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.
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