Public Sector Undertakings (PSUs) are no exception and are behaving as miserly as their private peers in the matter CSR default. As far as biggest defaulters among PSUs are concerned, Southeastern Coalfields is at the top with Rs. 78 crore underspent. It is followed by Rural Electrification Corporation (REC) which underspent Rs. 77 crore. In addition to this, BPCL, Central Coalfields, HUDCO, IRFC and Bharat Coking Coal also defaulted in a big way on CSR spendings. Ironically, big Maharatna like Bharat Heavy Electricals Limited (BHEL) too defaulted in CSR spending as the company spent just Rs. 27 crore against Rs. 37 crore it was required to spend on CSR under the Companies Act during FY17. Considering all this, it is now up to the MCA and other government agencies to look into the matter and force these companies to spend the required CSR amount in coming years so that holistic development of society can be achieved. Interestingly, ONGC too underspent Rs. 10 crore but its absolute CSR spending figure is quite high at Rs. 526 crore.
This article is part of 2nd Annual Issue of GDP Magazine on CSR. Governance Democracy& Politics (GDP) Magazine’s Special Issue on #CSR Takes A Deep Dive on the state of CSR Spending. It has a regressive database of 6000+ companies on CSR Spending.
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