New Delhi: Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, stated in Parliament yesterday that whenever any violation of Corporate Social Responsibility (CSR) provisions is reported, action against such non-compliant companies are initiated as per provisions of Companies Act, 2013 after due examination of records. So far, sanction for prosecution has been accorded in 366 cases. All CSR related offences are compoundable. So far 118 applications for compounding have been made and 37 cases have been compounded.
The Union Minister further stated that Corporate Social Responsibility (CSR) is a Board driven process and the Board of the company is empowered to decide the activities to be undertaken as per Schedule VII of the Companies Act, 2013 taking into consideration the recommendation of its CSR committee. The entire CSR architecture is disclosure based and CSR mandated companies are required to file details of CSR amount spent annually in MCA21 registry.
This was stated by Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha on 10 December.