The Institute of Company Secretaries to organise 5 km walk

Hyderabad, July 28 (INN): The Institute of Company Secretaries of India(ICSI), a professional body of Company Secretaries constituted under an Act of Parliament will organize 5 km Walk in city to spread awareness about 'Corporate Social Responsibility' at People's Plaza, Necklace Road, Hyderabad on 9th August at 6 pm.

The walk is organised for its members, students and Company Secretaries fraternity. Even, general public are also welcomed to participate.

Disclosing this in a press note issued in city today, Atul H. Mehta, National President of ICSI said, 'Corporate Social Responsibility' is the order of the day and is a statutory requirement and has become mandatory under the provisions of the Companies Act, 2013 directing the corporate world to be more socially responsible towards society, he said

Adding further, Mehta stated that the advantages by CSR spent to the society is its empowerment. Corporates can proudly claim that they are part of such an empowerment. Corporates involvement makes them understand the realistic situation prevailing in the society. This will make them more responsible towards society, he said.

The host of celebrities, dignitaries, political bigwigs, MLAs, MPs other than participants will grace the occasion. Banners to convey awareness on CSR will be displayed at the venue. The walk is being organised to sensitise people on 'how to put forth socio problems covered under the schedule of the Companies Act 2013 to the corporate. It will enable the public to solve their financial and other problems with the assistance provided by companies under their CSR regime. It will also facilitate corporates to get projects for their CSR spends,' informed Issac Raj P.G, Chairman, ICSI, Hyderabad.

'With this kind of connectivity between the public and corporate the real empowerment and enlightenment in the society can be established and results in achieving the actual noble intent of the government behind this piece of legislation. Our institute has also thought of recognising the peers in both corporate and NGOs who have done excellent work in rendering their social responsibility in providing services to the society. For this we have thought of considering the organisations with certain criteria and are rendering services for the past 5 years to the society in various aspects,' added Mahadev Tirunagari, Vice chairman, ICSI, Hyderabad.

The requirements for companies falling under the CSR entail every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year are mandated to spend under CSR. The Company shall formulate a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company as specified in Schedule VII of the Companies Act, 2013. Every company shall ensure that it spends, in every financial year, at least two per cent of the average net profits of the company made during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy.