Empower Your Corporate Journey with Strategic Skill Courses
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University of Western Australia | UWA Global MBA | VISIT |
Indian School of Business | ISB Chief Technology Officer | VISIT |
IIM Lucknow | Chief Operations Officer Programme | VISIT |
Indian School of Business | ISB Chief Digital Officer | VISIT |
Under the Companies Act, 2013, certain classes of profitable entities are required to shell out at least 2 per cent of three-year annual average net profit towards CSR activities. They have to provide reasons for not spending on such projects.
Companies having a turnover of at least Rs 1,000 crore, minimum net worth of Rs 500 crore and those having net profit of Rs 5 crore or more in a financial year are required to comply with the CSR norms.
An assessment of CSR expenditure of 7,334 companies for 2014-15 indicates that 4,195 companies did not incur any expenditure on CSR, Minister of State for Corporate Affairs Arjun Ram Meghwal said in a written reply to the Rajya Sabha.
Besides, show cause notices have been issued by Registrar of Companies to 496 companies for non-compliance with the CSR norms.
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Collectively, 3,139 companies have spent a total of Rs 8,803 crore on several CSR initiatives.
Most of the funds have been spent on health care projects, environment and animal welfare, education and rural development activities.