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Moving away from the singular goal of profit maximization, the concept of Corporate Social Responsibility is a way for the companies to give back to the society from which they earn profits. It is way to strike a balance between taking and giving. They include economic, environmental and social imperatives. This is called the Triple Bottom Line (TBL) Approach. he TBL approach is used as a framework for measuring and reporting corporate performance against economic, social and environmental performance. It is an attempt to align private enterprises to the goal of sustainable global development by providing them with a more comprehensive set of working objectives than just profit alone.
In India, the concept of CSR is governed by Section135 of the Companies Act, 2013, which was passed by both Houses of the Parliament, and had received the assent of the President of India on 29 August 2013. The CSR provisions within the Act is applicable to companies with an annual turnover of 1,000 crore INR and more, or a net worth of 100 crore INR and more, or a net profit of five crore INR and more. A CSR committee consisting of their Board members, including at least one Independent Director, has to be formed. The Act encourages companies to spend at least 2% of their average net profit in the previous three years on CSR activities. The Ministry's draft rules, that have been put up for public comment, define net profit as the profit before tax as per the books of accounts, excluding profits arising from branches outside India.
CAN has been fortunate to receive support from many companies under the head of CSR for its aims under the various projects that it espouses. In the future, the Foundation aims to enter into Memorandums of Understanding with companies and firms to secure funds for its projects. Via these MOUs, the Foundation looks forward to long and productive relationships with many institutions and groups, as we endeavor to give back to our alma maters and the society in general.