This report provides an analysis of the Corporate Social Responsibility (CSR) spending of The Bombay Dyeing and Manufacturing Company Limited for the financial year 2021-22.
New Delhi: The Bombay Dyeing and Manufacturing Company Limited was not required to spend any amount on CSR activities during the financial year 2021-22 due to the fact that the average net profit for the last three financial years was negative. This calculation was made in accordance with the provisions of Section 198 of the Companies Act, 2013.
The company had spent Rs. 2.41 crores on CSR activities during the previous financial year 2020-21.
The CSR Committee of the Board of Directors undertakes CSR projects, through recognized foundations.
The company pays sitting fees of Rs. 40,000 per meeting for the CSR Committee and Risk Management Committee and Rs. 15,000 per meeting for the Stakeholders Relationship Committee.
The company works towards ensuring successful implementation of community development through CSR initiatives, by partnering with NGOs and other like-minded organizations.
They facilitate the support of community members by community development management for disaster relief and other socially relevant initiatives. The company makes best efforts to complement and support the priorities at local and national levels, and assure appropriate aid to communities who seek help and relief.
The company has already constituted a Corporate Social Responsibility (CSR) Committee and has aligned its CSR Policy in accordance with the Companies Act, 2013 (โthe Actโ) read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 to make it compliant with the provisions of the Act and the Rules and to undertake the admissible CSR activities notified by the Ministry of Corporate Affairs in Schedule VII to the Act.
