The Minister of State for Corporate Affairs R.P.N. Singh on Thursday informed the Rajya Sabha that the Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises have issued comprehensive guidelines on Corporate Social Responsibility (CSR) for Central Public Sector Enterprises (CPSEs) in April 2010.

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Emphasising the need to have more checks and balances on corporate social responsibility (CSR) spends incurred by state-owned companies, PSUs apex body SCOPE today said there is a need to have social audits of such activities.

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Giving India Inc a lesson in corporate social responsibility (CSR), Chief Election Commissioner S Y Quraishi on Monday highlighted the “double standards” of the corporates who were “generous only when it comes to political donations, because there is a lot to be gained from that”.

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Corporate affairs minister Murli Deora has echoed industrialist Ratan Tata's concerns regarding companies' social responsibilities and said that they must mandatorily spend at least 2% of their net profits in the welfare of the society where they thrive.

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Public sector enterprises (PSEs) may lose their Mini-ratna, Navratna and Maharatna status, if they fail to spend the stipulated amount on corporate social responsibility (CSR) in a time-bound manner.

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Department of Public Enterprises has issued Guidelines on Corporate Social Responsibility for Central Public Sector Enterprises (CPSEs) in April, 2010 which, inter-alia, mention the expenditure range for Corporate Social Responsibility (CSR) in a financial year as a percentage of net profit of the previous year.

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State-owned Steel Authority of India's spending on corporate social responsibility (CSR) activities goes "beyond" the minimum requirement of 2 per cent of profits stipulated by the government for Navratna PSUs, Chairman C S Verma has said.

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Corporate Affairs Minister Murli Deora today favoured making it mandatory for the private sector to spend 2% of profits on Corporate Social Responsibility (CSR).

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