BUSINESS LAW

A PROJECT REPORT ON

Mandatory Corporate Social Responsibility Spending

A Trap or Requirement

Project submitted by Group-5, EPGP-12

Name Roll no

Ajitava Deb EPGP-12A-006

Amit Agarwal EPGP-12A-014

Anirban Das EPGP-12A-021

Anirban Kar EPGP-12A-022

Kumar Saurav EPGP-12A-052

Ratul Chakroborty EPGP-12A-084

Souvik Sengupta EPGP-12A-108

Sumantra Sarathi Halder EPGP-12A-114

Vinod Kumar Gandham EPGP-12A-126

Vivek Roshan Dev EPGP-12A-132

 Mandatory Corporate Social Responsibility Spending: A Trap or Requirement

Table of Contents

Introduction 2

Mandatory CSR spending and its positive impact 3

CSR Participation is not a recent phenomenon 6

Mandatory CSR spending and its negative impact 8

Conclusion 10

Project member's activity 11

Sources & References 11

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 Mandatory Corporate Social Responsibility Spending: A Trap or Requirement

INTRODUCTION
CSR defines the guidelines to the way businesses should be managed to bring an impact on the
communities, societies, and environments in which they operate. The structure of CSR has gone
through several changes and revision and has morphed itself into a statutory provision in India. But
there exists a growing concern with respect to the penal provisions and sanctions introduced by the
Government in 2019, with respect to non-compliance of CSR obligations of companies, currently
operating in India. Ina country like India, companies have no shortage of CSR opportunities or issue
areas to address, as the needs in India are immense. Although we see a few companies, in India, have
been performing the CSR activities for some time however there are immense areas of opportunity that
can be filled. Hence the government of India in 2013, Companies Act made it mandatory for the
“capable” companies to contribute towards social development activities.

According to Section 135 of the Companies Act 2013 requires that companies having a
a. net worth of Rs. 500 cr. or more, or
b. turnover of Rs. 1000 cr. or more, or,
c. net profit of Rs. 5 cr. or more, during the immediately preceding financial year
To set up CSR board committee, which must consist of at least three directors, one of whom must be
independent. That committee must ensure that the company spends “at least 2 per cent of the average
net profits of the company made during the three immediately preceding financial years” on “CSR”
activities. If any firm fails to spend this amount on CSR, board must disclose why in its annual report.

The board committee is responsible for reviewing, approving, and validating the company’s
investments in CSR. Prior to each annual meeting, the board must submit a report that includes details
about the CSR initiatives undertaken during the previous financial year. The board’s independent
director helps ensure the credibility of this process. The roles of the committee would be
a. The committee will issue an annual report on the various CSR activities undertaken.
b. CSR policies should be placed on the company’s official website, in the form and format
approved by the committee.
The board of directors is bound to accept and follow any CSR related suggestion put up by the
aforementioned committee. The committee must regularly assess the net profits earned by the
company and ensure that at least 2 percent of the same is spent on CSR related activities.

Schedule VII of the Companies Bill, requires the CSR policy created by the CSR Committee to involve
at least one of the following focus areas:
i. Eradicating extreme hunger and poverty,
ii. Promotion of education
iii. Promoting gender equality and empowering women
iv. Reducing child mortality and improving maternal health
v. Combating HIV, AIDS, malaria and other diseases
vi. Ensuring environmental sustainability
vii. Employment-enhancing vocational skills
viii. Social business projects Contribution to the Prime Minister’s National Relief Fund or any
other fund set up by the Central government.

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 Mandatory Corporate Social Responsibility Spending: A Trap or Requirement

Let’s have a look at how CSR spending evolved over the years

Ever since the passing of the new act, there has been a heavy debate on whether this will have positive
or negative implications for India. A summarized analysis of both sides - positive impact (Arguments
For) and negative impact (Arguments Against) - is presented below.

