foreign company CSR
Whether Foreign Companies are bound to CSR according to Comapnies Act, 2013?
As per Rule 3 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 a foreign company which has net worth of rupees five hundred crores or more, or turnover of rupees one thousand crores or more or a net profit of rupees five crores or more during any financial year, will have to comply with the provisions of Section 135 of the Act. A company which is constituted outside India but has a a place of business in India whether by itself or through an agent, physically or through electronic mode and conducts any business activity in India in any other manner is identified as a Foreign Company under the Act. (Section 2(4) of the Companies Act, 2013)
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