India Inc will be investing around Rs
22,000 crore towards corporate social responsibility (CSR) activities
once the provisions of the recently amended Companies Act making it
mandatory for such allocations get implemented, according to consultancy
firm Ernst & Young. "Given the mandate it is estimated that nearly
16,500 companies will invest Rs 22,000 crore towards CSR," Vijay
Ganapathy from EY India's advisory services said speaking at a seminar
on CSR. He said as per the provisions of the new Companies Act, any
company having a turnover of more than Rs 1,000 crore or a networth of
over Rs 500 crore or a net profit of over Rs 5 crore, has to spend 2 per
cent of their annual net profit on CSR activities. A statement from
the All-India Association of Industries (AIAI), the organisers of the
seminar, quoted Ganapathy as saying such a move will be extremely
beneficial for the economy as it will help ensure inclusive growth. It
can be noted that the provision to make such spending mandatory for
for-profit companies had run into big controversy at the drafting stage.
It however, ultimately got pushed by the previous government which had
launched a slew of such initiatives. Tata Housing Development Company's
head of corporate sustainablity Ajit Pattnaik explained that the broad
categories of interventions for the companies include education, special
education, healthcare, preventive healthcare, water, sanitation,
training in sports, art, culture, rural development projects, among
others. He added that the Schedule 7, which lays down such contours of
activities, is not restrictive towards geographical boundaries of
beneficiaries. Law firm Nishith Desai Associates' partner in-charge of
social development practice Milind Antani, said in the event of a
non-compliance with the guidelines, a company has to explain the reasons
for the same and may also be penalised with fines and imprisonment for
officials. "Any company, which does not report non-compliance towards
the CSR rule is liable to be charges of penalty in the bracket of Rs 50
thousand to Rs 50 lakhs. Also, the board of directors may be charged
with imprisonment for 5 years and/or fine worth Rs 25,000," Antani said
in a statement.
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