The panel recommended that any violation related to the mandatory spending of CSR funds should be treated as a civil offence.
A high-level panel, headed by Corporate Affairs Secretary Injeti Srinivas, on August 13 recommended that the government review the corporate social responsibility (CSR) norms.
The panel recommended that any violation related to the mandatory spending of CSR funds should be treated as a civil offence. It also suggested making expenditure on CSR tax-deductible.
Amendments made to the Companies Act earlier in July, which added punitive penal provisions for non-compliance with CSR norms, had caused a stir among members of India Inc.
Sakshi Batra gets in conversation with Moneycontrol’s Deputy Executive Editor Gaurav Choudhury to understand the recommendations made by the government-constituted panel on CSR norms.Watch the video for more.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.