National voluntary guidelines on social, environmental & economic responsibilities of business released

Union Minister of Corporate Affairs Shri Murli Deora released the “National Voluntary Guidelines on social, environmental and economic responsibilities of business” that will mainstream the subject of business responsibilities” in July 2011. At a function held in Ashoka Hotel, the minister expressed the hope that this guideline will strengthen and enable the Indian corporate sector to evolve into a global leader in responsible business.

He said the beginning of industrialization marked the transition from merchant charity to industrial philanthropy in India which was more secular, more inclusive in terms of caste, creed and community and more oriented to bringing progress to society through western style modern institutions.

Apart from making political donations for the freedom struggle, business fraternity also contributed towards many of the social and cultural causes. Mahatma Gandhi expounded the theory of trusteeship of wealth. Influenced by his teachings, many businessmen contributed for the cause of removal of untouchability, women’s emancipation and rural reconstruction.

Shri Deora said his ministry has been pursuing the agenda of providing an effective regulatory framework to the Indian corporate sector that enables them to freely exploit their energies to develop while contributing to the overall growth of the society. He said his ministry has taken a number of initiatives the past few months in the legislative, regulatory, service delivery and capacity building areas. These are aimed to modify and upgrade the procedures and provisions under various laws are as under:-

  1. Introduction of the online application process for obtaining Director’s Identification Number (DIN), the online payment of fees by companies, the Green Initiative allowing paperless compliance under the Companies Act, 1956 and the Easy Exit Scheme, 2011.

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