GN Bureau | September 21, 2015
The six-member panel, which is working on steps for improved monitoring of corporate social responsibility (CSR) activities and spending under the companies law, has been given more time to submit its final report. Former home secretary Anil Baijal heads the panel and has now been given time till tomorrow (Tuesday, September 22) to finalise its report.
Besides the chairman, other panel members are Professor (Emeritus) at Jawaharlal Nehru University Deepak Nayyar, Apollo Tyres Chairman and Managing Director Onkar S Kanwar, former Nasscom President Kiran Karnik, representatives from the Department of Public Enterprises and Corporate Affairs Ministry.
Initially, the report was expected to be ready by August end. In a circular, the corporate affairs ministry said the "committee has been granted extension of another one month with the approval of the union minister for corporate affairs to submit its report by September 22, 2015".
Under the Companies Act, 2013, certain class of profitable companies are required to shell out at least two percent of their three-year average annual net profit towards CSR activities.
The panel would suggest "measures for improved monitoring of the implementation of CSR policies by the companies".
It would also suggest measures to be recommended by the government for "adoption by the companies for systematic monitoring and evaluation of their own CSR initiatives".
The panel would identify strategies for monitoring and evaluation of CSR initiatives through expert agencies and institutions to facilitate "adequate feed back to the government with regard to the efficacy of CSR expenditure and quality of compliance" by the companies.
The committee would also look at whether a different monitoring mechanism is required for government companies undertaking CSR works. CSR norms came into effect from April 1 last year.
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