NOTIFICATION FOR ALL ELIGIBLE CSR COMPANIES
With the enforcement of Companies Act, 2013, Corporate Social Responsibility (CSR) provision under Section 135 has become applicable for companies meeting certain thresholds defined in the Act. The mandate for CSR spend, requiring such companies to spend two percent of their net profit on approved CSR activities, has now become a part of corporate governance in the country. Schedule VII of the Act, lists the areas in which CSR activities may be undertaken by the companies.
2. With the notification of Section 135 and Corporate Social Responsibility Policy Rules on 27th February 2014, the CSR provisions came into force with effect from 1st April 2014. The CSR activities undertaken in programme/ project mode are expected to be well structured, coordinated and monitored. The involvement of the companies in CSR is likely to bring innovative solutions to development challenges.
3. During the last four years, a large number of companies have carried out developmental activities which are creating a positive change in lives of people. Many of these projects have complemented and supplemented the development agenda of the Government.
4. Against this background, Ministry of Corporate Affairs has instituted National CSR Awards, 2018 (NCSRA) to recognize companies for their CSR interventions that have made a transformative impact on society. The NCSRA seeks to recognize outstanding projects in following three categories:
i) Four awards for excellence in CSR, based on CSR spend
ii) Five awards for CSR projects in Aspirational Districts
iii) Eleven Awards for CSR projects in National Priority Areas
Three separate awards for MSMEs
5. The scheme of National CSR Awards authorises the following entities to make nominations under different categories:
- Ministries/ Departments of Govt. of India
- State & Union Territories (UT) Governments
- Professional institutions: ICSI, ICAI, ICMAI
- National Level Trade and Industry Chambers
6. For any further assistance, kindly visit www.csr.gov.in or contact Dr. Navneet Sharma, Nodal Officer [Tel: 0124-2640016 / Email: national.csrawards@mca.gov.in].
CAclubindia
