Major Port Authorities (Corporate Social Responsibility) Rules, 2021

Nov 24, 2021 | by TeamLease RegTech Legal Research Team

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Industry Specific Compliance

The Ministry of Ports, Shipping and Waterways on November 22, 2021 has issued the Major Port Authorities (Corporate Social Responsibility) Rules, 2021. This has come into effect from November 22, 2021.

The following rules has come into force namely: -

• Rule 3 which specify “Corporate Social Responsibility Committee” has been inserted namely: -

“The Board of each Major Port Authority that fulfills the eligibility criteria as set forth in the Corporate Social Responsibility guidelines shall constitute a Corporate Social Responsibility Committee in such manner and consisting of such persons as specified.”

• Rule 4 which specifies “Corporate Social Responsibility budget and allocation” has been inserted namely: -

“The Board of each Major Port Authority that fulfills the eligibility criteria given in the Corporate Social Responsibility guidelines shall, at the beginning of each financial year, create a Corporate Social Responsibility budget and allocate funds to the Corporate Social Responsibility projects, programs or activities in such manner and to such extent as may be specified in the Corporate Social Responsibility guidelines.”

• Rule 5 which specify “Functions of Corporate Social Responsibility Committee.” Has been inserted namely: -

“The Corporate Social Responsibility Committee shall formulate and recommend to the Board, a Corporate Social Responsibility Plan which shall be in accordance with the rules.”

 [Notification no. GSR. 823(E)]

 

 


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