Companies Act empowers the board of a company and its CSR committee to select programmes,  projects, activities to be undertaken, allocation and utilisation of CSR funds towards such activities and selection of implementing agencies, a government statement said.
 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Section 135 (5) read with Section 134 (3) (o) of the Act mandates the board to disclose in its report, the CSR policy developed and implemented by a company, including the details like funds earmarked, expenditure made, implementing agencies appointed, etc, P P Chaudhary, Minister of State for Corporate Affairs in written reply to a question in Lok Sabha. 

The details reported in the annual financial statement of the company are required to be audited by the auditor of the company under the Act.

To ensure transparency and accountability in utilisation of CSR funds, the Ministry of Corporate Affairs has launched national CSR data portal (www.csr.gov.in) displaying disclosures made by companies in MCA21 registry, the statement said.