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Another Crackdown on Corporate Governance; Apex Court rules on Unauthorized Leave

Central Government cracks another whip on Corporate Governance: Proposes amendment in Companies Act to make CSR spending Mandatory
Deterrent penalty for non-compliance of CSR spending: Proposed amendments aims to put a plug on the loophole which was used by the companies get away with not spending towards CSR

•     Cabinet has already given approval to the proposed Amendments and plans to table them soon before Parliament

•     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

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