Comments
The Corporate Affairs Minister, Mr Murli Deora, is in favour of mandating two per cent profit of private sector companies for Corporate Social Responsibility (CSR).
“If you ask me, my personal view is that CSR should be made mandatory,” he told reporters after meeting industry representatives from the chambers and other professional bodies.
The industry, though willing to adopt CSR, does not want the Government to supervise its implementation.
“Basically, everybody in the room agreed that there should be CSR. Their only point is that there should be no government intrusion in that mechanism,” said Mr D.K. Mittal, Secretary, Ministry of Corporate Affairs.
Whether there would be penalisation for non-compliance of the proposed CSR is not clear as discussions are still on, said Mr Mittal.
Meanwhile, the Ministry said that the proposed converged accounting standards are ready and will be notified soon.
“The revised Schedule VI (Format of Financial Statements), Schedule XIV (Depreciation Rate) and proposed converged accounting standards are ready and are proposed to be notified shortly,” according to a release.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.