HIDCO one of the first to abide by new CSR norms
The Housing Infrastructure Development Corporation (Hidco), a government company under the Companies Act, has become one of the first amongst government undertaking companies to come up with a number of CSR activities that they will implement following the decision to make it mandatory for all companies to satisfy certain criteria to invest 2% of its average net profit of last three years for corporate social responsibility (CSR). In its latest board meeting, Hidco formed a 3-member committee of directors to comply with the CSR responsibilities imposed by the new Companies Act 2013.
In the recent notification dated February 27 this year by the ministry of corporate affairs, it declared that Section 135 of Companies Act 2013, which deals with CSR, will come into force from April 1. With the President’s consent last year the old Companies Act 1956 has been replaced by the new Act.
Hidco has laid down the CSR activities like eradicating poverty, preventive health care, promoting gender equality, setting up old age homes, day care centres and facilities for senior citizens, rural development projects, reducing inequalities faced by socially and economically backward groups, ensuring environmental sustainability, ecological balance, protection of flora and fauna and urban forestry.
Source: Times of India
Companies Act, Corporate social responsibility, CSR activities, Day care centres, Ecological balance, Environmental sustainability, Gender equality, Government company, Health care, Housing Infrastructure Development Corporation, old age homes, poverty, President's consent, Rural development projects, senior citizens, Urban forest
