Legal Evaluation Of ESG Compliance In India: Examining Mahindra & Mahindra Ltd. Within The SEBI BSR Framework And The Companies Act, 2013
- IJLLR Journal
- Mar 16
- 2 min read
Manika Gupta, Amity Institute of Advanced Legal Studies, Amity University, Uttar Pradesh
ABSTRACT
In contemporary times, India’s corporate legal landscape is witnessing a prominent shift from the traditional focus on “Shareholder Primacy” towards an “Enlightened Stakeholder” archetypal, where accountability extends to a broader range of interests. A key driver of this transmutation is the progressive evolution of Environmental, Social and Governance (ESG) norms. These norms are moving from being discretionary ethical considerations to enforceable imperative obligation.
This paper aims to closely examine Mahindra & Mahindra Ltd. (M&M) through its Financial year 2024-2025 " Planet Positive" plan, using it as a cases study to assess how effective the Business Responsibility and Sustainability Reporting (BRSR) framework, introduced by the Securities and Exchange Board of India (SEBI), is in practice.
By consolidating M& M’s recorded sustainability performance with the requirements of Section 166(2) and the Corporate Social Responsibility (CSR) provisions under Section 135 of the Companies Act, 2013, the study traverse how corporate governance apparatus integrate environmental impacts to manage long-term perils. The review underscores that M&M’s initiatives, such as implementing an internal carbon price of approximately USD ten per tonne and achieving around ninety one percent water positivity, set a strong yardstick for compliance among NIFTY-50, NSE flagship companies.
Nonetheless, the research work unveils certain gaps, remarkably the “Assurance Gap” in non-financial disclosures and the impediments of administering the ESG standards within unlisted MSMEs and diverse supply chains. It seeks to demonstrate that while M&M exhibit commendable statutory alignment, the legal framework of India requires a more comprehensible articulation of the “Double Materiality” concept and the development of a consolidated, centralised ESG litigation database. Aforementioned steps are indispensable to deter greenwashing risks and to fortify a truly sustainable, resilient and regenerative corporate ecosystem.
Keywords: Fiduciary Duty, Section 166(2), BRSR Core, Corporate Accountability, Mahindra & Mahindra, Forensic Legal Audit, Greenwashing, Environmental Governance.