MANDATORY CSR SPENDING & ITS POSITIVE IMPACT

While the law mandates a minimum spending cap on CSR activities, it is important to analyse how the
CSR activities of companies are actually impacting the society. The actual effectiveness of the CSR
initiatives should be gauged based on the value addition towards each of these social causes.
While the amount spend on CSR activities is one of the driving factors, another important factor that
drives the impact of CSR initiatives is the philanthropic or visionary mind-set of great leaders driving
the organizations.
Based on our study, we have shortlisted the following 3 industrial cases, analysed their CSR spending
and activity trends and have tried to gauge the effectiveness of such initiatives. The objective of this
section is to illustrate that well planned CSR initiatives are often a true “Requirement” that adds
tremendous value to various layers of our society.
1. Tata Chemicals :
One of those best companies who are ranked top 20 for their CSR activities is Tata Chemicals.
Established in 1939 in Mithapur (Gujarat), Tata Chemicals Limited (TCL) is a part of the US$ 110
billion Tata Group. Improving the quality of life and fostering sustainable and integrated development
in the communities where it operates is considered as the corporate philosophy of the company. To
take forward the Corporate Social Responsibility (CSR) plans of the company, Tata Chemicals has
formulated the CSR policy and also established Tata Chemicals Society for Rural Development
(TCSRD) in 1980 as a society and trust. The principle aims and objective of the TCSRD, as written in
the memorandum of association, is that TCL is a principle promoter to undertake, carry out, promote,
sponsor, assist or aid directly the activities carried out by the trust.

Year 2014-15 2015-16 2016-17 2017-18 2018-19

Actual CSR Spending
10.2 13.97 15 14.28 25.68
(Rs. In Crores)
Prescribed CSR Spending
11.66 12.34 13.92 16.8 19.86
(Rs. In Crores)

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 Mandatory Corporate Social Responsibility Spending: A Trap or Requirement

The activities such as, promotion and growth of

rural economy, rural welfare, activities relating
to environmental protection, conservation of
natural resources etc. are activity carried out by
the trust. The CSR Initiative called BEACON
(Blossom, Enhance, Aspire, Conserve, and
Nurture) was started in 2017 mainly focusing on
development of traditional handicrafts,
providing education and vocational trainings, improvement in health care, sanitation and safe drinking
water and conservation of natural resources.
The CSR Initiative called BEACON (Blossom, Enhance, Aspire, Conserve, and Nurture) was started
in 2017 mainly focusing on the development of traditional handicrafts, providing education and
vocational trainings, improvement in health care, sanitation and safe drinking water and conservation
of natural resources.
2. Mahindra & Mahindra :
Indian automobile manufacturer Mahindra & Mahindra (M&M) ranks 4th in the list of top companies
for CSR activities in 2019. Throughout the last 5 years, the company has generously contributed to
various social causes primarily focussing on education programs & healthcare services to assist
economically and socially disadvantaged communities. CSR program invests in:
o Scholarships.
o Livelihood training.
o Healthcare for remote areas.
o Water conservation.
o Disaster relief programs.
The following are some of the key instances of benevolent CSR initiatives taken by the company
over the last few years:
• The company spent INR 93.50 crores on CSR initiatives during the financial year 2018-19,
according to their company annual report.
• M&M established the K. C. Mahindra Education Trust in 1954 and Mahindra Foundation in
1969, each of which focussed on promoting education among underprivileged and disabled
students.
• Their CSR programs invest in scholarships and awards, livelihood preparing, healthcare for
remote areas, water conservation, and disaster relief programs.
• M&M spent INR 8.36 crore on Nanhi Kali Project, a programme which provides educational
support to underprivileged girls in India through an afterschool support. M&M also supported
towards promoting graduation support, spoken english awareness and digital literacy among
aspiring girls via a pilot project for Nanhi Kali 2.0.
• M&M sponsored its 20th Lifeline Express (hospital on a train), through which medical care,
treatment, and surgical intervention was provided to 11,119 individuals.
• Through Mahindra Hariyali, 0.95 million trees were planted which contributed to improving
greenery and bio-diversity in the country. Of these, 0.83 million trees were planted in the
Araku valley, which, besides contributing towards the environment, also paved the way for
livelihood support of tribal farmers for growing coffee in this region.

