New Delhi – State-run Oil and Natural Gas Corporation Ltd (ONGC) was the highest spender of the the Corporate Social Responsibility (CSR) funds among all the Central Public Sector Enterprises (CPSEs) in the country during the financial year 2017-18 (Apr-Mar).
The data presented on this was presented before the Lok Sabha by Minister for Heavy Industries and Public Enterprises Arvind Ganpat Sawant.
The Maharatna company spent over Rs 503 crore on its CSR initiatives during this period. The next highest spender was Indian Oil Corporation Ltd (IOCL) followed by Mahanadi Coalfields Ltd with Rs 331 crore and Rs 257 crore as CSR expenditure.
Out of the the 146 Central Public Sector Enterprises (CPSEs) who spent a total of Rs 3442.42 crore on CSR activities during 2017-18, ten company’s spent in excess of Rs 100 crore.
These companies are National Thermal Power Corporation Ltd (Rs 241 crore), Bharat petroleum Corporation Ltd (Rs 166 crore), Hindustan Petroleum Corporation Ltd (Rs 156 crore) NMDC Ltd (Rs 169 crore), Oil India Ltd (Rs 100 crore), Power Finance Corporation Ltd (Rs 118 crore), Power Grid Corporation of India Ltd (Rs 158 crore) along with ONGC, IOCL and NTPC.
Out of the top three spenders, only IOCL spent more in FY18 in comparison to the last fiscal (Rs 214 crore). ONGC’s spending in FY18 were down by 4% as against around Rs 526 crore in a year ago period. NTPC’s spending in FY17 were higher by 13%.
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.
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.
The expenditure made by the CPSEs during 2014-15, 2015-16 and 2016-17 was Rs 2450.31 crore, 4028.04 crore and Rs 3336.50 crore, respectively, the minister informed.
Sawant was responding to questions raised in the lower house of the parliament by Dharambir Singh, Member of parliament (MP) from Bhiwani-Mahendragarh, Haryana.
Data for the year 2018-19 would be available after publication of Public Enterprises Survey 2018-19, the minister said.