Contributions made to public funded universities, IITs, national laboratories and autonomous bodies engaged in conducting research in science, technology, engineering and medicine has now been recognised as part of CSR by the government.
Anandu Krishnan, a 26-year-old man, has been arrested for allegedly defrauding people of several crores by promising scooters, sewing machines, home appliances, and laptops at half price using fake CSR funds from major companies. The total fraud is estimated to be around Rs 600-700 crore. Krishnan was operating the scam since 2022 by registering societies and convincing people that he was the National Coordinator of the National NGO Federation and that he had been entrusted with managing the CSR funds of various companies. He collected money through 62 "seed societies" and used his political links to convince the victims. The police are investigating the role of certain political leaders in the fraud.
If you want to inspire the young workforce, focus on building transparency, purpose and social responsibility, says notes Varun Sachdeva, SVP and APAC head, NLB Services.
From event planning to digital arts, career coach Nayagam PP offers a list of exciting courses you can pursue after Class 12.
Companies that have a net worth of at least Rs 500 crore, a turnover of Rs 1,000 crore or a net profit of Rs 5 crore are required to spend 2 per cent of their net profits on corporate social responsibility programmes.
HDFC Bank has denied Lilavati Trust's allegation that the bank's MD and CEO Sashidhar Jagdishan was involved in a series of financial frauds. The allegation levelled by Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), its trustees and officials against the bank's MD and CEO are baseless and malicious, an HDFC Bank's spokesperson said.
According to experts by making CSR spending mandatory, the government has made it into a statutory due like tax but with none of its democratic quality.
At the Mumbai campus the institute will offer both UG and graduate degrees, most of its courses will focus on science, technology, engineering and mathematics.
Cabinet approves Khelo Bharat Niti, says it will bring India into top-5 of world sports
Ghost beneficiaries aren't the only kind of issue companies face during a period of unprecedented CSR spending, touching nearly Rs 12,000 crore in 2018-19. Frauds related to procurement, construction, and end-use of funds have had companies engaging forensic auditors to keep tabs on how money is spent, revealed conversations with those involved in such investigations. Firms are also increasingly strengthening their own capabilities to better implement their programmes.
A parliamentary committee has suggested 'consent of the recipient' was a must in case a National Akademi decided to confer an award to prevent the honour's return by the individual for political reasons as it was 'disgraceful' to the country.
Selected applicants will receive a monthly stipend of Rs 4,500 from the government and an additional Rs 500 from participating companies as a part of the Prime Minister Internship Scheme (PMIS) 2025.
The evening was graced by the presence of Paralympic athletes Navdeep Singh and Avani Lekhara, whose inspiring achievements have brought immense pride to the nation.
'We are getting to understand the mind of this generation.' 'Minor tweaks are being made to ease the process as we go along.'
India Inc's philanthropic spends have grown by 3.62 per cent to Rs 22,000 crore in FY21 as profits expanded, and a majority of the allocations have been done to pandemic-linked causes, a report said on Tuesday. The report by rating agency Crisil said that while the first wave saw greater spending in cash largely through the PM-CARES Fund, the preference shifted to more direct support through in-kind spends in the second wave. Corporate contributed only Rs 85 crore to the PM-CARES Fund during the second wave between March and June 2021, as against Rs 831 crore to what was classified as 'others'.
In a country where there is such a disparity and large part of population living in villages are below the poverty line, the need for CSR supersedes everything.
Expecting an annual CSR spending of Rs 15,000-20,000 crore (Rs 150-200 billion) by India Inc, Corporate Affairs Minister Sachin Pilot has asked companies to see the new law as an investment opportunity to create a better work environment, rather than a forced expenditure.
Regretting that the concept of voluntary CSR has not picked up in India, Corporate Affairs Minister Veerappa Moily on Wednesday said the new Companies Bill would make it mandatory for corporate to earmark part of their profit for corporate social responsibility (CSR) initiatives.
India Inc has started lobbying with the government to compensate them by giving tax incentives on the funds spent on CSR.
The Rajasthan Royals have launched a special 'Pink Promise' campaign to celebrate International Women's Day, featuring an all-pink jersey for their match against Mumbai Indians.
The Corporate affairs ministry has notified that henceforth political parties will not be eligible for CSR funding.
HDFC Bank on Sunday said that it will "pursue all lawful remedies" to recover public funds and address the retaliatory actions taken by the Mehta family of the Lilavati Kirtilal Mehta Medical (LKMM) Trust, which has filed a complaint against the bank's managing director (MD) & chief executive officer (CEO) Sashidhar Jagdishan alleging financial fraud.
The biggest spend (Rs 4,406 crore) was for Schedule VII (II), which involves "promoting education, including special education and employment enhancing vocation skills, especially among children, women, elderly and the differently abled and livelihood enhancement projects". The FY19 spend was 17.2 per cent higher than Rs 1,0128.3 crore spent during the previous year.
'India's top companies currently lack the organisational wherewithal to hire and train 2 million interns annually, given their current scale of operations and existing employee base.'
The Central government expects to collate the data on corporates' CSR spending activities under the new companies law
In a bid to provide jobs to the youth, Finance Minister Nirmala Sitharaman on Tuesday proposed to launch an ambitious scheme for providing internship opportunities in 500 top companies to 1 crore youth over a five-year period.
Leading Indian companies-- ITC Ltd and Reliance Industries Ltd (RIL)-- have received top rating in Asia for their corporate social responsibility (CSR) initiatives, according to report by the Hong Kong-based brokerage and investment firm, CLSA.
Under this scholarship, first-year MBBS students from government colleges are eligible to receive monetary assistance of up to Rs 1,00,000 per year for a duration of up to 4.5 years, covering academic expenses incurred towards their MBBS degree.
Corporate affairs ministry sending notices seeking details of fund disbursal
The top bureaucrat's comments are diagonally opposite to the opinion expressed by corporate affairs minister Murli Deora who had favoured making the allocation of 2 per cent of net profit for CSR mandatory.
Corporate behemoth Reliance Industries and two Tata Group firms - Tata Motors and Tata Steel - have emerged as the country's most admired companies for their corporate social responsibility initiatives, says a survey.
The new Companies Bill will boost such spending by both public and private companies. Praful Patel, Union minister for heavy industries & public enterprises, speaks to Business Standard on the issue.
Tata Sons Chairman Ratan Tata will inaugurate a two-day national summit on Corporate Social Responsibility in Chennai beginning from June 14.
The centre of excellence, a non-profit joint venture between tobacco-to-hotels major ITC and the Confederation of Indian Industry (CII), is working on a rating system for companies' corporate social responsibility (CSR) programmes. The first exercise of its kind in India, the idea is to incentivise CSR programmes to strengthen companies' ability to bargain for tax breaks and create a better image with consumers and stakeholders.
CK Prahalad, professor of corporate strategy at the University of Michigan and author of books on innovative business models that can help end world poverty, talks about corporate social responsibility in an interview with Business Standard.
However, RIL has exceeded the mandatory 2% prescribed limit, spending the maximum amount of Rs 761 crore
India has been named among the top 10 Asian countries who are paying an increasing importance towards corporate social responsibility disclosure norms, a survey says.
You cannot have a corporate tax and then say spend another two per cent.
Procurement Leaders Awards is a benchmark for Global Procurement Excellence given by the Procurement Leaders Forum.
While praising the internship scheme announced in the Budget, India Inc wants clarity on how it will be implemented. The scheme is expected to help companies address the skill gap in employment. Dheeraj Hinduja, chairman, auto major Ashok Leyland, said: "We had started an internship programme at our plant in Pantnagar, which we established in 2010 with colleges there.
