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CSR norms: Corporate Affairs Ministry puts in place

centralised scrutiny mechanism
BY PTI | JUL 31, 2018, 08.03 PM IST Post a Comment

The Corporate Affairs Ministry has put in place a centralised scrutiny and prosecution
mechanism to keep a tab on enforcement of CSR provisions under the companies law,
according to Union Minister P P Chaudhary.

Under the Companies Act, 2013, certain class of profitable entities are required to shell
out at least two per cent of their three-year annual average net profit towards Corporate
Social Responsibility (CSR) activities.

Chaudhary today told the Rajya Sabha that whenever violation of CSR provision is
reported, the Registrar of Companies (RoC) initiates action against the company
concerned after due examination of records.
A Special Task Force, co-chaired by Revenue and
Corporate Affairs Secretaries, has been constituted
"For financial year 2014-15, prosecution against 254 companies were sanctioned, out of to look into the matter of shell companies.
which 33 companies filed application for compounding.
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"In addition to this, the ministry has established Centralised Scrutiny and Prosecution
Mechanism in April 2018 for the financial year 2015-16 onwards on pilot basis for Shell Cor…
enforcement of CSR provisions," the Minister of State for Corporate Affairs P P Chaudhary
said in a written reply. Big Change:
The end of Five-Year Plans: All you need to know

Replyinig to a query on whether the government would soon come out with a definition for
shell companies, he said a task force has identified typical attributes of a 'shell company' which is prone to indulge in illegal activities.

A Special Task Force, co-chaired by Revenue and Corporate Affairs Secretaries, has been constituted to look into the matter of shell
companies.

According to the minister, shell companies, in common parlance, refer to those entities which are not necessarily illegal but are very
often used for illegal purposes such as tax evasion, money laundering, misusing bank loans and falsification of financial statements.

To another question, the minister said that as on date, no decision has been taken to bring all shares of unlisted companies from "non-
demat mode to demat-mode".

Demat refers to dematerialised form.

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