By TIOL News Service

NEW DELHI, JAN 03, 2018: THE CSR as part of Sec 135 of the Companies Act, 2013 rolled out from financial year 2014-15. The total Corporate Social Responsibility (CSR) expenditure reported by companies for the years 2014-15 and 2015-16, as per the filings made on MCA21 registry upto 31.03.2017, is Rs. 9,553.72 crores and Rs. 13,625.25 crores respectively.

The number of companies required to make CSR expenditure and who failed to spend any amount for the purpose for the years 2014-15 and 2015-16 are 8,924 and 10,547 respectively. Ministry has not separately analysed the details regarding companies spending less than 20 per cent of their prescribed CSR amount.

With a view to increases awareness and improve compliance of Corporate Social Responsibility (CSR) provisions among companies, the Ministry of Corporate Affairs has issued clarificatory circulars and Frequently Asked Questions, and also organiSed various workshops /seminars /conferences in collaboration with the Professional Institutes & apex Business Chambers on the subject. In addition, penal provisions under section 134(8) of the Companies Act, 2013, have been invoked for non-compliance of CSR provisions.  Till date, Ministry has accorded permission for penal action against 196 companies for the financial year 2014 - 15.

The total expenditure reported by the companies on sports related activities as part of Corporate Social Responsibility (CSR) expenditure for the years 2014-15 and 2015-16, as per the filings made on MCA21 registry upto 31.03.2017, is Rs. 53.34 crore and Rs. 133.39 crore respectively, out of which, amounts of Rs. 5 lakh and Rs. 108 lakhs were reported as spent in the eight North-East states for the years 2014-15 & 2015 -16 respectively.   

This was stated by Mr P.P. Chaudhary, Minister of State for Corporate Affairs in written reply to a question in Rajya Sabha yesterday.