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Suicidal UPA botched CAG probe into Coalgate

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Created on Saturday, 01 September 2012 18:11
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HALF-KNOWLEDGE is dangerous. So is suppression of facts. An amalgam of these two developments in the Coalgate has distorted the entire debate over the row. Unfortunately, all debate participants – UPA Government, the Opposition parties, the mainstream media and Comptroller and Auditor General (CAG ) ha vecontributed to confusingbabble . Thus, falsehood, half-truths, plain ignorance and mix-up of private gains (computed by CAG) and loss (invented by ignorant ones) have vitiated the democratic conflict resolution process.

The discourse has overshadowed the fact that the Government has already sown statutory seeds for more Coalgates in future! And this issue has escaped the notice of CAG. UPA Government's proposed coal auction blocks policy is fundamentally flawed as we will discuss later.

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Streamline Multiple Mandatory CSR & Make it Sustainable

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Created on Thursday, 04 August 2016 14:02
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 (Image Courtesy: GAIL)
 
“I come to another point. And that is regarding payment by companies to charity. I think it is a very good idea that the companies should contribute something out of their profits to charity, but in the clause it is stated, ‘charities and other funds’. The moment we introduce the words ‘other funds’ there is a great deal of loophole that instead of money being given to charities it will be given to ‘other funds’....I am afraid that under the garb of charities and other funds, the companies will be forced and persuaded to contribute to party funds,” stated late Kishen Chand, while participating in Parliament debate on Companies Bill, 1955 during September 1955.
Charity has morphed into corporate social responsibility (CSR) in the Companies Act 2013 & several other laws. Consequently, the challenge to fix firms’ social obligations has become complex and chaotic since then. And so has the risk of CSR-linked corruption and other irregularities. 
The recent query from regional registrar of companies (ROCs) in States to deviants has to been seen in this context. 
According to a story published in Economic Times dated 16th July 2016, ROCs have served warning to about 100 companies over nondisclosure or improper disclosure of their CSR spending, sending a strong signal that the government is very serious about compliance.
The story adds: ROCs “have shot off notices to companies asking them to furnish further details of spending in some cases or face action that could include prosecution as well, a government official said.”
Simultaneously, the Ministry of Corporate Affairs (MCA) is trying to fix CSR issues through consultation and reforms. 

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Clear CSR legal jungle; don’t treat industry as the Kam Dehnu for social welfare

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Created on Tuesday, 12 August 2014 19:08
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Image Courtesy: ONGC
 
In its zeal to promote social welfare right from the birth (foetus to be precise) to the death, UPA Government botched up many initiatives including the noble ones like charity and inclusive growth. 
It tied the industry in knots to spend money on corporate social responsibility (CSR) through multiple and at times conflicting and whimsical fiats issued by different ministries.
India is perhaps the only country that explicitly mandates CSR expenditure through a corporate law, as compared to statutory reporting on voluntary CSR practiced in certain countries such as Denmark. India is certainly the only country that has multiple laws/diktats on CSR. 
Modi Government wants to be viewed as better and larger promoter of public welfare than its predecessor. The former has thus tried to rationalize the latter’s mess through a recent clarification issued by the Ministry of Corporate Affairs (MCA). 
In a circular dated 18th June 2014, MCA has clarified that “expenses incurred by companies for the fulfillment of any Act/ Statute of regulations (such as Labour Laws, Land Acquisition Act etc.) would not count as CSR expenditure under the Companies Act.”
This implies that companies would have to incur all mandatory social welfare expenditure stipulated under different laws whose aggregate might render certain projects unviable especially the ones that face competition from zero-duty or concessional duty imports under free trade agreements.
The cumulative impact of mandatory CSR on the business appears daunting when one includes expenditure on essential environmental management plan (EMP). As social welfare and environment protection are globally accepted as integral components of larger domain of CSR, the Government should compute the overall impact of these mandatory expenditures as well as several welfare cess.  
The compliance with different statutory guidelines might result in regulatory chaos if the case of Oil and Natural Gas Corporation (ONGC’s) CSR expenditure relating to Mehsana assets in Gujarat is any indication. This case would be discussed later in the column to drive home the need for single and simple statutory regulation on CSR. 

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Multilateral Institutions Target Corruption in Fiscal Space

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Created on Saturday, 20 April 2019 03:44
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 (Corruption. Edited Image Courtesy: India's CVC)
 
When International Monetary Fund (IMF) splashes ‘Curbing Corruption’ on the cover page of its Fiscal Monitor (FM), analysts are bound to revisit bribery in the fiscal domain. 
Breaking Fiscal-Corruption nexus has lately become top priority for other international/multilateral institutions too. These include Asian Development Bank (ADB), World Bank and Organisation for Economic Co-operation and Development (OECD).
They perceive corruption prevention as the surefire way to accelerate global growth & generating more funds for public welfare. 
“The fiscal costs of corruption can be substantial for economies at all levels of development. For example, comparing countries at similar income levels, the least corrupt governments collect 4 percent of GDP more in tax revenues than their peers with the highest levels of corruption”, says FM. 
It continues: “Based on such cross-country comparisons, if all countries today were to reduce corruption by a similar extent, on average, as those that reduced it over the past two decades, global tax revenues could be higher by $1 trillion, or 1¼ percent of global GDP; the gains would likely be greater considering that lower corruption would increase economic growth, further boosting revenues”.

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