‘CSR spends lead to inclusive development’
Hyderabad: About 300 companies in Telangana earn a net profit of about Rs 60,000 crore. This will make about Rs 1,200 crore available under corporate social responsibility (CSR). This corporate spend could lead to inclusive development in Telangana, said Josekutty VE, Registrar of Companies–Hyderabad (Ministry of Corporate Affairs). If CSR project of a company was […]
Hyderabad: About 300 companies in Telangana earn a net profit of about Rs 60,000 crore. This will make about Rs 1,200 crore available under corporate social responsibility (CSR). This corporate spend could lead to inclusive development in Telangana, said Josekutty VE, Registrar of Companies–Hyderabad (Ministry of Corporate Affairs).
If CSR project of a company was not an ongoing project, the company has to spend the full amount during the financial year and transfer any unspent amount to a fund specified within six months of the expiry of the financial year. If it is an ongoing project, it can spend the amount in three financial years. Non-compliance will attract a penalty, he said.
The requirement of constituting the CSR committee will not be applicable if the amount to be spent by a company does not exceed Rs 50 lakh, he said adding that about 53 Sections of the Companies Act have been now decriminalised. FTCCI President K Bhasker Reddy said CSR is not charity or mere donations but a way of conducting business by which corporate entities contribute to the social cause. Socially responsible companies use CSR to integrate economic, environmental and social objectives with its operations and growth.
FTCCI Vice-President Meela Jayadev, Corporate Laws and IBC Committee Chair Naresh Chandra Gelli and Co-chair Dr Tasneem Shariff and Secretary M Veena participated.
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