The data revealed that while most of the amount has been spent on hunger, poverty, healthcare and education, which stood at Rs 2,963 crore, the least was spent on sports, armed forces veterans and technology incubators.
Top 100 companies in the country spent Rs 5,240 crore on CSR activities in last financial year, and is expected to spend an additional Rs 850 crore during the current fiscal, says a study. CSR spending during FY13 by these companies stood at Rs 3,000 crore, as per the study conducted by proxy advisory firm IiAS.
According to Companies Act, 2013 firms above a certain financial threshold are required to spend at least 2% of their average net profits of the preceding three years on Corporate Social Responsibility (CSR).
Iias said that of the 100 companies, 95 were required to comply with the requirements of CSR spend under the Act as the rest recorded three-year average losses. The CSR spend for these 95 companies aggregated Rs 5,190 crore. Though the rest were on a loss yet they have spent Rs 50 crore on CSR, as per the study.
It said that about 65% of the aggregate CSR spending was on philanthropic causes. "... some instances include, 19 companies contributed Rs 61 crore towards the Prime Minister's National Relief Fund and seven companies contributed Rs 47 crore towards Swachh Bharat Kosh," it said.
The data revealed that while most of the amount has been spent on hunger, poverty, healthcare and education, which stood at Rs 2,963 crore, the least was spent on sports, armed forces veterans and technology incubators.
The study has also said that the amount spent by companies was, however, 26% less than what was prescribed. It noted "delay" as one of the main reason for not meeting the target.
"Of the 100 companies, 20 companies currently carry out CSR initiatives through company-owned trusts/foundations and 19 companies do so through promoter owned trusts/foundations," the study said.
It added: "The CSR spend through promoter owned trusts/ foundations aggregates Rs 1,120 crore. While regulations require companies to have at least one independent director on the CSR committee, IiAS observes that 16% of the companies do not comply with this provision. In fact, 5% of the companies have not disclosed the chairperson of the committee," the study said.
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