GN Bureau | September 21, 2015
With over a year of operation, the centre is collating the figures and a report will be submitted at end of this year on the total amount spent by companies on implementing their corporate social responsibility (CSR) projects during 2014-15.
A comprehensive list will also be prepared of companies which have participated in the mandatory scheme drafted by the centre.
"We have to wait and see till the end of December for a comprehensive list of CSR companies as well as the total amount that has been spent during 2014-15 which is the first year of CSR implementation," economic advisor to the ministry of corporate affairs, Sibani Swain, told media.
She referred to a media report based on a survey by a market research firm which estimated Rs.4,000 crore as the spend by the country's top 75 companies.
"What is coming in the media is Rs.4,000 crore will be coming from CSR - I have read it in a media report. But if one reads it correctly, it is a KPMG study actually which brings only the top 75 companies which are listed in the stock exchange," she said.
Indicating that the total spend on CSR will be much higher, she added: "This top 75 companies' CSR fund spends amount to Rs. 4,000 crore and not all the CSR-eligible companies."
The centre has made it mandatory for companies with a net worth of more than Rs.500 crore or revenue of over Rs.1,000 crore or a net profit exceeding Rs.5 crore to spend at least two percent of their average net profit (last three years) for social development projects.
The Central government expects to collate the data on corporates' CSR spending activities under the new companies law by end of this year, according to an official.
However, the Centre was waiting for companies to file their compliance reports on meeting corporate social responsibility (CSR) obligation under the new Act, before it could move further on collating the data.
“It’s a national shame,” rues Ali Akbar Peerbhoy, grandson of the founder of the Matheran hill railway, which plies the Matheran toy train. For today, the railway is struggling for survival. The red soil of the hill station, the horse rides, the silence of the forested hills are all under
In its bid to create an oil major to match the performance of global and domestic oil and gas players, Oil and Natural Gas Corporation Ltd (ONGC) board has approved the acquisition of entire 51.11 percent shareholding of the government in Hindustan Petroleum Corporation Ltd (HPCL) with a total acqu
Goa chief minister Manohar Parrikar recently laid the foundation stone of the Rs 120 crore- MCMV (mine counters measure vessels) Command, Control & Design Office at Goa Shipyard Ltd, Vasco in Goa. The defence ministry has entrusted the GSL for series construction of sophisticated and hig
A high level Sri Lankan defence delegation headed by secretary of defence, Kapila Waidyaratane PC recently visited Goa Shipyard Ltd. The delegation held discussions with GSL CMD, Rear Admiral (retired) Shekhar Mital. The defence delegation was shown the ongoing shipbuilding activities includ
Are our authorities callous when it comes to ensuring safety of people?
Our constitution promises equality of status and opportunity to all citizens but statistical data suggests that inequalities in wealth and income have increased since independence and are now on an uncontrolled upward spiral. Recently, Thomas Piketty and Lucas Chancel in their aptly titled s