Interestingly MCA has fetched this data with a cut off date of 31 December 2016, but many companies have filed their balance Sheet with annual reports to Registrar of Companies (ROC) in January and February 2017 (or still filing by paying late fee) too. “That being the reason CSR spend for FY16 would surely be much more and we will again compile the database for increased number of companies in coming months,” informs the official. My guess is that CSR spend would surely cross Rs. 10,000 crore mark as companies have now started taking CSR rule seriously. MCA has directed various ROCs across the country to issue show cause notices to companies not filing data regarding CSR for FY15 or not spending CSR budget as per the mandated requirement. “We have again directed ROCs to even send notices for FY16 also and I think these notices seem to be working as more and more companies are now filing their CSR data and also started spending on CSR,” says MCA official.
This article is part of Special Issue of GDP Magazine on CSR. Governance Democracy& Politics (GDP) Magazine’s Special Issue on #CSR Takes A Deep Dive on the state of CSR Spending. It has a regressive database of 5000+ companies on CSR Spending.
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