The new Company Bill proposed by the Ministry of Corporate Affairs will have provisions making corporate social responsibility mandatory for corporates, Union Minister for Corporate Affairs M. Veerappa Moily told reporters here on Monday.
Addressing ‘Vithagam’, a seminar conducted by the Coimbatore Branch of Southern India Regional Council of the Institute of Chartered Accountants of India, he said there were plans to increase the CSR contribution from the two per cent that the corporates were spending now. There would also be change in the compliance standards. Earlier, the companies had to report if they did not spend two per cent of their earnings.