Alkem Laboratories transfers Rs. 14.22 Cr to Unspent CSR Account

NEW DELHI: During fiscal 2020-21, Alkem Laboratories Limited has spent Rs. 7.41 Crores on various social development projects and transferred Rs.14.22 Crore to the Unspent Corporate Social Responsibility (CSR) Account.

The has been transferred to the separate CSR Unspent account on 29 April 2021 in accordance with the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 rules.

The Gross amount required to be spent by the Company during the year was Rs. 21.44 crores.

The gross amount required to be spent by the Company on Corporate Social Responsibility (CSR) as per section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 during the year is Rs. 214.4 million (Previous Year: Rs. 185.5 million), the company’s annual report said.

ADVERTISEMENT

There were no CSR Projects having outlays of Rupees One Crore or more and accordingly the impact assessment study was not required to be undertaken by the Company in the financial year 2020-2021, the company said.

Rs. 2.3 million (Rs. 23 Lakh) amount was CSR spent for the creation or acquisition of the capital asset, the report revealed.

The Company has spent an amount of Rs. 74.1 million (Rs. 7.41 Crores) towards the CSR obligation of the Company and an amount of Rs. 142.2 million (14. 22 Crores) was transferred to the ‘Unspent CSR Account’ towards the ongoing projects initiated by the Company (Previous Year: Rs. 144.4 million (Rs. 14.44 Crores)) towards CSR as per the approved CSR policy of the Company on healthcare, women empowerment, education, sanitation, conservation of the environment, rural development.

The Board of Directors at its meeting held on 25th May 2021 reconstituted with immediate effect the CSR Committee comprising of the following Members – Arun Kumar Purwar, Chairman; Basudeo N Singh, Member; Sandeep Singh, Member; Dhananjay Kumar Singh, Member; Mritunjay Kumar Singh, Member; Sangeeta Singh, Member; and Ranjal Laxmana Shenoy, Member.

The CSR spend includes a transfer of Rs. 39.6 million (Rs 3. 96 Cr) (Previous Year: Rs. 25.0 million (Rs.2.5 Cr) to Alkem Foundation, a subsidiary of the Company, which is a Section 8 registered company under Companies Act, 2013, with the main objectives of working in the areas of social, economic and environmental issues such as healthcare, women empowerment, education, sanitation, conservation of the environment, rural development and enable the less privileged segments of the society to improve their livelihood by enhancing their means and capabilities to meet the emerging opportunities.

The Company’s CSR initiatives are as per the Company’s CSR Policy. Our CSR program aims to address the immediate and long-term needs of the community and focus on where we can make a major impact on marginalized sections of the society, the report said.

The Company’s CSR strategy involves a multi-sectoral inclusive approach to focus on community needs. It strives to improve the well-being of our communities by focusing on education, vocational training, healthcare and sanitation, environmental concerns and rural development, the report added.

The Company implements these activities directly or through strategic trust-based partnerships with various NGOs. During the financial year 2020-21, the Company has addressed the requirements of local communities in the vicinity of its manufacturing facilities and R&D centers through focused projects in the areas of education, health and hygiene, environment and community development, the company said.

During the year under review, the Company has partnered with Tata Memorial Centre for the establishment of an advanced Radiotherapy Facility as a part of the Homi Bhabha Cancer Hospital and Research Center, Muzaffarpur; and 3 mini cancer units in the following cities of Bihar namely Buxar, Jehanabad and Bhagalpur as part of its CSR activity.

(India CSR)

CopyRight@IndiaCSR