Deputy Commissioner D. Randeep has asked those companies and corporate houses having an annual turnover of Rs. 1,000 crore and above to use a portion of their net profit towards corporate social responsibility (CSR) initiatives.
Speaking to The Hindu , Mr. Randeep expressed concern that some companies — having an annual turnover of Rs. 1,000 crore and above — were not involved in CSR initiatives. He said that it was mandatory for such companies to use two per cent of their net profit towards social causes.
Mr. Randeep said that he had instructed all the departments such as Women and Child Development, Social Welfare, Deputy Director of Public Instruction, and also the District Surgeon to prepare a list of their urgent needs for the betterment of students, children and patients so that the district administration can ask the corporate houses to spend their two per cent share on CSR initiatives to provide the required facilities.
The DC further said that he had instructed the Joint Director of the District Industries Centre to coordinate with the departments concerned and collect information about their needs and submit it to the district administration.
Meanwhile, H. Ramakrishne Gowda, Joint Director, District Industries Centre, told The Hindu that he had information that there were over 70 mega industries in Mysuru district and of them over 45 companies were making an annual turnover of Rs. 1,000 crore.
But only about 25 companies attended a meeting convened to discuss the CSR issue, he said, adding that the DC has asked him to issue notices to companies which were absent at the meeting.
“All companies and corporate houses would be asked to attend such meetings compulsorily in future and use their CSR funds compulsorily for overall development of the district,” he added.
He said that companies such as Automotive Axles Ltd., J.K.Tyres, TVS, UB Group, Infosys, Rane Madras, SKF, and Jubilant Generics Ltd. attended the meeting and they agreed to take up works under CSR. The DC, after receiving the requirements of all the departments, would convene another meeting and allot works to corporate houses.
‘Firms with more than Rs. 1,000 cr. turnover should spend some of net profit towards CSR’
