Under the the Companies Act, 2013, the CSR is a Board driven process and the government does not issue any specific direction to the companies to spend in any particularl activity, Minister of State for Corporate Affairs Rao Inderjit Singh had said in a written reply to the Rajya Sabha last week.
Schedule VII of the Act indicates the eligible list of activities that can be undertaken by the companies as CSR. Item No. (iii) of Schedule VII of the Act includes setting up old age home, day care centres and such other facilities for senior citizens.
Under the Act, CSR is a Board driven process and the Board of the company is empowered to plan, decide, execute and monitor CSR activities of the company based on the recommendation of its CSR Committee.
