Section 135 (3) & (4) of the Companies Act, 2013 (the Act) empowers the Board of the company, and its CSR Committee to select programmes / projects / activities to be undertaken, allocation and utilisation of CSR funds towards such activities, selection of implementing agencies (if any) and to monitor the same. Section 135 (5) read with Section 134 (3) (o) of the Act mandates the Board to disclose in its report, the CSR Policy developed and implemented by the company, including the details like funds earmarked, expenditure made, implementing agencies appointed etc. The details reported in the annual financial statement of the company are required to be audited by the auditor of the company under the Act.
To ensure transparency and accountability in utilization of CSR funds, Ministry of Corporate Affairs has launched National CSR Data Portal (www.csr.gov.in)displaying disclosures made by companies in MCA21 registry.
This was stated by Shri P.P. Chaudhary, Minister of State for Corporate Affairs in written reply to a question in Lok Sabha today.
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