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 Mandatory Corporate Social Responsibility Spending: A Trap or Requirement

According to the CSR focus areas mentioned

in Schedule VII of the Companies Bill, we can
see that the CSR activities of M&M has been
focussed on the following areas:

• Promotion of Education
• Ensuring environmental sustainability.
• Promoting gender equality and
empowering women.
For each of the areas, it is evident from the
illustrations mentioned above that M&M had made a very good impact on the Society as a whole,
which justifies its CSR spending as a true “Requirement”.

3. ACF (Ambuja Cement Foundation)

ACF, Ambuja Cement Foundation ranks 6th in the list of top companies based on CSR activities
2019. They uplifted around 2.6 million people ,2431 villages in 32 districts of 11 states through their
CSR activities. They conducted their CSR activities in various sector which includes

• Water resource management,

• Agro-based livelihood and Health care
• Education,
• Women's empowerment,
• Infrastructure,
• Disaster relief,
• Energy conservation and Wildlife
protection

Few major changes ACF has made so far with their CSR activities: -
• Their CSR activities on skills development increased income of cotton farmers by 22%.
• The Infrastructure and Agro-based livelihood projects increased overall production under
system of rice intensification by 30%.
• ACF made 100% toilet coverage in 146 villages through their initiative of sanitization a way
of life.
• ACF multiplied social return of their investment by – 13X at Kodinar in Gujarat ,5X at
Rabriyawas in Rajasthan) and 8X at Darlaghat in Himachal Pradesh.
• Their contribution on skill development activities increased the overall income of SEDI (Skill
and Entrepreneurship Development Institutes) graduates by 2403 million INR.
Despite mandated lower limit, ACF has spent more than its prescribed CSR budget in past 5 financial
years (as shown below) which implies this company involves in CSR activities with a vision of
creating sustainable, socially prosperous rural communities, which is evident from above illustration.

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 Mandatory Corporate Social Responsibility Spending: A Trap or Requirement

CSR PARTICIPATION IS NOT A RECENT PHENOMENON

Indian religious traditions of daan, seva, and zakat existed for centuries helping to shape the
relationship between the privileged and the dispossessed. This being the oldest model of CSR which
believed in Philanthropy, charity and ethical behaviour of the Corporate towards society, because it
can get profits from the resources belonging to society. Participation of corporate sector in
philanthropic activities for the greater good of society is not a recent phenomenon. While in the past
corporate giants like Tata, Birla, Godrej did it wilfully, now a mandatory law governs the contribution
of private sector in social welfare programs which is discussed later in this section.
History of CSR in India, from Pre-Independence to the Indian Companies Act (2013)
Time period Economic currents State role Corporate CSR

1850-1914 Industrialisation Colonial, extraction Dynastic charity

Trade barriers for

1914-1947 Colonial, exploitative Support freedom struggle
new industries

Socialism, Support new state; launch own

1947-1960 Five-year plans
protectionism rural initiatives

1960-1990 Heavy regulations Licence raj; development failures Corporate trusts

Shrinking in production; Family trusts, private-public

1991-2013 Liberalisation
expanding in social provision partnerships, NGO sponsorship

Need to manage inequality; new Introduction of mandatory 2%

2013-present Globalisation
reforms to liberalise further rule

After the First World War, a new era of corporate philanthropy arose that drew business leaders into
the political fight for independence. In the period forthwith after Independence, the role of the Indian
State expanded greatly, and the corporate sector took a backseat in development efforts. During (1950
– 1970s) period two philosophies guided namely mixed economy and socialistic pattern of society.
During this era the state ownership and legal requirements decided the corporate responsibilities. After
some time, the failures of the State to end poverty and support economic growth led to
dissatisfaction. The liberalisation of the Indian economy in 1991 ushered in a new globalised economic
environment, with rapid growth in overall wealth and it also triggered inequality. The soaring gap
between the wealthiest Indians and those at the bottom sparked innovation in efforts by the corporate
sector to address social problems. This also led the State to re-think about how to pull in more support
from the booming business world.

