F. No. 12/03/2018-CSR
Government of India
Ministry of Corporate Affairs
5th Floor, ‘A’ Wing, Shastri Bhawan,
Dr. R.P. Road, New Delhi-110001

Dated: 28.09.2018

OFFICE ORDER

Subject: Constitution of High Level Committee on Corporate Social Responsibility —2018 (HLC-2018).

Pursuant to orders of Hon’ble Minister for Corporate Affairs, a High Level Committee on Corporate Social Responsibility — 2018 (HLC-2018) is hereby constituted under the Chairmanship of Shri. Injeti Srinivas, Secretary, Ministry of Corporate Affairs (MCA) to review the existing framework and guide and formulate the roadmap for a coherent policy on CSR. The composition of the Committee:

S. No. Members Role
1. Secretary, Ministry of Corporate Affairs Chairperson
2. DG, Indian Institute of Corporate Affairs Member
3. Chairman, SEBI Member
4. Mr. N. Chandrasekharan, Chairman Tata Sons Member
5. Mr. Amit Chandra, MD, Bain Capital Private Equity Member
6. Mr. P S Narasimha, Additional Solicitor General Member
7. Prof. Anil K Gupta, Founder Honey Bee Network & Prof. IIM-A Member
8. Mr. Prakash Padukone, Former World Badminton Champion, Arjuna Awardee & Padma Shri Member
9. Mr. S. Santhanakrishnan, CA & Consultant Member
10. Mr. Mathew Cherian, CEO Helpage India Member
11. Joint Secretary, Ministry of Corporate Affairs Member

Convener

2.Scope of HLC-2018:

i. To review existing CSR framework as per Act, Rules and Circulars issued from time to time.

ii. To recommend guidelines for enforcement of CSR provisions.

iii. To suggest measures for adequate monitoring and evaluation of CSR by companies.

iv. To examine and recommend audit (financial, performance, social) for CSR, as well as, analyze outcomes of CSR activities/programmes/projects.

v. Any other matter incidental or connected thereto.

3. Tenure of HLC-2018: The Committee shall submit its report within three months from the date of holding its first meeting.

4. The Institute of Company Secretaries of India (ICSI) shall render necessary secretarial assistance and logical support to the HLC-2018. MCA & ICSI shall jointly provide technical support to the Committee.

5. The outstation members shall be entitled for to and fro travel facilities equivalent to officers of the rank of SAG.

6. The Committee may develop its own procedure to conduct its meetings including inter alia, invite any person(s) of appropriate standing, knowledge and expertise in the fields of economics, law, banking, social work etc.; meet at any place in India; constitute sub-committee(s) for providing inputs to the HLC-2018 and for deliberating upon policy matters.

7. The recommendations of this Committee will be submitted to the Ministry of Corporate Affairs.

This issues with the approval of Minister of Corporate Affairs.

(Sanjay Shorey)

Joint Director

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2 Comments

  1. Ranjana Sagar says:

    Mam, I want to ask a question. What is the purpose of this form? If subscriber have not paid the value of shares subscribed by them so what is wrong in this?

  2. Krishna says:

    From the above new provision, it means that invariably every subscriber to MOA has to pay for the value of shares that he has taken within 180 days. Otherwise penal provisions and other implications as said in Sec. 10A will be applicable.

    As per 56(2) of Companies Act, within 60 days of incorporation, the company has to issue share certificates to subscribers to MOA for the value of shares they have subscribed.

    Sec. 10A gives 180 days to pay the value of shares, whereas Sec. 56(2) gives 60 days to issue the share certificate.

    Now the question: Suppose the subscriber pays the amount after 60 days but before 180 days,
    a. Whether subscriber can pay the subscription amount after 60 days? will it violate Sec. 56(2)?
    b. What is the time limit for subscriber to pay the subscribed share capital – 180 days or 60 days?
    c. Whether company can issue share certificate to the subscriber without receiving the value for the shares subscribed? Will it be in compliance with provisions of Companies Act?

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