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Centre does not favour micro management of CSR initiatives: Piyush Goyal

Press Trust of India/New Delhi 10 Aug 18 | 02:53 PM

FILE PHOTO: Piyush Goyal

The government does not micromanage CSR activities carried out by corporates under the companies law, Union Minister Piyush Goyal told the Lok Sabha.

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Under the Companies Act, 2013, a certain class of profitable entities are required to shell out at least 2 per cent of their three-year annual average net profit towards Corporate Social Responsibility (CSR) works.

Responding to supplementaries during the Question Hour, Corporate Affairs Minister Piyush Goyal said the government does not "micromanage" CSR activities.

ALSO READ: Make CSR effective

According to the law, a company has to constitute a CSR committee of its board and that would decide on the activities to be taken up.

ALSO READ: Govt issues notices to 272 firms for non-compliance with CSR norms

"Whenever a violation of CSR provision is reported, the Registrar of Companies initiates action against such non-compliant companies after due examination of records," Goyal said.

For the financial year 2014-15, the prosecution against 254 companies was sanctioned out of which 33 companies have filed applications for compounding, he added.

ALSO READ: Total CSR spend by top Indian companies may cross Rs 500 bn by March 2019

The ministry has also set up a Centralised Scrutiny and Prosecution Mechanism on the pilot basis for enforcement of CSR provisions.

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