• As per the proposed amendments companies to transfer unspent CSR money in a financial year to a separate CSR account, which is to be spent within the next 3 financial years
• If any amount is still unspent after 3 years, then the same will have be transferred to a Central Government created fund specified in Schedule VII, which shall be used for social welfare
• Currently companies just have to disclose in their annual reports the unspent CSR money along with the reasons
Compliance Takeaway: CSR spending shall be soon be regulated by statutory authorities. Hence it shall have to become a reality.
Apex Court Rules that unauthorized absence does not entitle worker to wages
• In the case of Chief Regional Manager, United India Insurance Company Limited v Siraj Uddin Khan [Civil Appeal 5390 of 2019], the Supreme court of India (‘SC’) had observed that none shall be entitled to claim back-wages for the period of unauthorised leave.
• The rationale behind the judgment was that the concerned worker was not kept away from work owing to dismissal or any disciplinary action by the employer