Comviva Fined Rs 1 Lakh for CSR Fund Delay
Dec 02, 2023 22:28
Comviva, a Tech Mahindra subsidiary, was penalized Rs 1 lakh for a delay in transferring unspent CSR funds to the PM Relief Fund, as per a regulatory filing.
Photograph: Amit Dave/Reuters
New Delhi, Dec 2 (PTI) IT company Tech Mahindra Group firm Comviva has been penalised Rs 1 lakh for the delay in transferring unspent corporate social responsibility obligation to the Prime Minister's National Relief Fund, as per a regulatory filing.
The Ministry of Corporate Affairs' Regional Director for the Northern Region has ruled against an appeal filed by Comviva against the order of the Registrar of Companies, which imposed a penalty of Rs 1 lakh on the company for the delay.
According to the filing, there was an inadvertent delay due to technical reasons in the transfer of the amount unspent in relation to the Corporate Social Responsibility (CSR) obligation for the FY ended March 31, 2021, to the Prime Minister's National Relief Fund within the prescribed period of 6 months of the expiry of the financial year as per the Companies Act, 2013.
"Penalty of Rs 1,00,000 has been imposed on Comviva Technologies Limited (Comviva) in connection with the appeal filed by Comviva before Hon'ble Regional Director, Northern Region, against the adjudication order of the Registrar of Companies, NCT Delhi and Haryana dated May 17, 2023," Tech Mahindra said in a filing on Saturday.
Comviva is in the process of depositing the penalty amount with the Ministry of Corporate Affairs, the filing said.
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