Udayavni Special

More firms in India complying with CSR norms under Companies Act: Report


PTI, Feb 16, 2020, 5:38 PM IST

New Delhi: More companies in India are complying with corporate social responsibility norms under the Companies Act, 2013, with 76 per cent firms having spent 2 per cent or more of their profits on such initiatives during 2019, according to a report.

The findings of the ‘India CSR Reporting Survey 2019,’ compiled by KPMG in India, that covered 100 companies also revealed a 150 per cent rise in the number of firms that have committed to carry forward 2 per cent of the unspent amount.

The Companies Act which came into effect from April 1, 2014, stipulates that firms with a net worth of Rs 500 crore or more, or a turnover of Rs 100 crore or more, or a net profit of Rs 5 crore or more during the immediately preceding financial year are required to spend 2 per cent of their profits on corporate social responsibility (CSR) programmes.

Eligible companies need to form a CSR committee, formulate policy, and implement projects in alignment with Schedule VII of the Act.

CSR-related disclosures need to be made in the annual report in the format prescribed by the Act.

According to the report, there has been a 325 per cent increase in the number of companies that have disclosed details of outreach in the annual report. Besides, 30 per cent of firms studied in the report have had more than three CSR committee meetings.

“While the overall CSR spending is increasing, it is also heartening to observe the increase in number of companies going beyond the 2 per cent mandate and even companies who are not required to spending allocating budgets for CSR and spending,” said Santhosh Jayaram, Partner and Head, Sustainability and CSR Advisory at KPMG in India.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Why are you so scared of saffron: Raghupathi Bhat questions Siddaramaiah

Guj: 2 killed in fire in Surat packaging unit; over 70 rescued

State govt lifts curbs at MM Hills pilgrimage centre

Udupi: Children get Covid shots only if adults are vaccinated

Twin peaks: Sensex crosses 61,800, Nifty at record 18,460

A model govt. school for every gram panchayat on cards

Army chopper crash: Co-pilot’s body found after two months from dam in Jammu and Kashmir

Related Articles More

Rupee trades almost flat at 75.28 against USD in opening deals

Twin peaks: Sensex crosses 61,800, Nifty at record 18,460

FinMin to seek Cabinet nod for setting up company to monetise land assets of privatisation-bound CPSEs

India has right to 30% stake in Iranian gas field even after contract to local firm

Gold ETFs attract Rs 446-cr in Sep; inflow may continue in coming months on festive season demand

MUST WATCH

Raw Banana Flour | BAKAHU Shavige Preparation

Gowli Traditional Dance Performence at Dandeli

Mysore Dasara 2021 : Farewell to Dasara Elephants

Benefits of paddy farming

UDAYAVANI NEWS BULLETIN|17/10/2021


Latest Additions

Farmers block train traffic in Punjab as part of ‘rail roko’ stir over Lakhimpur incident

Pooja Bedi tests positive for COVID-19, says staying unvaccinated her ‘personal decision’

Rupee trades almost flat at 75.28 against USD in opening deals

Why are you so scared of saffron: Raghupathi Bhat questions Siddaramaiah

Prominent personalities appeal to Bangla PM to take action against those vandalised Durga Puja pandals

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.