Urgent query

This query is : Resolved

Pooja (Querist)
Follow

03 April 2014 Dear Experts,

Will CSR as per new companies act 2013 applicable on Indian companies or also on Foreign companies??? please tell me its urgent.. foreign companies like branch office liaison office??
This foreign company means including the foreign companies having place of business in India also???

as in the definition it is state that “company” means a company incorporated under this Act or under any previous company law;

so basically the "Every Company" should relate with the companies incorporated in India??
Please clarify??

Thanks in advance
Best Regards

Pooja

Pooja (Querist)
Follow

04 April 2014 Anyone Pls reply......

SHAKTI JINDAL

SHAKTI JINDAL (Expert)
Follow

09 April 2014 As per section 379 of the Companies Act, 2013, "Where not less than fifty per cent of the paid-up share capital, whether equity or preference or partly equity and partly preference, of a foreign company is held by one or more citizens of India or by one or more companies or bodies corporate incorporated in India, or by one or more citizens of India and one or more companies or bodies corporate incorporated in India, whether singly or in the aggregate, such company shall comply with the provisions of this Chapter and such other provisions of this Act as may be prescribed with regard to the business carried on by it in India as if it were a company incorporated in India."

However, no provisions have been notified for compliance so far. Therefore, at present, foreign companies need not comply with CSR Provisions.

Upgrade to CAclubindia Pro. Subscribe Now!