Under new corporate social responsibility norms, companies spend '163 crore more than the requirement
GN Bureau | November 8, 2016
The spending under corporate social responsibility (CSR) by the NSE listed companies has seen a huge increase of 28 percent in 2015-16. The Companies Act (2013) has statutory provisions, making CSR mandatory for companies with net worth of Rs 500 crore or more, turnover of at least Rs 1,000 crore or net profit of at least Rs 5 crore. Such companies are required to spend at least 2 percent of their average net profits of last three years on CSR activities, while constituting a separate committee on their board. The law, implemented from April 2014, makes India the only country with a legislated CSR.
According to Prime Database, which has done the analysis, the average net profit of the 920 listed companies over last 3 years was Rs 4.60 lakh crore. As per the CSR provision, the companies were required to spend Rs 9,146 crore. The companies, however, spent Rs 9,309 crore, which is Rs 163 crore more than the requirement.
As India celebrates 70 years of freedom, Governance Now looks back and picks 70 words – or phrases, buzzwords, slogans, events – that best define this ancient nation and young democracy. Here, you will find much to be proud of, much tinged with pangs of nostalgia. Then there are entries that
Dr Kenneth E Thorpe, a professor of health policy and management at Emory University in the US and also the executive director of Partnership to Fight Chronic Diseases (PFCD), says that the government alone cannot do everything. “They don’t have the resources and capacity. So we have to fin
Energy Efficiency Services Limited (EESL), a joint venture company of PSUs of ministry of power, signed an agreement with oil marketing companies (OMCs) of ministry of petroleum and natural gas for distribution of energy efficient appliances under the flagship Unnat Jeevan by Affordable LEDs and applianc
Union minister for civil aviation, P Ashok Gajapathi Raju inaugurated the upgraded passenger terminal building of Jammu airport. Notably, Jammu airport belongs to the Indian Air Force, and airports authority of India (AAI) maintains a civil enclave for civil aircraft operat
The election commission has become increasingly assertive in the past few months, showing its mettle in times of electoral challenges. Weeks after rooting from EVMs and just days after the poll panel declared votes cast by two rebel Congress legislators in the Rajya Sabha e
Is Amit Shah`s blueprint for 350-plus seats in 2019 Lok Sabha elections achievable?