IICA signs MoU on CSR implementation

The Indian Institute of Corporate Affairs (IICA) and Grant Thornton India have signed a memorandum of understanding (MoU) to develop capacity of Indian companies to implement their corporate social responsibility (CSR) effectively.

According to Ministry of Corporate Affairs, the objective of the MoU, initialled Tuesday, is to implement the new CSR rules laid down as per the amended companies act of 2013 with IICA partnership.

"The legislation for CSR is a revolutionary concept. Tying up with IICA is a complementary partnership, which will create solid infrastructure for common clients," said Bhaskar Chatterjee, director general and chief executive, IICA.

"So far regulation had been compliance driven and the new law takes CSR beyond compliance," added Chatterjee.

The new companies act 2013 that came into effect from April 1, 2014, replaced the six-decade-old legislation Companies Act 1956.

Under the new regulation, CSR has been made mandatory and there are provisions of penalties in case of failure.