CSR
Govt Seeks Explanation From 536 Companies For CSR Non compliance
NEW DELHI . Government on Tuesday said show-cause notices have been issued to 536 firms for non-compliance with CSR norms under the companies law.
Under the Companies Act, 2013, certain class of profitable entities are required to shell out at least two per cent of their three-year annual average net profit towards Corporate Social Responsibility (CSR) activities in a particular fiscal.
In case of non-spending, the company concerned has to provide explanation to the Ministry. "Show cause notices have been issued by Registrars of Companies to 536 companies for non- compliance of Section 135 read with Section 134 (3) of the Companies Act, 2013," Minister of State for Corporate Affairs Arjun Ram Meghwal said in a written reply to the Rajya Sabha.
Section 135 pertains to CSR works and the norm came into effect from April 1, 2014. In the last financial year, a total of 5,097 companies incurred a CSR expenditure of Rs 9,822.30 crore.
As many as 12,431 firms together have shelled out over Rs 18,625 crore CSR activities in the last two financial years.Millennium post
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