MCA to monitor CSR compliance in a centralised manner
PrintListen to this Article
The move comes against the backdrop of rising instances of non-compliance with Corporate Social Responsibility (CSR) requirement.
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 CSR activities. In case of failure to meet the requirement, reasons have to be furnished by the entities concerned.
Sources said the ministry has asked three officials to look at the filings to check compliance of companies with CSR provision and they would carry out the inspection on a zone-wise basis.
Such a system would help in keeping a tab on compliance in a centralised way, they added.
Presently, Registrar of Companies (RoC) is responsible to check whether entities concerned are complying with norms pertaining to social welfare spending activities under the Act.
The three-member team would be operating out of the CSR cell at the ministry, which is implementing the Companies Act, sources said.
Last year, the ministry had sought explanation from many companies as they were found to not have complied with CSR norms.
As per the official data, 6,286 companies spent Rs 4,719 crore towards various CSR activities in 2016-17. The total number of such projects taken up stood at 11,597.#casansaar (Source - PTI, Business Standard)
Category : MCA | Comments : 0 | Hits : 518
In a relief to India Inc, the Ministry of Corporate Affairs (MCA) has raised the threshold limit for mergers and amalgamations (M&As) that need approval of the Competition Commission of India (CCI). In its latest notification, the MCA has enhanced the threshold value by 150 per cent on the basis of the wholesale price index (WPI) and exchange rate of the rupee. In another notification, the MCA has said that if the acquisition target has an asset value of less than Rs 450 crore or...
The Ministry of Corporate Affairs (MCA) will soon open its Central Processing Centre (CPC) for processing of forms related to all compliances for companies. This is aimed to free up capacity at the offices of Regional Directors and Registrar of Companies to deal with enforcement matters, official sources said. With CPC, the ministry will have launched the fourth centre to focus on specific areas of filing non-straight through process or non-STP forms.
The ministry of corporate affairs in India has granted 1,270 requests from professional associations - including company secretaries and chartered accountants - to deactivate or merge duplicated user IDs in the first month of permitting the move. The move was to allow such professionals to file corporate details via the latest MCA 21 portal, which allows only individual IDs per user. Earlier versions of the software had allowed multiple IDs, leading to filing difficulties.
The Ministry of Corporate Affairs has already struck off hundreds of thousands of shell companies that are often used to funnel black money, the report said quoting sources in the know The Ministry of Corporate Affairs (MCA) is planning to further intensify its crackdown against non-functional (shell) companies, the Economic Times (ET) reported. The MCA has already struck off hundreds of thousands of shell companies that are often used to funnel black money, the report said, quoting source...
MCA to Consult Practitioners on MCA-21 Glitches
With the critical Corporate Affairs Ministry portal, MCA-21, still ridden with glitches, hampering everything from registration of new firms to routine filings by existing firms, the Ministry has decided to hold parleys on the challenges faced by industry. “Stakeholders’ consultations” on the issues related to the MCA-21 Version-3 portal will be steered by the Ministry’s top official, Secretary Manoj Govil, with compliance practitioners in Chennai on June 20 and Hydera...
Comments