Over 2,400 cos faced action on investor grievances last fiscal

Over 2,400 companies faced action for non-redressal of investor grievances in the last financial year.
Action was initiated against 420 companies during the 2013-14 period, Corporate Affairs Minister Arun Jaitley said in a written reply to the Rajya Sabha.
"As per investors' grievances data maintained by the Ministry of Corporate Affairs, action has been initiated against 319 companies in 2012-13, 420 companies in 2013-14 and 2,414 companies in 2014-15. This is an ongoing process," Jaitley said in the reply on Tuesday.
To a separate query on companies' compliance with Corporate Social Responsibility (CSR) norms, the Minister said details would be available after the firms make requisite filings.

Under the Companies Act, 2013, certain class of profitable entities are required to shell out at least two per cent of their three-year annual average net profit towards CSR activities. This norm came into force from April 1, 2014.
Jaitley noted that companies are still in the process of filing their annual reports with the Corporate Affairs Ministry.
"Details about number of companies that have complied with the CSR provisions of the Act, CSR activities undertaken and expenditure incurred thereon, in the year 2014-15, are expected to be available after requisite filings are made by companies," the Minister said in another written reply.