can CSR be spent on floods !
aamir khatri (12 Points)
27 August 2017
can a company spend its CSR fund in natural calamity like flood where people are really needy ?
3 Replies
CA Nipun Goyal
(Practicing Chartered Accountant)
(159 Points)
Replied 27 August 2017
Yes, company can spend as list provided under law is illustrative not exhaustive.
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 28 August 2017
As per Sec.135 CSR Policy must indicate activities to be undertaken by the company as specified in Sch.VII and this Schedule does not cover natual calamities like floods. Hence in my view it cannot be covered under CSR. There is nothing in the Section to indicate that Sch.VII is just indicative. Yes, contiribution to PM National Relief Fund is covered there.
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