Govt-appointed CSR panel gets more time to submit report

The six-member panel, which is working on steps for improved monitoring of CSR spending done under the companies law, has been given more time to submit its final report.
Chaired by former Home Secretary Anil Baijal, the panel has now been given time till September 22 to finalise its report.
Initially, the committee's report was expected to be ready by August end.
In a circular issued on Wednesday, the Corporate Affairs Ministry said the "committee has been granted extension of another one month with the approval of the Union Minister for Corporate Affairs to submit its report by September 22, 2015".

The Corporate Affairs Ministry is helmed by Arun Jaitley.
Under the Companies Act, 2013, certain class of profitable companies are required to shell out at least two per cent of their three-year average annual net profit towards Corporate Social Responsibility (CSR) activities.

The panel would suggest "measures for improved monitoring of the implementation of CSR policies by the companies".
Besides the chairman, other panel members are Professor (Emeritus) at Jawaharlal Nehru University Deepak Nayyar, Apollo Tyres Chairman and Managing Director Onkar S Kanwar, former Nasscom President Kiran Karnik, representatives from the Department of Public Enterprises and Corporate Affairs Ministry.
It would also suggest measures to be recommended by the government for "adoption by the companies for systematic monitoring and evaluation of their own CSR initiatives".

The panel would identify strategies for monitoring and evaluation of CSR initiatives through expert agencies and institutions to facilitate "adequate feed back to the government with regard to the efficacy of CSR expenditure and quality of compliance" by the companies.
Among others, the committee would look at whether a different monitoring mechanism is required for government companies undertaking CSR works.
CSR norms came into effect from April 1 last year.