During 1990s because of realisation that with growing economic profits, businesses also have certain
societal roles to fulfil. This expected companies to perform according to “triple bottom line”
approach. i.e., 3Ps of sustainability - People, Planet, and Profit. In present times, CSR Matrix Model
(2015) focussed on Spread plus Spend is promoted by Government of India. Thus, CSR has been
coined recently in legal format via Companies Act 2013, but it has a beautiful history and an
embedded journey of philanthropic India.

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 Mandatory Corporate Social Responsibility Spending: A Trap or Requirement

Examples of our philanthropic corporates:

1. TATA Trusts :
Tata Trusts, a pioneer entity in corporate social activities, was established in 1892 with Jamsetji Tata
setting up the JN Tata Endowment for higher education of Indians. Jamsetji introduced the apprentice
system at work, crèches and primary classes for children of women mill workers, and free medical help
to all employees in 1886. Other benefits for the well-being of his staff that were weaved into the policies
of several of his propitious ventures included gratuitous pension fund, provident fund, maternity benefit
allowance and a remuneration fund for accidents for all employees – all of which were ahead of their
times. Through self-help groups, it has engaged in women empowerment activities, rural community
development, income generation, and other social welfare programs. In the field of education, it
provides scholarships and endowments for numerous institutions. The Tata group also engages in
healthcare projects, such as the facilitation of child education, immunization, and creation of awareness
of AIDS. Even today, as per the latest Ministry of Corporate Affairs data, two of Tata subsidiaries,
namely, TCS & Tata Steel, feature in the top 10 CSR contributors for FY2018-19.

2. Godrej:
The Godrej family made its first donation in 1926. Ardeshir Godrej, one of the founders of the Godrej
Group, through a spontaneous gesture, gave Rs 3 lakh for the upliftment of Harijans (considered
untouchables at the time). This was a period when donations of such scale were unheard of; Mahatma
Gandhi acknowledged this as the largest contribution to that cause, a particularly important one for
him. Since then, the Group’s charitable works have become more organized and widespread. Soonabai
Pirojsha Godrej Foundation set up in 1972.The trusts are entirely financed by the family.
3. Mahindra & Mahindra:
Indian automobile industrialist Mahindra & Mahindra (M&M) established the K. C. Mahindra
Education Trust in 1954, followed by Mahindra Foundation in 1969 with the sole focus of promoting
education. The company primarily emphasized on education programs to assist economically and
socially disadvantaged communities.

4. ITC Group:
ITC Group, an amalgam with business interests across hotels, agriculture, FMCG, IT, and packaging
sectors has been that specialize in creating sustainable livelihood and environment protection
programs. The organization has been active to generate sustainable livelihood opportunities for 6
million people through its CSR activities. Their e-Choupal program, which focuses to attach rural
farmers through the net for procuring agriculture products, covers 40,000 villages and over four million
farmers. Additionally, as per a survey exhausted January 2015, mere 8 months from the mandatory
CSR spend law being passed, majority – 73% of survey participants already had a CSR policy in situ.
Only 10 percent of the respondents indicated that their Organization didn't undertake CSR activities.
Therefore, we will conclude that though the mandatory contribution law has brought a greater number
of companies, particularly mid-size entities, under its ambit, but the drive to figure for the greater good
of humanity is embedded in India’s DNA.

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 Mandatory Corporate Social Responsibility Spending: A Trap or Requirement

