Sagar Samajik Sahayog ( Ministry of Ports, Shipping & Waterways put down new CSR guidelines for Major port of India )
Sagar Samajik Sahayog The Ministry of Ports, Shipping & Waterways Union Minister Shri Sarbananda Sonowal, had penned down new CSR guidelines with the aim of addressing local community issues more efficiently and collaborative. efforts can be made for the welfare of the community.
What are the CSR guidelines of India?
Here is a brief summary of CSR regulations in India:
| Section/Rule | The CSR Committee is to consist of 3 or more directors, out of which a minimum of one director shall be an independent director For companies which are not required to appoint an independent director u/s 149(4), CSR Committee is to consist of 2 or more directors | # The CSR Committee is to consist of 3 or more directors, out of which a minimum of one director shall be an independent director # For companies which are not required to appoint an independent director u/s 149(4), CSR Committee is to consist of 2 or more directors |
| Section 135(1) | Applicability of CSR | The Board’s Report and the company’s website must display CSR details in a predefined layout prescribed as per the particulars specified in Annexure to the Companies (CSR Policy) Rules, 2014. |
| Section 135(1) | Composition of CSR Committee | The CSR Committee is to consist of 3 or more directors, out of which a minimum of one director shall be an independent director # For companies which are not required to appoint an independent director u/s 149(4), CSR Committee is to consist of 2 or more directors |
| Section 135(2) | Disclosure of composition | The composition of the CSR Committee is to be disclosed in the Board’s Report maintained u/s 134(3) |
| Section 135(3) | Role of CSR Committee | The Board of the company shall: approve the CSR policy, after taking into consideration, the recommendations proposed by CSR Committee disclose the contents of CSR policy in the Board’s Report maintained u/s 134(3) and on the company’s website, in the manner prescribed under Rule 9 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 ensure that activities as stipulated in CSR policy, are undertaken by the company |
| Section 135(4) | Functions of the Board | In case the criteria specified u/s 135(1) are not met by a company for 3 consecutive financial years, it shall be refrained from following CSR provisions till the time such criteria are fulfilled. |
| Section 135(5) | Minimum annual outlay on CSR | |
| Rule 3(1) | Extended CSR applicability | The Board’s Report and the company’s website must display CSR details in a predefined layout prescribed as per the particulars specified in Annexure to the Companies (CSR Policy) Rules, 2014. |
| Rule 3(2) | Companies not to abide by CSR | In case the criteria specified u/s 135(1) are not met by a company for 3 consecutive financial years, it shall be refrained from following CSR provisions till the time such criteria are fulfilled. |
| Rule 4(4) | Execution in India only | CSR projects or programs undertaken in India only shall amount to CSR Expenditure. |
| Rule 4(5) | Universal benefits | CSR projects or programs that predominantly benefit only the employees of the company and their families shall not be considered. |
| Rule 6(2) | Any surplus | CSR Policy must specify that the surplus arising out of CSR projects or programs shall not form part of the business profits. |
| Rule 9 | Disclosure | The Board’s Report and company’s website must display CSR details in a predefined layout prescribed as per the particulars specified in Annexure to the Companies (CSR Policy) Rules, 2014. |
CSR or Corporate Social Responsibility is the social obligation of those companies that fulfil certain criteria ( mentioned in the table) mandatorily undertake CSR activities and spend at least 2% of their average net profit of the immediately preceding three financial years where Schedule VII of the Companies Act, 2013 prescribes a number of activities which may be included by companies in their Corporate Social Responsibility Policies which include prescribes a number of activities which may be included by companies in their Corporate Social Responsibility Policies.
Sagar Samajik Sahayog- in details
Union Minister of Ports, Shipping & Waterways and Ayush, along with Union Minister of State for Ports, Shipping & Waterways, Shri Shantanu Thakur, and Union Minister of State of Ports, Shipping & Waterways, Shripad Yesso Naik. had prescribed projects and programs related to activities specified in Section 70 of the Major Port Authorities Act, 2021, where each defined port need to establish a Corporate Social Responsibility Committee, headed by the Deputy Chairperson of the Major Port, will consist of two additional members. Secondly, each port at the end of the year needs to prepare a Corporate Social Responsibility Plan. With that port need to allocate 3% and 5% of annual net profit if the port’s annual net profit is ₹100 crores and ports with a net profit ranging from ₹100 crores to ₹500 crores annually, the allocation will be between 2% and 3% of net profit, with a minimum of ₹3 crores. In the end, the new guideline specified that 20 per cent of CSR expenses will be allocated to the Sainik Kalyan Board at the district level, the National Maritime Heritage Complex, and the National Youth Development Fund. Furthermore, 78% of the funds should be directed towards social and environmental welfare initiatives, of various kinds.
What is Sagar Samajik Sahayog ?
It is a new CSR guideline which guides the major port of India to take part in various welfare thematic area
Who launched the Sagar Samajik Sahayog ?
Sagar Samajik Sahayog is launched by e Ministry of Ports, Shipping & Waterways Union Minister Shri Sarbananda Sonowal, along with Union Minister of State for Ports, Shipping & Waterways, Shri Shantanu Thakur, and Union Minister of State of Ports, Shipping & Waterways, Shripad Yesso Naik.
