With reference to the Corporate Social Responsibility (CSR) consider the following statements:1.Corporate Social Responsibility (CSR) is a voluntary practice where companies prioritize their profits above all things.2.The specific CSR initiatives undertaken by companies can vary widely based on their industry, size, and values.3.CSR is legally mandatory in India.How many of the above statements are correct?

Q. With reference to the Corporate Social Responsibility (CSR) consider the following statements:
1.Corporate Social Responsibility (CSR) is a voluntary practice where companies prioritize their profits above all things.
2.The specific CSR initiatives undertaken by companies can vary widely based on their industry, size, and values.
3.CSR is legally mandatory in India.
How many of the above statements are correct?

[A] Only one

[B] )Only two

[C] All three

[D] None

Answer: B

Notes:

Explanation –

Statement 1 is incorrect. Corporate Social Responsibility (CSR) refers to a business approach where companies take responsibility for their impact on society and the environment. It involves integrating ethical, social, and environmental concerns into their business operations and interactions with stakeholders.

Statement 2 and 3 are correct. The specific CSR initiatives undertaken by companies can vary widely based on their industry, size, and values. 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. In case a company fails to comply with the provisions relating to CSR spending, the company will be punishable with a fine.

Source: ForumIAS

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