Csr Violation

Most CSR funds redirected, ensure efficient use: Minister Malhotra

Most of the CSR fund, which should ideally be spent for the benefit of the society, remains unutilised and is redirected to other government funds, Union Minister of State for Corporate Affairs Harsh Malhotra here said. According to Malhotra, who is also the Minister of State for Road Transport and Highways, the government mandates companies to spend 2 per cent of their annual profit on social causes and welfare. He made the remarks addressing the Healthcare CSR ChangeMakers Summit and Awards 2024, organised by HEAL Foundation. "Most CSR funds remain unutilised and are redirected to other government funds. CSR funds are allocated across 12 categories including education, health and Art and Literature. Proper utilisation of CSR funds could significantly benefit the society," the minister said, according to a statement by the NGO. He also praised HEAL Foundation's CSR initiatives in health and its support to marginalised athletes who won medals at international level. He highlighted

Comviva fined Rs 1 lakh for delay in CSR fund transfer to PM Relief

IT company Tech Mahindra Group firm Comviva has been penalised Rs 1 lakh for the delay in transferring unspent corporate social responsibility obligation to the Prime Minister's National Relief Fund, as per a regulatory filing. The Ministry of Corporate Affairs' Regional Director for the Northern Region has ruled against an appeal filed by Comviva against the order of the Registrar of Companies, which imposed a penalty of Rs 1 lakh on the company for the delay. According to the filing, there was an inadvertent delay due to technical reasons in the transfer of the amount unspent in relation to the Corporate Social Responsibility (CSR) obligation for the FY ended March 31, 2021, to the Prime Minister's National Relief Fund within the prescribed period of 6 months of the expiry of the financial year as per the Companies Act, 2013. "Penalty of Rs 1,00,000 has been imposed on Comviva Technologies Limited (Comviva) in connection with the appeal filed by Comviva before Hon'ble Regional ...

CSR funds not used to run government schemes, says Anurag Thakur

Thakur on Monday said the government does not use the Corporate Social Responsibility (CSR) funds to run its schemes

Mini Budget: FPI surcharge rolled back; no angel tax for start-ups

PSBs get Rs 70,000 crore; home, auto loans to become cheaper

Criminalisation of 'nothing': India cannot afford more criminal provisions

Being tough on crime requires making intelligent distinctions between conduct that truly threatens the public and conduct that is better handled by fines or civil law

No jail for CSR violation: FM Nirmala Sitharaman to business leaders

In meet with Sitharaman, industry seeks Rs 1-trillion stimulus package and lower lending rates

Criminal proceedings for economic offences sets a bad precedent: Experts

Companies Act amendment to include penal provisions for CSR violations is seen as part of a larger trend of criminalising economic offences rather than going for civil proceedings

CSR spending: Firms fail to meet govt mandate, despite improved compliance

Companies that have a net worth of at least Rs 5 billion, a turnover of Rs 10 billion or a net profit of Rs 50 million are required to spend 2 per cent of their net profits on such programmes.

196 cos face action for CSR violations, 83 for investor grievance issues

As per the Companies Act,2013, in case a company fails to spend the specified amount, then its board has to provide the specific reasons for the same