In the past 57 years during which the Companies Act, 1956 has been in existence, the corporate and business environment has evolved significantly and hence there was a need to revamp the legislation governing companies. The passage of the Companies Act 2013 is indeed a welcome development and a significant step towards making our corporate legislation contemporary and in line with current business practices. It has been over 10 years since the last major overhaul of the existing Act, and in many ways this has been overdue. The Act is to a large extent aimed at improving governance in the corporate sector, whether aimed at owners, managers or other stakeholders, including auditors. The existing Companies Act, 1956 was enacted by the Indian Legislature over half-a-century ago. In the ensuing years, much has changed in the nature of businesses and the manner in which they are conducted both domestically and internationally. Introduction of a Corporate Social Responsibility clause has made India the first country to mandate CSR through a statutory provision. While CSR is not mandatory for Companies, the rules are in line with the Comply or Explain principle with penalties applicable only if an explanation is not offered.This paper is focused on Companies Act, 2013 & its provision on mandatory spending and disclosure of Corporate Social Reasonability activities.