July 2015

Mohammad Anas Wahaj | 15 jul 2015

There seems to be lack of commitment by companies regarding the Corporate Social Responsibility (CSR) rules, that came into effect from 01 April 2014, and were introduced in the new Companies Act of 2013. Only 1/3rd of the top listed companies, from the half of the BSE-30 that have disclosed their CSR spending figures for 2014-15, were able to spend the required, minimum 2% of the profits, on CSR activities in the first year. Those taking their CSR with the proactive approach include RIL, Wipro, ITC, Hindustan Unilever and Mahindra & Mahindra. And the corporates that missed the 2% spending mark include Infosys (marginally), HDFC Bank, ICICI Bank, Axis Bank, SBI, Dr. Reddy's and Bajaj Auto. The total amount spent by the 15 companies was a little more than Rs 2100 crore. The government in its efforts to improve monitoring of social welfare activities of companies under the companies law has set up a six-member panel and asked it to provide suggestions. According to the Ministry of Corporate Affairs website, members of the panel include - Anil Baijal, Former Secretary of Govt. of India; Prof. Deepak Nayyar, Jawaharlal Nehru University; Onkar S. Kanwar, Chairman & MD of Appollo Tyres; Kiran Karnik, Former President of NASSCOM; Secretary, Department of Public Enterprises; Additional Secretary, Ministry of Corporate Affairs. Read on...

The Economic Times: CSR regime begins on disappointing note; two-third companies miss target
Author: NA

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