Eminent CSR leaders discussed and reviewed the changes in the CSR Law under the chairmanship of Mr Sumant Chadha and after that came to a consensus that Corporate Social Responsibility (CSR) had gone a long way in instituting strategic programs to contribute toward causes that enable the welfare of the society.

The amendments to the Companies Act, 2013 have defined organisations' scope, helping strengthen the country socially and economically. Chadha said CSR had played a crucial role in supporting COVID-19 relief initiatives through contributions at multiple levels.

Others who attended included members of the Corporate Affairs Committee, including PK Rustagi, Ranjana Agarwal and Mr Sanjay Khanna, CS Devendra and V Deshpande.

Mr P K Rustagi highlighted in his address that there was a growing need for CSR after the coronavirus hit the world. He talked about the latest amendments in CSR. He said that COVID-19-related activity in the ordinary course of business can now be included as CSR along with the acquisition or creation of a capital asset provided that the company does not own it. He also said that any unspent CSR funds remaining at the end of a financial year should be transferred to an Unspent CSR Account or Transfer to a Schedule VII fund.

The value of a company is determined not only by its profits but also by sustainability, and CSR determines sustainability. Companies should not take CSR as a burden, CS Devendra and V Deshpande highlighted.

In his presentation, Mr Inder Mohan Singh gave a brief background and significant changes under the new CSR regime. He talked about the new CSR definition and said that constitution of the CSR committee has now been made optional. He also spoke about the concept of an ongoing project which is a new concept and was introduced on 22 January 2021.

Mr Sudhakar Saraswatula talked about the nuances and practical applications of CSR law. He said that the philosophy of giving back to society had been an integral part of the Indian culture and ethos, which has also been imbibed in traditional Indian businesses. He further said that the intent of CSR obligations is not merely to generate funds that additional taxes could have achieved and to involve companies to use their innovative ideas and management skills towards social development.

About the handling and implementation of various CSR projects and their impacts from the corporate point of view, Mr Ajay Holani said that the company should believe in integrating socio-economic development interventions within its core strategic business planning through its Corporate Social Responsibility.