Ahmedabad :Corporate entities participated in the discussion and raised severalissues concerning the Section 135 of the new Companies Act whileparticipating in the interactive session at the one day advocacyseminar on ‘Business Responsibility and Corporate Social Responsibility’ which was jointly organized by the Indian Institute of Corporate Affairs; GIZ and Indo-American Chamber of Commerce. A largenumber of business representatives participated in the seminar.

The queries raised covered areas such as CSR implementation agencies;accounting issues; independent directors; penal provisions; and CSRthematic areas. Mr. Mukesh Kumar, Chief Programme Executive, NationalFoundation for CSR addressed all queries. Several interactions weremade during the business responsibility session and Mr Rijit Sengupta,who presented the Business Responsibility session, replied to allqueries.

It was emphasised by the corporate leaders that a much wantedtraining, development and upgrading the skills of the volunteers andmonitoring of the of the projects undertaken by the business housesshould be in place along with the CSR activities. The big businesshouses can definitely undertake certain activities of its own but the MSME can probably rely on utilising the capacities of already existing NGOs and participation in the ongoing projects, they can evenoutsource to a NGO in the field. This requires monitoring along withthe accounting standards to be understood thoroughly.

“As the Accounting has to be reported and would be in the public domain, it is to be undertaken in the most stringent fashion on whichthe statutory guidelines from Institute of Chartered Accountants of India and Institute of Company Secretaries is already preparing the guidelines” speakers added.

The grand Round Table on the Advocacy of Corporate Social Responsibility and the Business Responsibility was facilitated under the competent management and team of Fourth Dimensional Global, a consulting firm with specialisation in this and allied area of the newly enacted Act.