Business Dictionary defines CSR as -A company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies express this citizenship (1) Through their waste and pollution reduction processes, (2) By contributing educational and social programs and (3) By earning adequate returns on the employed resources. The Company will endeavor to spend the amounts towards CSR activities as is statutorily required under the provisions of the Companies Act 2013 and Rules made thereunder.
Today business has, emerged as one of the most powerful institutions on the earth. Some of the biggest companies in the world are in fact, bigger in size than some of the developing countries of the world. Globalization makes the world smaller, and business, worldwide, is expanding like never before. Companies are expanding their operations and crossing geographical boundaries. The emerging concept of Corporate Social Responsibility (CSR) goes beyond charity and requires the company to act beyond its legal obligations and to integrated social, environmental and ethical concerns into company’s business process.