The Companies Bill has been cleared by the Lok Sabha, but the Rajya Sabha is yet to give its consent. However, there are doubts in certain sections of corporate India regarding the form and schedule of the new norms. CNBC-TV18's Siddharth Zarabi caught up with Sanjay Grover, central council member ICSI and Preeti Malhotra chairman of the Assocham committee on CSR on more clarity on the new norms.
"The rules are in the process of being framed and may be offered for public comment by next month," Sanjay Grover, central council member, ICSI said.
There are concerns that the process would take at least six months before the rules get notified. "No, it may take two-to-three months because the public domain will be open for at least 45 days and the rules would be framed after taking into consideration the public’s comments. So it would take at least two-to-three months at least," clarified Grover.
Preeti Malhotra, chairman, Assocham CSR committee explains the probable concerns from sections of the corporate sector regarding the implementation of provisions like corporate social responsibility. "No, I think a lot has to be prescribed in the rules and but a certain timeframe has to be given to the corporate sector to abide by these new rules."
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