Karnataka companies increase CSR spending on Health and Education

CSR
In Karnataka, companies spent a cumulative CSR amount of Rs 2380.54 crore and Rs 945 crore on education and health-related activities, respectively, between 2016-17 to 2020-21 fiscal, Finance and Corporate Affairs Minister Nirmala Sitharaman informed Parliament on Tuesday.

Further, the companies are required to file the CSR data for the 2021-22 financial year on or before March 31, 2023, she said in a written reply to Rajya Sabha.

On institutionalising the use of CSR funds, the Minister said Section 135 of the Companies Act, 2013 (‘Act’) along with Schedule VII of the Act and Companies (CSR Policy) Rules, 2014 provides the broad framework for Corporate Social Responsibility (CSR).

Schedule VII of the Act indicates the eligible list of activities that the companies can undertake as CSR, she said.

Also, the CSR framework is disclosure-based, and CSR-mandated companies must file CSR activities details annually in the MCA21 registry.

All data related to CSR filed by the companies in the MCA21 registry, including the list of companies who have spent their CSR funds on activities related to education and health, are available in the public domain at www.csr.gov.in, she has said.
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