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Highlights of the Companies Bill 2012.

CSSwati Rawat
Companies Bill 2012: New CSR Mandate, Auditor Restrictions, and Special Courts for Faster Trials The Companies Bill 2012 aims to replace the Companies Act of 1956, promoting voluntary social welfare by businesses rather than imposing obligations. It proposes the establishment of special courts for swift trials and enhanced corporate governance to prevent misconduct. Companies meeting specific criteria must allocate at least two percent of their average profits over the past three years to Corporate Social Responsibility (CSR) activities. Non-compliance requires justification or may result in penalties. Additionally, the bill restricts auditors to serving a maximum of 20 companies and clarifies their criminal liabilities. (AI Summary)

Highlights of the  Companies Bill 2012.

• The new legislation, which would replace the nearly 50-year-old Companies Act of 1956 and would encourage the companies to undertake social welfare voluntarily instead of imposing the social responsibility.

• The proposed legislation would ensure setting up of special courts for speedy trial and stronger steps for transparent corporate governance practices and curb corporate misdoings.

• The new law would require companies that meet certain set of criteria, to spend at least two percent of their average profits in the last three years towards Corporate Social Responsibility (CSR) activities.

• In case, entities are unable to comply with the CSR rules, they would be needed to give explanations. Otherwise, they would face action, including penalty.

• The amended legislation also limits the number of companies an auditor can serve to 20 besides bringing more clarity on criminal liability of auditors.

 

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