Notices Sent to 1,018 Firms for CSR Non-compliance

The government has issued show-cause notices to 1,018 companies for non-compliance of CSR norms even as a parliamentary panel has suggested putting in place a “stricter monitoring and compliance mechanism“.Under the Companies Act, 2013, a certain class of profitable entities is required to shell out at least 2% of their three-year annual average net profit towards corporate social responsibility (CSR) activities in a particular fiscal. As many as 84 companies out of 226 PSUs and 411out of 7,108 private entities have reported no expenditure on CSR in 2014-15. Moreover, companies that have reported CSR have not been spending it as per the guidelines.

The Economic Times New Delhi,16th March 2017

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