MANDATORY CSR SPENDING & ITS NEGATIVE IMPACT

There is some ambiguity whether firms have really increased their CSR spending after the law
compared to what they were spending voluntarily before the law, because CSR spending wasn't well
reported historically. There's some evidence that firms that were initially spending less than 2%
increased their CSR activity, firms that were initially spending more than 2% reduced their CSR
expenditure.
Indian law doesn't clearly define CSR for the needs of expenditures: combating various diseases and
promotion of education contributing to 44% of total CSR expenditure. Reducing child mortality
received no funding as well eradicating extreme hunger and poverty received only 6%
Law prescribes few genres of CSR activities: “eradicating extreme hunger and poverty", “promotion
of education", and “social business projects". This is often much too vague to figure as a legal
definition. it's not surprising that the law doesn't even discuss, including define, an enforcement
mechanism or penalties for non-compliance. Gender Inequality in India was already high and has
increased even more. CSR law doesn't go far enough in reducing inequality and helping the
disadvantaged.
Why the CSR law still not a success:
A Failure Mandating CSR for businesses won't do any good unless there are proper mechanisms for
its enforcement. Or this ends up in industrialized areas getting preference over the poorer and
underdeveloped areas that are truly in need of some development and aid.
A survey by KPMG found that 52 of the country’s largest 100 companies didn’t spend the required 2%
last year. Some companies have gone further as per Economic Times investigation, allegedly cheating
the system by giving donations to charitable foundations that then return the cash minus a commission.
The corporate rate in India i.e. 34.61% was among the very best within the world till March 2020,
which is revised to 25%. Compared to a worldwide average of 24.09%. Many companies consider the
CSR expenditure as different from burning their pockets.
CSR the failure to end the Labour Exploitation:
There is growing evidence that after 20 years of voluntary corporate social responsibility (CSR)
initiatives, companies are failing to satisfy their long-standing goals of ending labour exploitation and
achieving decent global supply chains.

Indian companies are misusing public trusts to launder their CSR spending:
Some sections of India Inc may now be abusing these for laundering of black money. Some companies
are hiring charitable trusts to fabricate CSR spending. The fraud is simple. Suppose a organization must
spend Rs 10 crore on CSR, it writes out a cheque in favour of a trust that works in any of the activities
specified by the govt. The trust, after deducting its commission, discreetly returns the profit cash to the
officials or promoters, instantly turning Rs 10 crore of white money into black. The middleman gets a
cut also.

Police uncover CSR funding scam: MH Police police are on the lookout for unidentified accused
who forged documents of Hexaware Technologies and approached NGOs and charitable trusts across
the country with a proposal to produce CSR funds worth over ₹100 crore in name only of an IT firm.
The suspected person has approached minimum seven trusts in New Delhi, Maharashtra, Rajasthan,
Uttar Pradesh and Haryana.

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 Mandatory Corporate Social Responsibility Spending: A Trap or Requirement

CSR spends touch Rs 12,000 Cr, investigators stalk ghost beneficiaries

1. An organization was funding health care spends under its CSR initiatives. The organization
later engaged a consultancy to conduct a review of its programme, results showed that a number of
the funds went to patients that didn’t exist.This type of ghost beneficiaries isn’t the sole kind of issue
companies face during a period of CSR spending, which is almost Rs 12,000 crore in 2018-19.
Numerous frauds related to procurement, construction, and end-use of funds, have had companies
engaging forensic auditors to closely monitor how money is spent by the beneficiaries.

2. An organization was funding water cooler facilities for primary schools in Delhi around 2017.
Every unit and other civil construction were to cost around Rs 2 lakh. But later found that
intermediaries had pocketed most of the CSR capital given by the organization, spending only Rs
50,000-60,000 per unit. Even in a very few cases, the units were missing entirely.

3. In another instance, an organization allocated capital for livelihood creation. The amount was
spent on a well, which was said to be helping the farmers’ irrigation needs. The well was there after
they visited with water at a depth of 20 metres, but the pipe that was said to possess been used for
irrigation was only 18 metres long, which is 2 metres short of the water surface. The wells couldn’t
have been used for irrigation purposes as was being claimed.

Absence of diligence in beneficiaries’, weak governance and limited management involvement are
contributing to moral lapses and fraud in CSR program implementations. Also, too much dependency
on third parties for execution of CSR programs, about 65 per cent of the implementation partners
don’t have a transparent diligence policy and only 45 per cent companies accepted that they’ve
checked the past record of implementation partners.

