Widely discussed CSR rules with stakeholders: Pilot
Feb 6,2014
Draft rules on Corporate Social Responsibility spending by companies have been extensively discussed with all stakeholders, including industry bodies, government said today.
The new Companies Act mandates companies having net worth of at least Rs 500 crore or a minimum turnover of Rs 1,000 crore or a net profit of Rs 5 crore during any financial year, to spend on CSR work. Certain class of companies are required to spend at least 2 per cent of their 3-year annual average net profit.
"Draft rules on Corporate Social Responsibility have been uploaded on the website of Ministry of Corporate Affairs and widely discussed with all the stakeholders including CII and FICCI", Corporate Affair Minister Sachin pilot informed the Lok Sabha in a written reply.
He added that public comments received including suggestions regarding inclusion of specific activities within purview of CSR "would be taken into account while finalising the rules".
To a separate query related to functioning of several IT companies, Pilot said: "The Ministry of Corporate Affairs has not received any proposal to inquire into the functioning of Information Technology companies.