‘CBI Probing 2 Cases of Irregularities in SAIL’s CSR Program’

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INDIACSR News Network

NEW DELHI: The Central Bureau of Investigation has initiated investigations in two cases relating to alleged irregularities in steel major SAIL’s corporate social responsibility (CSR) activities, Parliament was informed today. “The CBI has since initiated investigation in two cases relating to irregularities in CSR activities of SAIL,” Steel Minister Beni Prasad Verma said in a written reply to the Lok Sabha. Corporate Frauds in IndiaHe, however, did not give details of the cases.

The Minister was replying to a question on whether the complaints of gross irregularities in the awarding of contracts and execution of the CSR projects have been received and if so, the details thereof along with the action taken by the government in this regard.

On another state-owned steel PSU, Rashtriya Ispat Nigam Ltd (RINL), Verma said that no complaint is reported to have been received against the company.

According to the data, expenditure on CSR activities by both the steel PSUs, SAIL and RINL, has declined by over 50 per cent in last three years.

SAIL’s expenditure on CSR activities has gone down to Rs 42 crore in 2012-13 from the levels of Rs 94 crore in 2010-11.

Similarly, RINL’s CSR expenditure stood at Rs 7.50 crore in 2012-13 compared to the levels of Rs 15.40 crore in 2010-11.

Cumulatively, SAIL has spent Rs 284 crore between 2009-10 and 2012-13 on its CSR programme. Similarly, RINL has spent Rs 43.90 crore in the same period on CSR.

The Steel Minister further said that both the steel PSUs are allocating funds for their CSR activities as per the existing guidelines issued by the Department of Public Enterprises in April, 2010.

Replying to a separate question, Verma said SAIL is in discussion with South Korean steel major POSCO for setting up a FINEX technology based steel plant of around 3 million tonnes as a joint venture (JV) at the Bokaro steel plant.

However, both the firms are yet to agree on the shareholding structure of the proposed JV, he added.

(PTI)

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