Cement, Energy and Environment

CORPORATE SOCIAL RESPONSIBILITY COS MAY HAVE TO INVEST 2% OF NET PROFIT IN CSR The government is considering to make it mandatory for all companies to invest 2% of their net profit incorporate social responsibility (CSR). The ministry of corporate affairs plans to incorporate it in the new Companies Bill , an official in the ministry said . The oil ministry has already made it mandatory for state-run oil companies such as ONGC, IOC, BPCL AND HPCL. The proposal of the ministry is tabled in the Parliamentary Standing Committee. It will be debated threadbare as private companies have opposed the idea of any mandatory social spending limit. They want the contribution to remain voluntary. "Every year at least 2 per cent of companies average net profits during the three immediately preceding financial years shall be spent on CSR activities," the ministry said in a statement. The new provisions may apply to companies having a net worth over Rs.500 crore, or a turnover over Rs.1,000 crore, or a net profit of over Rs.5 crore in a year. While the idea to mandate a minimum spending on CSR front is still being debated, what appears certain is that companies will have to make specific disclosures of their social spends in their annual report. The ministry's statement comes after the Standing Committee on Finance, chaired by BJP leader Yashwant Sinha, presented its report on the new Companies Bill in the Lok Sabha. The revised Bill is expected to be presented in Parliament for passage in its Winter session. Courtesy: The Economic Times, New Delhi, 11.09. 2010. LATEST ADDITION TO CMA LIBRARY Publications Published/Upgraded by CMA • Construction, Maintenance and Upkeep of Cement Concrete Buildings- October 2009 (CMA) • Handbook on Cement Concrete Roads - An Updated Version upto March 2010 (CMA} • Basic Data on Cement Industry 2010 • City Concrete Roads..... ... Modified and Enlarged - June 2010 • Cement Concrete Roads - A Long Lasting Gift to Nation (CMA- June 201 0) • Seminar/Presentation's Booklet Published by CMA & Others • 6 1 h International VDZ Congress 2009: Process Technology on Cement Manufacturing on 30 September to 2 October 2009 at Dusseldorf- 2009 (VDZ) Publications procured from Outside i. ~ ..... .. ") \~ • Deduction of Tax at Source - with Advance Tax and Refunds (2:Jd Edn.- 2010 by VK. Singhania) • Income Tax Ready Reckoner - 2010-11 (N. V Mehta) • Income Tax Act, as amended by Finance Act 201 0 (54 1 h Edn. by Taxman) 99 '-!- .. . .