CSR non-compliance: Prosecution sanctioned in 366 cases

In 2014-15, as many as 16,785 companies shelled out R 10,065.93 crore towards CSR activities During the Question Hour, Thakur said the entire CS architecture is disclosure-based and companies are required t file CSR initiatives in annual filings to the corporate affairs ministry.

Written by PTI

Updated: July 1, 2019 15:39 IST

CSR, corporates, companies, high level committee, nirmala sitharaman, finance ministry, reduce stress on companies, corporate social responsibility

The government has sanctioned prosecution in 366 cases for non-compliance with CSR norm under the companies law during the 2014-15 period Minister of State for Corporate Affairs Anurag Thakur Monday said in the Lok Sabha that India is the first country in the world to make Corporate Social Responsibility (CSR mandatory for all profit-making companies meeting certain threshold under the Companies Act, 2013.

The ministry has also set up the centralised scrutiny an prosecution mechanism to monitor compliance with CSR norms “So far, sanction for prosecution has been accorded in 36 cases for FY 2014-15 and 5,382 call for information notice have been issued in FY 2015-16 “All CSR-related offences are compoundable. So far, 6 applications for compounding have been received,” Corporate Affairs Minister Nirmala Sitharaman said in a written reply In 2017-18, as many as 3,117 companies spent Rs 8,365.3 crore towards CSR activities, as per data up to October 20 2018.

“Given that the obligation under the CSR provisions ha been in existence from FY 2014-15 only, there has bee considerable progress both in terms of number of companies contributing to CSR and overall CSR spent,” Sitharaman said in the written reply.

This article was first uploaded on July one, twenty nineteen, at five minutes past two in the afternoon.