Dr.Mamata Biswal Associate Professor of Law Gujarat National Law University Gandhinagar

 The main objective of the paper is to highlight the insignificant role of the corporate sectors towards the social responsibility and the need of the hour is to address the various issues, relating to environment, human rights and also economic rights.

 Globalization of Trade & Corporate Sector  Corporate Sector & Corporate Social Responsibility  Corporate Social Responsibility : pertinent Issues and Challenges  Legislative and Judicial Response  CSR: An analytical Approach in the light of Bhopal Gas Leak Disaster  Conclusion and Suggestion:

 In the 21 st century, the corporate sectors are like the engine for the economic growth. With the liberalization of trade and commerce, the corporate sector is getting hold of the very significant position to lead the economy of the country in a very forward way, but at the same time the corporate sectors are failing to address various key issues of the society.

‘Corporate Social Responsibility’ is not a new phenomenon in India but a realistic approach for a better welfare society. In a more eloquent way, this is the accountability of the corporate sectors toward the stake holders, internal members, society and the environment at large.

Most ideal definition of Corporate Social Responsibility (CSR) has been given by World Business Council for Sustained Development which says, “Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large”.

 Human Rights Issues  Labour Issues  Environmental Issues  Safe Working Condition  Safety measure in case of Hazardous Workplace  Other Obligation towards the society

 There are numerous protective laws to address the issues of environment and human rights. The Constitution of India also provides environmental protective measures, human rights remedies. Even to protect the share holders right Section 62,63 and 68 of the Company Law of India deals with civil and criminal liability of the company for misstatement in the prospectus

 Constitutional Provisions  Company Law Provisions  Labour Laws  Human Rights Law  Rule of Absolute Liability  The Corporate Social Responsibility Voluntary Guidelines, 2009:

 It is very evident from the Bhopal Gas Leak Disaster,how the Corporate Accountability works in case of human rights violations and environmental issues. Union Carbide not only absconded from the criminal prosecution and, when the Bhopal District Court attached its assets in India as a penalty for absconding, used those assets unlawfully to fund the Bhopal Hospital Trust.

 The Bhopal District Court concluded that Carbide's funding of the trust in this manner was not motivated by any desire to comply with the Supreme Court's directive, but that it constituted a fraudulent conveyance designed principally to avoid criminal prosecution. Importantly, the Appeals Court recognised this, but chose to ignore the obvious implications of such contumacious and deceptive conduct on the UCC’s part

 To Use best available techniques for the environmental protection.  -To Prevent environmental pollution and adopt new methods to protect the environment;  To have environmentally friendly approach towards nature components (water, soil, plants)  To be more positive towards the human rights issues.  To provide the best employment conditions  To protect the women employees, the Complaint Cell should be constituted

 -Most importantly the rural poverty should be addressed by all the corporate sectors  -The Corporate sectors should be more transparent, fair and just in their activities  -In the Memorandum of Association, one object clause could be the contribution to the society in any way  -Legal measures should be implemented properly and effectively  -SEBI (Security Exchange Board of India) should be more empowered to prevent various economic offences by the corporate sectors.