Corporate organisations still feel CSR spending a burden and commit serious fraud

The actual face of corporate companies may not be as real as it seems. In recent times, more than 196
companies came under the Radar of the Serious Fraud Investigation Office (SFIO).

1. In 2009, founder of Satyam Computer Services, Mr. Raju’s foundation carried out many
social activities, like setting up a call center for villagers without a college degree, brought
telemedicine, an ambulance service which reaches an emergency within 30 mins with all paramedical
equipment. Satyam was also awarded for its social activities by the Government. Later disclosed that
all this was done under the fraudulent bracket of CSR. Mr. Raju later confessed having fiddled
accounts and brushed significant amounts down the carpet in the name of CSR.

2. About three years back during the data boom period, Idea Telecommunications had
introduced a new scheme as part of their CSR campaign. Idea Launched an advertisement stating that
the company would provide 20 MB for every missed call, the data could be further transferred to the
rural schools for help in education. Idea promised for only 1 GB data for each school. Also, Idea had
involved its customer base for this CSR project. This campaign is more of a promotional activity
rather than a CSR by Idea telecom.

3. Manforce India also came under the radar of wrong CSR strategy when it campaigned its
brand and products using a controversial ad featuring Sunny Leone across Gujarat during Navratri
season. The advertisement evoked strong reactions from people with religious thought which led the
authorities to remove about 500 hoardings of “Play Safe in Navratri” a CSR initiative claimed by
Manforce India.

Ratan Tata former Chairman TATA group criticised, “We have a phenomenon which is meant to be
good but is going to be somewhat chaotic. India yet not have the infrastructure or foreseeing
capability to successfully introduce such a scheme. We’re seeing an enormous growth in NGOs, We

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 Mandatory Corporate Social Responsibility Spending: A Trap or Requirement

don’t yet know what kind of monitoring there’ll be, in terms of how well this money is used” and
“some venal organisations would see the mandatory donations as a form of taxation and would make
an attempt to short-circuit funds back into NGOs with which they are connected under the surface”.

Current Scenario & Government Initiatives:

The Corona Virus pandemic has already impacted the entire nation, need of huge funds to be spent
for its preventive measures i.e. health care and treatment is the top most priority for the Country and in
this regards the Government of India has set up the PM-CARES Fund to deal with this. The Corporate
Affairs Minister has also announced that any contribution made to PM-CARES shall qualify as CSR
Expenditure.

CONCLUSION:

The Mandatory 2% CSR contribution provision of the Companies Act, 2013 have a cascading effect
on Indian economy which can be speculate in both positive and negative light. We can notice one of
the bad sides of the mandatory CSR is in increasing inefficiency by forcing business to divert from
the main objective of profit making to social welfare which by the words of Friedman is “taxing” and
it deprives the investors of mobilizing the economy. Further this government mandated intervention
will lead to the wastage of the economy which in real sense might not contribute to any real social
benefit.
While on the other hand when we try to see this in a positive light we observe this policy brings India
at par with other advanced liberalized economies such as the US in terms of India’s charitable giving
which is expected to be an optimal 2% of GDP (after the implementation of this CSR provision).
India has a vast area of opportunity for the development of human welfare and environmental
standards which are currently suffering due to increased deregulation, capitalization and privatization
in India and the India failing to improve standard of living for its population. Mandatory CSR
reduces such type of inefficiencies in the economy and there will be more human capital developed
such as education, training, healthcare etc. in the economy which will have a long term ridge effect
on Indian economy to accelerate the production of goods and services. The mandatory spending in
sectors like energy, environment and R&D will lead to being efficiently being utilised. It will
eventually boost the capital generation and hence the economy in the long run. Instead of not
increasing the taxes and rather allowing the companies to invest in their own CSR program can be
seen as a way to improve the economy as the companies in terms of their technical, local and
information capabilities are in a unique position to better provide social goods than the government.
The act may not be perfect and may require certain amendments, but it is a product out of necessity
for economic justice in India. Corporations in India did not take the responsibility for the real cost of
their functioning. Many often pollute the environment and run away from human hazards that they
produce. 2% CSR policy envisions a system within which each industry would contribute in a very
apt manner according to their expertise. Chemical and oil companies might take environmental and
safety initiatives and technology companies might take tech-education initiatives. Thus, in a very
nutshell, this new policy may end up to be a boon for both the corporates and also the society,
propelling India towards the trail of equitable and sustainable growth but there is a strong
requirement to amend the law to make it more effective and a road map of how to use CSR amount
so that organization does not remain limited to allot the amount only but to ensure effective use of
that money, in which most corporations have a mandate.

