Committees Current Affairs - 2019
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Union Finance Ministry has constituted nine-member Competition Law Review Committee to ensure that legislation is in tune with changing business environment. It will be chaired by chaired by Corporate Affairs Secretary Injeti Srinivas and includes Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S Sahoo and Competition Commission of India (CCI) Chairperson as members. The committee was constituted in pursuance of Government’s objective of ensuring that legislation is in sync with needs of strong economic fundamentals.
Committee’s Terms of references
The committee will review competition regulations in view of changing business environment and suggest the necessary changes to strengthen and re-calibrate existing law to promote best practices. It will also look into international best practices in competition field with thrust on anti-trust laws, merger guidelines and handling cross-border competition issues. It will also study other regulatory regimes, institutional mechanisms and government policies which overlap with Competition Act. It will submit its report within three months of the date of its first meeting.
The Competition Act was passed in 2002 and Competition Commission of India (CCI) was set up in 2009. However, since inception of the commission, the size of the economy has grown immensely making it one of the fifth largest economies in the world. In this context, it was seen necessary to that Competition Law is strengthened and re-calibrated to promote best practices which result in the citizens of this country achieving their aspirations and value for money.
The Union Ministry of Corporate Affairs (MCA) has constituted High Level Committee on Corporate Social Responsibility – 2018 (HLC-2018) under Chairmanship of Injeti Srinivas, Secretary, MCA. It will review existing framework and guide and formulate roadmap for coherent policy on Corporate Social Responsibility (CSR).
Committee’s Terms of Reference
It will review existing CSR framework as per Act, Rules and Circulars issued from time to time and recommend guidelines for better enforcement of CSR provisions. It will analyze outcomes of CSR activities, programmes and projects and suggest measures for effective monitoring and evaluation of CSR by companies. It will also give suggestions on innovative solutions, use of technology, platform to connect stakeholders, and social audit. It will submit its report to Government within three months from date of holding its first meeting.
Corporate Social Responsibility (CSR)
CSR is referred as initiative undertaken by CST to assess and take responsibility for company’s effects on environment and impact on social welfare and to promote positive social and environmental change. Its basic philosophy is that income is earned only from the society and therefore it should be given back. Thus, CSR aims at promoting responsible and sustainable business through inclusive growth.
The provisions of section 135 of Companies Act, 2013 (Act) pertains to CSR. The existing provisions of in Companies Act, 2013 fully empower Board of Company to decide on their CSR Policy, approve projects and oversee implementation. Under this Act, any company with net worth of Rs 500 crore or more or turnover of Rs 1000 crore or more o net profit of Rs 5 crore or more has to spend at least 2% of last 3 years average net profits on CSR activities as specified in Schedule VII of Act.