Most of India?s top listed firms did not manage to meet the minimum spending requirement on corporate social responsibility (CSR) as laid down in the New Companies Act 2013, even though aggregate CSR spending was high as some of them spent more than the mandated amount.
About 32 of the Nifty 50 companies have missed this target, according to data compiled by CimplyFive Corporate Secretarial Services Pvt. Ltd, a firm provides services and technology to improve regulatory compliance across firms. The fiscal year ended March 31, 2015 was the first year in which companies had been asked to spend a minimum of 2 profit of their average profits of the past three years on CSR projects.
Three of the Nifty 50 firms are loss making and are exempt from this provision. The data has been compiled from annual reports filed by these firms.