Diverting 1,000 Cr CSR funds: SCCL refutes charge
The Singareni Collieries Company Limited (SCCL) management, in a press release on Sunday described as ‘totally false,’ the allegation of the...
Kothagudem: The Singareni Collieries Company Limited (SCCL) management, in a press release on Sunday described as ‘totally false,’ the allegation of the Opposition parties that it diverted Rs 1,000 crore CSR (Corporate Social Responsibility) funds.
It clarified that only Rs 43.52 crore CSR funds have been spent so far. The SCCL asserted that the funds were diverted as per the Company Act, 2013, while ridiculing the allegation.
While condemning the allegation, the clarification issued by the SCCL management stated that as per the new Act, the Company spent Rs 31.52 crore during the last three years and Rs 12 crore so far in the current year, while successfully discharging its CSR.
It said the works to be taken up as part of CSR and the policies were discussed and approved by the board of directors. The CSR expenditure incurred during the last three years was Rs 3.85 cr, Rs 12.31 cr and Rs 15.36 cr respectively.
As stipulated in the CSR policy, 80 per cent of the funds have to be spent in the unified districts of Khammam, Warangal, Karimnagar and Adilabad, where the SCCL has expanded its operations. The balance of 20 per cent is to be spent in the Singareni areas, as decided by the management.
The clarification stated that although only two per cent of the CSR funds have to be allotted as per the Act, “more has been spent during the last two years for meeting the people’s needs.”