2019 Amendment To Companies Act 2013 Provisions Relating To Corporate Social Responsibility Comes Into Force; CSR Rules Amended

first_imgNews Updates2019 Amendment To Companies Act 2013 Provisions Relating To Corporate Social Responsibility Comes Into Force; CSR Rules Amended LIVELAW NEWS NETWORK22 Jan 2021 4:43 AMShare This – xThe provisions of 2019 Amendment to Companies Act, 2013, relating to Corporate Social Responsibility have come into force today.The Ministry of Corporate Affairs has issued a notification in this regard today appointing the 22nd day of January, 2021 as the date on which the provisions of section 21 of the 2019 Amendment Act shall come into force. Companies (Corporate Social…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe provisions of 2019 Amendment to Companies Act, 2013, relating to Corporate Social Responsibility have come into force today.The Ministry of Corporate Affairs has issued a notification in this regard today appointing the 22nd day of January, 2021 as the date on which the provisions of section 21 of the 2019 Amendment Act shall come into force.  Companies (Corporate Social Responsibility Policy) Rules, 2014, have also been amended and notified today. Sections 2,11,25,27,53,55,58,59,60,62,64, 65, Clause (c) of section 18 and Clause (ii) of section 22 of Companies (Amendment) Act, 2020, have also come into force. Last month, many other provisions of 2020 Amendment were brought into force.Section 21 of the 2019 Amendment Act, amends Section 135 of the Companies Act by modifying Clause 5 as follows (Changes underlined):(5) The Board of every company referred to in sub-section (1), shall ensure that the company spends, in every financial year, at least two per cent. of the average net profits of the company made during the three immediately preceding financial years or where the company has not completed the period of three financial years since its incorporation, during such immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy: Provided that the company shall give preference to the local area and areas around it where it operates, for spending the amount earmarked for Corporate Social Responsibility activities: Provided further that if the company fails to spend such amount, the Board shall, in its report made under clause (o) of sub-section (3) of section 134, specify the reasons for not spending the amount and, unless the unspent amount relates to any ongoing project referred to in sub-section (6), transfer such unspent amount to a Fund specified in Schedule VII, within a period of six months of the expiry of the financial year.With this amendment, the Companies will not only have to specify the reasons for not spending the amount for CSR, but also have to transfer such unspent amount to a Fund specified in Schedule VII, within a period of six months of the expiry of the financial year (Unless the unspent amount relates to any ongoing project referred to in sub-section (6)). The amendment also inserts the following Clauses:(6) Any amount remaining unspent under sub-section (5), pursuant to any ongoing project, fulfilling such conditions as may be prescribed, undertaken by a company in pursuance of its Corporate Social Responsibility Policy, shall be transferred by the company within a period of thirty days from the end of the financial year to a special account to be opened by the company in that behalf for that financial year in any scheduled bank to be called the Unspent Corporate Social Responsibility Account, and such amount shall be spent by the company in pursuance of its obligation towards the Corporate Social Responsibility Policy within a period of three financial years from the date of such transfer, failing which, the company shall transfer the same to a Fund specified in Schedule VII, within a period of thirty days from the date of completion of the third financial year.(7) If a company contravenes the provisions of sub-section (5) or sub-section (6), the company shall be punishable with fine which shall not be less than fifty thousand rupees but which may extend to twenty-five lakh rupees and every officer of such company who is in default shall be punishable with imprisonment for a term which may extend to three years or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees, or with both.(8) The Central Government may give such general or special directions to a company or class of companies as it considers necessary to ensure compliance of provisions of this section and such company or class of companies shall comply with such directionsTo know more about 2019 Amendment Act, Read: Key Highlights Of The Companies (Amendment) Act, 2019.Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, modifies the Rules regarding CSR Implementation, CSR Expenditure, CSR Reporting. It also adds provisions for Display of CSR activities on website and Transfer of unspent CSR amount. Click here to Read/Download CSR Amendment Rules 2021 Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

Pollinator Protection

first_imgWe can strengthen our pollinator populations by making small changes to our landscapes. Native bees and other pollinators need a variety of habitats that are easy to create. Bumblebees nest in the ground in slightly messy, undisturbed spaces, like small brush piles. Many native bees are solitary and nest in tunnels in bare soil. Orchard mason bees nest in tubes, like nail holes in fence posts or even plastic drinking straws. They need a source of mud nearby to build separators between eggs inside the tube. Pollinator SyndromeAlthough it sounds ominous, “pollinator syndrome” describes the relationship between flowering plants and pollinators. The rich diversity of pollinators evolved hand in hand with the flowers they fertilize. In return for the bounty of food — pollen for protein and nectar for energy — pollinators spread pollen among the flowers. This act of fertilization enables flowers to produce the fruits, nuts and seeds that feed other animals — including humans — and helps to ensure the plant’s survival. Pesticide use. Pesticides may kill pollinators directly, and the chemicals may be retained in the pollen that bees store to feed their young. Over the thousands of years since angiosperms, or flowering plants, first appeared, flowers have adapted in shape, color and fragrance to attract specific types of insect or animal pollinators. Blue, yellow and bright white flowers, for instance, draw bees. Butterflies and birds frequent red blossoms. Strong, sweet fragrances get the attention of moths, while flies prefer putrid aromas. Plants that depend on bees and butterflies for pollination offer flowers as an inviting landing pad where the insect can rest as it collects pollen and nectar. Pollinator StewardshipMany of our native pollinators are in decline and need our help year-round. Factors that contribute to pollinator decline are largely man-made and include:Loss of habitat.Manicured lawns, clipped hedges and tidy, suburban landscapes deprive bees of the habitats they need for reproduction. Loss of sufficient flowering plants for forage. Exotic, non-native and cultivated, hybrid flowers may not produce the pollen that insects need for protein, or the nectar that bees, birds, butterflies and bats need for energy. center_img While many bee species are active only for a few weeks, bumblebees and honeybees need to forage from early spring all the way through the end of fall. To help sustain them, Georgians can keep their yards in constant bloom with flowering trees and shrubs, and an abundance of flowers and herbs. There are more than 4,000 species of native bees in North America — from plump, stalwart carpenter bees to the hardworking blueberry bees that help pollinate the state’s top fruit crop. This year the National Association of Conservation Districts is using its annual Stewardship Week celebration, April 26 to May 2, to recognize the importance of pollinators in our lives. Whether on a farm or in your backyard, protecting pollinators helps to ensure their future and the future of our food system. Pollinator NichesThe thousands of native bee species in the U.S. each fill specific, ecological niches to keep from competing heavily with one another. Some, like orchard mason bees, emerge very early in the spring, before other types of bees, to pollinate fruit trees. Other pollinators are specialists. Southeastern blueberry bees only collect food from — and consequently pollinate — blueberry flowers. Similarly, squash bees only visit the flowers of cucurbits, like squash and pumpkins. And, finally, don’t spray pesticides when plants are blooming. That’s when pollinators are busy collecting food. If you must use pesticides, wait until petals drop from flowers. For more information on protecting pollinators, see UGA Extension Bulletin 1164: Bee Conservation in the Southeast.last_img read more