New Delhi – Oil and Natural Gas Corporation Ltd (ONGC) has spent over Rs 614 cr on CSR (Corporate Social Responsibility) initiatives during the financial year ended 31 Mar. The company spent its CSR funds on 1,758 projects that span across the country.
The money was spent on initiatives related to health & hygiene, water & sanitation, education, development work, old age homes, sports, financial assistance, skill development, river cleaning among others.
The state-run oil and gas exploration company ran over 500 projects in Gujarat, highest in any state, followed by Uttar Pradesh and Odisha with over 200 projects respectively.
The combined cost of all the projects is over Rs 982 crore.
The Companies Act 2013 prescribes 17 areas of CSR activity in Schedule VII of the act. Section 135 of the Act lays down rules for CSR activity in India. The companies are required to spend at least 2% of the amount of the net profit for the last 3 financial years, mandated in the Act.
The policy which became effective from 1 April, 2014, mandates those companies for CSR activity which have net worth of 5 billion rupees or more; or turnover of 10 billion rupees or more; or net profit of 50 million rupees or more during any financial year.