Article : Reflections Of Indian Judiciary On Corporate Social Responsibility

Title

Reflections Of Indian Judiciary On Corporate Social Responsibility

Author

Dr. Sunitha Kanipakam

Capitalism at the beginning of the 21st century is a variegated collection of economic systems. Capitalism is a system where a huge number of independent corporations compete with each other for customers. A company is the property of the shareholders is an exploded myth. According to the new socio-economic thinking, a company is a social institution having duties and responsibilities towards the community in which it functions. Obviously the Hon’ble Supreme Court of India is referring to Corporate Social Responsibility when it talks of duties and responsibilities towards the community. The supreme legal document, the Constitution of India under Art. 297 vests natural resources in the Union of India and Art. 39(b) requires distribution of resources to subserve the common good, commercial practice in the oil and gas industry1. And a proviso to the clause135(5) of the Companies Bill states that if the company fails to make the required CSR spending, it shall specify the reasons for the same

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