Study on CSR initiatives of corporates to complete soon: Pilot

A study on corporate social responsibility (CSR) initiatives of certain companies being done by National Foundation for Corporate Governance (NFCG) is likely to complete shortly, Corporate Affairs Minister Sachin Pilot has said.

Updated: Mar 07, 2013, 17:28 PM IST

New Delhi: A study on corporate social responsibility (CSR) initiatives of certain companies being done by National Foundation for Corporate Governance (NFCG) is likely to complete shortly, Corporate Affairs Minister Sachin Pilot has said.

The Corporate Affairs Ministry has entrusted a study of CSR initiatives of certain companies to NFCG, which has been set up to promote better corporate governance practices in the country.

"The study (by NFCG) is likely to be completed shortly," Pilot said in a written reply to the Lok Sabha.

The study included field visits and meetings with stakeholders such as communities and local administrations as well as NGOs.

He said that government does not maintain the funds spent by the companies under CSR programme.

To a question whether the government also proposes to mandate firms to publicise provision of funds under CSR, Pilot said, "the format for disclosure of CSR policy and the activities therein as part of the Board's report will be prescribed in the rules once the Companies Bill is enacted."

In a separate reply, Pilot said that his ministry has decided to establish an office of Registrar of Companies (Roc) at Bilaspur in Chattisgarh.

He said in this regard a lease agreement is expected to be signed soon.

PTI