards CSR activities mandatorily.
CSR Committee: As per the CSR Rules, each and every Company on which CSR provisions are applicable needs to form a CSR committee of the Board which,
Shall constitute 3 or more Directors, out of which at least one of the Directors shall be an Independent Director.
In case of a foreign company at least two persons should be there in the committee of which one person shall be an authorized person, resident in India and the second one should be nominated by the Company itself.
In the case of Private Company having only two directors, the committee shall also be constituted having 2 Directors.
Explanation:
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