The Ministry of Corporate Affairs has not received any specific complaint regarding misuse of CSR funds by companies, Bureaucracy Today has learnt.
Likewise, the Department of Public Enterprises has also informed that no complaints regarding misuse of funds by Central Public Sector Enterprises have come to their notice up till now.
The provisions of Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 and rules made thereunder have come into force with effect from 01.04.2014. The year 2014-15 was the first year of implementation of CSR policies by companies under the legislation. The Board of the company, eligible to comply with the CSR provisions of the Act, is mandated to make annual disclosure on CSR in the Board’s report.
However, the companies are still in the process of filing their Annual Reports with the Ministry. Details of companies complying with CSR provisions of the Act for the financial year 2014-15, are expected to be available after requisite filings are made by companies, informed Arun Jaitley, Minister of Corporate Affairs.