MCA21 registration has 17,130 Implementing Agencies listed

MCA21 registration has 17,130 Implementing Agencies listed

Reetu | Nov 30, 2021 |

MCA21 registration has 17,130 Implementing Agencies listed

MCA21 registration has 17,130 Implementing Agencies listed

Section 135 of the Companies Act, 2013 (‘Act’), Schedule VII of the Act, and the Companies (CSR Policy) Rules, 2014 provide the general framework for Corporate Social Responsibility (CSR). This was said by Shri Rao Inderjit Singh, Union Minister of State for Corporate Affairs, in response to a question in the Lok Sabha today.

The Minister stated that the term “Non-governmental Organizations (NGO)” is not defined in the CSR Legal Framework; however, Section 135 of the Act read with Rule 4 of the Companies (CSR Policy) Rules, 2014 prescribes that the Board of the company is empowered to undertake its CSR activities either by itself or through Implementing Agencies as specified in the said rule. The Companies (CSR Policy) Rules, 2014 were revised on January 22, 2021, and registration of Implementing Agencies with the Central Government became necessary on April 1, 2021, according to the Minister.

More specifically, the Minister noted that until October 31, 2021, a total of 17,130 Implementing Agencies are enrolled with the MCA21 registry.

The Minister also emphasised that the CSR architecture is based on disclosure, and that only CSR mandated enterprises are expected to publish details of CSR spending in the MCA21 register on a yearly basis. Companies have spent a total of Rs 20,150.27 crore in FY 2018-19, Rs 24,688.66 crore in FY 2019-20, and Rs 8828.11 crore in FY 2020-21, according to disclosures made in the MCA21 register. According to an examination of CSR filings provided by firms, nearly 60% of total yearly CSR expenditure has been spent through implementing agencies, the Minister stated.

According to the Minister, firms are obligated by law to hold an Annual General Meeting (AGM) within six months of the end of the fiscal year. Following that, financial accounts and a board report incorporating CSR disclosure must be filed in MCA21 within 30 days of the AGM. Ministerial video General Circular No. 17/2021, dated 29.10.2021, delayed the imposition of additional costs for the submission of financial statements for the fiscal year 2020-21 until 31.12.2021. Furthermore, submissions for fiscal year 2021-22 must be made only after the end of the current fiscal year.

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