Cement, Energy and Environment

principles detailed by the MCA voluntary guidelines in 2011 (SEBI, 2011). · The Companies Act, 2013 provides statutory provisions for CSR spending, repor ng, policy formula on and implementa on. Provisions like disclosure on CSR policy in the board report, mandatory spending of at least 2% of average net profits of the company, made during three immediately preceding financial years, and requiring the CSR board to report the reasons for failure to spend to stakeholders, etc., enhance company accountability (MCA, 2013). · Government solicits greater par cipa on in community program like cleanliness and sanita on in 2014. 2.2.3 MoEF as a key CSR Anchor The MoEF played a vital role to embed CSR process in to present business system, ll enforcement of new CSR rule, 2013. In 1994, the modern history of CSR in India started with its integra on with environmental clearances for industrial and developmental projects according to Environment Impact Assessment (EIA) no fica on of Ministry of Environment and Forests (MoEF), GOI. Therefore, pre-1994, including age old concept based on philanthropy is an ancient and medieval history of CSR. In 1997, Involvement of public, local bodies, professionals and subject ma er specialists started with new no fica on on EIA and the process is known as "Public Hearing". The new concept of Public Hearing was included for the fair recording of public opinion about a project prior to grant of Environmental Clearance (EC). In 2006, this process was further restructured with very detailed EIA guidelines including impact on socio-economic environment. During the period from 2006- 2013 and even earlier, CSR expenditure was guided by a condi on in EC depending upon the recommenda on of industry specific Appraisal Commi ees of MoEF and this ini a ve became voluntary to compulsory. 2.2.4 CSR Regula ons for Mines Ministry of Mines does amendment in Mines & Mineral Development & Regula on (1957) in 2015, which created Na onal Mineral Explora on Trust (NMET) and District Mineral Founda on (DMF) for the explora on and development of surrounding community. The Government has cons tuted commi ees with representa ves from Government, local bodies as well as industries for investment and monitoring of these funds and thereby CSR has become par cipatory from voluntary and compulsory mode, par cularly in mineral bearing areas. NMEF and DMF are channelizing funds from the mines over and above of royalty paid on the minerals. 2.2.4.1 Na onal Mineral Explora on Trust (NMET) In exercise of the powers conferred by Sec on 13 of the Mines and Minerals (Development & Explora on) Act, 1957, the Central Government makes the following Rules namely; 1. These Rules will be called The Na onal Explora on Trust Rules, 2015. Mineral 2. Cons tu on of Trust – A trust to be known as Na onal Mineral Explora on Trust shall be set up by the Central Government in terms of Sec on 9C (1) of the Mines and Minerals (Development and Regula on) Act, 2015. 3. The objec ves of the Trust will be – a. To u lize the funds accumulated in the Na onal Mineral Explora on Trust Fund for carrying out regional and detailed explora on for minerals in any part of India. b. While choosing areas and 35