Q. With reference to Corporate Social Responsibility (CSR) consider the following statements:
1.Corporate Social Responsibility is a management concept whereby companies integrate the responsibility of the families of their employees in case of any unforeseen circumstances.
2.Corporate Social Responsibility in India is governed by the Companies Act, 2013..
Select the correct option using the code given below:
Statement 1 is incorrect. Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.
Statement 2 is correct. The Corporate Social Responsibility concept in India is governed by Section 135 and Schedule VII of the Companies Act, 2013 and Companies (CSR Policy) Rules, 2014.