NEW DELHI (India CSR): Aditya Birla Money Limited has exemplified its commitment to societal welfare in the financial year 2022-23, by fully spending its designated Corporate Social Responsibility (CSR) budget.
According to the CSR Spending Report, Aditya Birla Money Limited was required to spend Rs. 56.51 Lakhs on CSR activities during the financial year ended 31st March 2023, in accordance with sub-section (5) of Section 135 of the Companies Act. The company fulfilled this requirement, allocating the full amount towards initiatives aimed at enhancing Health Care, Education, and Setting up homes for orphans.
| Particulars | For the Year Ended 31st March 2022 | For the Year Ended 31st March, 2022 |
|---|---|---|
| Shortfall at the beginning of the year | 33.77 | – |
| Amount required to be spent by the company during the year (Refer note 29) | 56.51 | 37.87 |
| For the Year Ended 31st March 2023 | 90.28 | 4.11 |
| Shortfall at the end of the year | – | 33.77 |
This contrasts to the previous year, where the company fell short of its CSR spending target, leading to an unspent amount of Rs. 33.77 Lakhs. However, this unspent amount was efficiently managed by being transferred to a separate bank account, titled “CSR unspent account”.
In the fiscal year 2022-23, no such shortfall was reported. The company meticulously planned and executed its CSR initiatives to utilise the entire allocated budget, reflecting its dedication to social responsibility. As a result, there were no unspent funds that required transferring to a specified fund in Schedule VII of the Companies Act or to a special account in compliance with sub-section (6) of Section 135 of the Act.
CSR amount spent or unspent for the Financial Year:
| Particular | For the Year Ended 31st March, 2023 | For the Year Ended 31st March, 2022 |
|---|---|---|
| Total amount spent for the Financial Year (In Lakhs) | 56.51 | – |
| Amount Unspent (in Lakhs) | – | 33.77 |
| Total amount transferred to unspent CSR Account as per Sub-section (6) of Section 135 | – | 33.77 |
| Amount transferred to any fund specified under Schedule VII as per second proviso to Sub-section (5) of Section 135 | – | – |
Excess amount for set-off, if any: NIL
The CSR Spending Report also highlighted that no surplus arose from the CSR projects or programs in the previous financial years, which indicates the precise planning and execution of CSR activities by the company.
Overall, the financial year 2022-23 was notable for Aditya Birla Money Limited’s robust commitment to its CSR mandate, and the company’s successful implementation of CSR activities that contribute significantly to societal welfare.
| Sr. No. | Particular | Amount (In Lakhs) |
|---|---|---|
| (i) | Two percent of average net profit of the company as per sub-section (5) of Section 135 | 56.51 |
| (ii) | Total amount spent for the Financial Year | 56.51 |
| (iii) | Excess amount spent for the Financial Year [(ii)-(i)] | – |
| (iv) | Surplus arising out of the CSR projects or programmes or activities of the previous Financial Years, if any | – |
| (v) | Amount available for set off in succeeding Financial Years [(iii)-(iv)] | – |