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 Mandatory Corporate Social Responsibility Spending: A Trap or Requirement

Project Member’s Activity log

Name Roll no Project Contribution

CSR Negative sides– Introduction& Impact, Conclusion
Ajitava Deb EPGP-12A-006
Analysis.
History of CSR in India, Corporate Philanthropy and
Amit Agarwal EPGP-12A-014
Conclusion Analysis.
Anirban Das EPGP-12A-021 CSR-Indian Content, Introduction, Conclusion Analysis.
CSR Negative sides– Case studies & research, Company
Anirban Kar EPGP-12A-022
Frauds, Conclusion Analysis.
History of CSR in India, Corporate Philanthropy and
Kumar Saurav EPGP-12A-052
Conclusion Analysis.
CSR-Indian Content, Finalise, Conclusion, Introduction,
Ratul Chakroborty EPGP-12A-084 forming arguments on the positive and negative impacts
and drawing a conclusion analysing the situation
Mandatory CSR Spending and its Positive Impact
Souvik Sengupta EPGP-12A-108
research and report creation, Conclusion Analysis.
Mandatory CSR Spending and its Positive Impact
SumantraSarathi Halder EPGP-12A-114
research and report creation Conclusion Analysis.
Mandatory CSR Spending and its Positive Impact
Vinod Kumar Gandham EPGP-12A-126
research and report creation, Conclusion Analysis.
CSR Negative sides- Review, Conclusion review and
Vivek Roshan Dev EPGP-12A-132
Analysis.

Sources& References
1. Introduction
https://www.mca.gov.in/SearchableActs/Section135.htm
https://indiacsr.in/corporate-social-responsibility-csr-in-india/
2. Mandatory CSR Spending & its positive impact
Tata Chemicals
https://csrbox.org/India_Company_Tata-Chemicals-Limited-Maharashtra_5427
https://www.tatachemicals.com/investors/financial-reports/Yearly-reports
Mahindra & Mahindra
https://thecsrjournal.in/top-indian-companies-for-csr-2019/
https://www.marketingmind.in/top-4-companies-india-take-corporate-social-responsibility-csr-seriously/
https://www.avinashchandra.com/mahindra-and-mahindra-csr-activities/amp
http://ignited.in/a/57947
Ambuja Cement Foundation
http://www.ambujacementfoundation.org/
https://csrbox.org/India_Company_Ambuja-Cements-Limited-Maharashtra_5825

3. CSR participation not a recent phenomenon

The companies (Corporate Social Responsibility Policy) rules, 2014.
Times Foundation and TNS (2011), Corporate social responsibility practices in India, published by Bennet Coleman & Co. Limited, New
Delhi.
4. Mandatory CSR spending and its negative impact
Indian companies are misusing public trusts to launder their CSR spending
https://economictimes.indiatimes.com/blogs/it-doesnt-add-up/how-indian-companies-are-misusing-public-trusts-to-launder-their-csr-
spending/
Police uncover CSR funding scam
https://www.thehindu.com/news/cities/mumbai/police-uncover-csr-funding-scam/article27006141.ece
CSR spends touch Rs 12,000 cr, investigators stalk ghost beneficiaries
https://www.business-standard.com/article/companies/as-csr-spends-touch-rs-12-000-cr-investigators-stalk-ghost-beneficiaries-
119121300353_1.html
Corporate companies still feel CSR spending a burden and commit serious fraud
https://jansatyagrah.in/analysis/philanthropic-facet-corporate-companies-may-not-real-seems/

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