Bhubaneswar, March 14: Different companies including the Public Sector Undertakings (PSUs) operating in Odisha have utilized a fund to the tune of Rs 3136.58 crore under their Corporate Social Responsibility (CSR) initiative during the financial years 2021-22, 2022-23 and 2023-24.
According to official data, the companies have spent Rs 752.37 crore during the FY 2021-22, which was increased to Rs 994.82 crore and Rs 1389.39 crore during the subsequent fiscal. The amount was utilized in execution of different developmental and public works in all 30 districts of the State.
During FY 2023-24, highest CSR fund of Rs 302.97 crore spent in Jharsuguda district, followed by Angul district (Rs 213.33 crore), Khurda (Rs100.85 Cr), Keonjhar (Rs 83.64 Cr), Cuttack (Rs 37.80 Cr), Jajpur (Rs 37.8 Cr) and Sundargarh (Rs 36.56 Cr).
Similarly, a CSR fund worth Rs 223.41 crore was utilized by different companies in Jharsuguda district during FY 2022-23. An amount of Rs 113.72 crore was spent under CSR initiative by the companies in Sundargarh district during the same financial year, according to the data.The firms have also made an expenditure of Rs 77.45 crore in Sundargarh district, Rs 70.44 crore in Khurda and Rs 42.74 crore in Cuttack districts during the FY 2023-24.
As per provisions of the Companies Act, 2013, CSR is a Board driven process undertaken by the companies mandated to incur CSR expenditure. Any CPSU, State PSU or Private company follows its own CSR policy as decided upon by its Board, within the confines the CSR legal framework, officials said.
The existing legal provisions regarding formation of CSR committee, formulation of CSR policy, Annual Action Plan on CSR, certification of CSR expenditure by Chief Financial Officer (CFO) and audit of CSR expenditure by statutory auditors, etc., are the mechanisms to ensure transparency, monitoring and effective utilization of CSR funds.
Further, the Companies (CSR Policy) Rules, 2014 mandates that every company having average CSR obligation of Rs 10 crore or more in the three immediately preceding financial years, shall undertake impact assessment, through an independent agency, of their CSR projects having outlays of one crore rupees or more, and which have been completed not less than one year before undertaking the impact study. The above framework is applicable for all activities undertaken under CSR, in all districts.
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