In an article published on Business Standard on August 9, 2013 Sushmi Dey reports that India is inching closer to enacting a new Companies Bill, “fifty-seven years after the first Companies Act was enacted and over 20 years after liberalization.”
On Thursday, August 8, 2013 the Rajya Sabha, the upper house of Parliament, approved the Bill. If the President approves the Bill, it will become law.
The new Bill would require for-profit companies to spend two percent of their average net income during a three year period on corporate social responsibility (CSR).
You may read the article on the Business Standard internet site.