During the year, the CSR Committee met 2 times on May 14, 2021, and February 9, 2022.
PUNE: The Company has been actively engaged in various CSR activities over the years, which cover the entire gamut of social welfare/upliftment activities across the nation.
Ashish Saraf, Finance Controller/ acting CFO and Aparna Srivastava, Head – CSR of SKF India Limited have reviewed the Corporate Social Responsibility (CSR) expenditure done by the Company towards CSR obligation for FY 2021-22.
The thrust areas under CSR inter-alia included education, employment enhancing vocational skills, support during COVID-19 pandemic, etc., which have always been built on the Company’s values of ‘SKF Care’ on four pillars of ‘Business care, Employee care, Environment care and Community care’.
During the period, the Company was required to spend Rs. 8.45 Crore i.e., two percent of the average net profits of the company made during the three immediately preceding financial years.
Out of total CSR obligation, the Company has disbursed the following amount towards CSR activities during the FY 2021-22, as approved by Board on the recommendation of the CSR Committee from time to time:
The Company has spent a total amount of Rs 5.99 Crore towards CSR for FY 2021-22 out of the total CSR obligation of Rs. 8.45 Crore and an amount of Rs. 2.33 Crore is remaining unspent which shall be treated in the manner as per the applicable provisions of the Companies Act, 2013 read with rules made thereunder and the CSR Policy of the Company, the company’s annual report revealed.
The total unspent CSR amount for FY-2021-22 is Rs 2.33. The SKF India Limited CSR Unspent Account for FY 2021-22 has a balance as of 30th April 2022 of Rs. 1.76 Crore.
As of 30th April 2022, Unspent CSR amount of Rs. 41.50 lakh from two NGOs and an unspent CSR amount of INR 15.37 from SKF India Ltd are under process, the company said.
The Corporate Social Responsibility (CSR) Committee reviews and monitors the CSR projects and expenditures undertaken by the Company.
The Company has always maintained a high level of social engagement and social responsibilities under the leadership of Manish Bhatnagar, Chairman of Committee and its Team. The initiatives in the social sphere have always been built on the Company Values of “SKF Care” which comprises of four pillars, namely ‘Business care / Employee care/ Environment care and Community care’. The Company considers it as its economic, environmental and social responsibility to foster sustainable local development as well as add value to the local communities in which it operates.
(India CSR)
