Ratan Tata calls for guidelines to monitor spending of CSR by corporates
Mumbai: Business tycoon Ratan Tata has called for guidelines to monitor the spending of Corporate Social Responsibility (CSR) funds by corporates.
According to reports, Tata raised his apprehension over the utilisation of CSR, saying that certain companies might be wasting the funds or siphoning them off.
Tata further said that CSR 'must come from one's heart'.
The Companies Act, 2013 states that any corporation having a net worth of over Rs 500 crore, a turnover of over Rs 1,000 crore or a net profit of Rs five crore or more must mandatorily spend at least 2 percent of its average net profits over the three years on CSR activities.