Over the last few decades the magnitude of activities of organized business has increased in size. With this increase in the activities of business enterprises, the imprint on the environment is also becoming indelible. The effects of such intense business activity have created instances of strife between the society and industry. As a result, the organizations have tried to embrace Corporate Social Responsibility (CSR) activities in an attempt to reach out to the society, but in some cases it has not helped. In fact some people argue that the emergence of CSR has been a reaction of business to growing social resentment against them. This paper discusses a few prominent social movements that highlight how the social community has risen against industrial activity to register its protest and to protect its local ecosystem. The discussion in the paper reveals that a voluntary CSR code may not be enough to ensure that the rights of indigenous people on local resources are protected. The government will have to make strict laws to deal with issues related to land acquisition, protection of tribal rights and safeguard of the environment.

Modern-day organizations are making a profound impact on the society around them. They have become the centers for not only economic activity but also the meeting ground for various stakeholders. By their activities these organizations influence the society and the surrounding environment. It has been observed that business organizations develop a mutual give-and-take relationship with the nearby environment and influence the lives of not only their employees but also the people living around their setup.

Over the last few decades, the magnitude of activities of organized business has increased in size. No longer is a business enterprise confined to a particular geographical location. The boundaries have blurred and the scale of operations has become global. With this increase in the activities of business enterprises, the imprint on the environment is also becoming indelible. Unfortunately, the demand for resources and the byproduct of the production process are putting pressure on the environment. Industrial activity is changing ecosystems, giving rise to pollution and is consequently damaging the planet. The scientists warn that the ongoing degradation of natural systems is increasing the likelihood of potentially abrupt changes that will seriously affect human wellbeing, including the collapse of fisheries, dead zones along the coasts, and the emergence of new diseases (Hart, 2010). Climate change has become a real threat to the world and there is growing concern to protect the environment for future generation. Organizations are being called upon to take responsibility for the ways their operations impact societies and the natural environment (Van and Werre, 2003). Corporate responsibility or sustainability is therefore becoming a prominent discourse in management and policy-making circles (Alessia et al., 2009).

Instances of business organizations destroying local environment as a result of their activities are common and result in friction with society. Despite being an integral part of a social setup, the relationship between business organizations and the society has not been problem free. Organizations have tried to embrace Corporate Social Responsibility (CSR) activities in an attempt to reach out to the society, but in some cases it has not helped. In fact some people argue that the emergence of CSR has been a reaction of business to growing social resentment against them.

Corporate Governance Journal, Corporate Governance Reforms, Financial Disclosures, Indian Companies, Financial Sector Reforms, Globalization, Information Asymmetries, Indian Corporate Morality, Market Mechanism, International Financial Reporting Standards, IFRS, Indian Accounting Standards, Economic Development, Financial Accounting Systems, Corporate Control Mechanisms.