docUnstarred Ques No. 1330 dated 10.03.2015
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GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS RAJYA SABHA UNSTARRED QUESTION NO. 1330 ANSWERED ON TUESDAY, THE 10th MARCH, 2015 NOTIFICATION OF SECTION 135 OF THE COMPANIES ACT QUESTION 1330. SHRI DEVENDER GOUD T: Will the Minister of CORPORATE AFFAIRS be pleased to state: (a) whether it is a fact that Section 135 of the Companies Act deals with Corporate Social Responsibility of every company; (b) if so, the details thereof; (c) whether it is also a fact that Section 135 has not yet been notified resulting in the Ministry not getting information on expenditure incurred by corporate sector; and (d) if so, the reasons for withholding Section 135 from notification? ANSWER THE MINISTER OF CORPORATE AFFAIRS (SHRI ARUN JAITLEY) (a) & (b) Section 135 of the Companies Act, 2013, inter alia, provides for companies having net worth of rupees five hundred crore or more or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more in a financial year to spend atleast 2% of the average net profits of last 3 years for the company’s Corporate Social Responsibility (CSR) policy. In case the said amount is not spent, the reasons for not doing so are to be disclosed in the Board’s Report. Activities which may be included in the CSR policy by the companies are specified in schedule VII of the Companies Act, 2013. (c) & (d) Section 135 along with Schedule VII and corresponding Corporate Social Responsibility Policy Rules have been notified on 27.02.2014 and have come into effect from 1st April, 2014. *********
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