Bharat Forge Limited has spent Rs. 18. 3 Cr for Corporate Social Responsibility (CSR) in FY 2021, the company annual report said.
The average net profit of the Company as per Section 135(5) was Rs. 11,262.54 Million. Two percent of average net profit of the Company as per Section 135(5) – Rs. 22.5 Crores
“As per Section 135(5) of the Act, the unspent amount of Rs. 1.45 Cr. (not pertaining to an ongoing project) will be transferred to such fund as is specified in Schedule VII of the Act by September 30, 2021.”, the company said.
The Company has been carrying out various Corporate Social Responsibility (CSR) activities.
These activities are carried out in terms of Section 135 read with Schedule VII of the Act as amended from time to time and the Companies (Corporate Social Responsibility Policy) Rules, 2014.
Also Read: Who leads CSR of Bharat Forge? – India CSR Network
At Bharat Forge, sustainability i.e. integration of social and environmental objectives into business objectives and inclusive growth are the key factors enshrined in the spirit behind the CSR Act. Village Development, Education, Skill Development, Women Empowerment, Health & Hygiene, supporting and nurturing the talented player and Swachh Bharat is the key CSR project of the Company.
BFL’s efforts on the environment front include water harvesting projects, planting and taking care of trees and keeping surroundings clean by constructing underground gutters in the villages.
In its social development project, the Company aims for social inclusion by focusing on the development of every individual in its 100 target villages. It is helping drive livelihood by improving agriculture scenarios and facilitating skill development.
The education of underprivileged children is ensured by strengthening Zilla Parishad schools infrastructure.
The Health and hygiene of villagers are ensured by facilitating safe drinking water and building infrastructure and facilities to store and conserve it.
Additionally, in FY 2021, the Company undertook several measures to strengthen the country’s fight against the COVID-19 pandemic. It distributed PPEs, relief materials and oxygen concentrators supported setting up of sanitization tunnels, oxygen beds and production of ventilators, and helped strengthen the infrastructure of the village Primary Health Care Centers.
The Company undertakes impact assessment through an independent party to track the progress of its ongoing projects and take necessary actions where required.
Meetings are also held with community members to identify needs.
“At Bharat Forge, our attempt is to constantly keep reshaping our Corporate Social Responsibility (CSR) initiatives and realign ourselves to better suit the government’s vision for social development. This belief of giving back has driven us to accomplish more every year, through our CSR efforts under the governance of our CSR Committee Leaders.”, Company annual report said.
Our motto is to focus on sustainable business practices for the betterment of business as well as society, the company said.
“Our CSR policy aims to have a dedicated approach to the development of the community by expanding in the areas of Village Development (works on 5 major indicators – Water harvesting, livelihood, health, education and internal roads), primary, secondary and tertiary education for the underprivileged children, skills development, health and hygiene, cleanliness, Swaccha Bharat, women empowerment, sustainability, environment and ecological protection and encouragement to
nationally recognized sports through one or more implementing agencies/trusts.”, the report said.
The projects undertaken by the Company are within the broad framework of Schedule VII of the Companies Act, 2013 (“Act”). Amidst the COVID-19 crisis, as a part of CSR, Bharat Forge initiated several aid programmes to help sections of the community tackle the socio-economic disruptions caused by the crisis.
“Our COVID-19 initiatives also attempted to raise awareness in the society about sanitation, social distancing and imparted instructions about the do’s and don’ts, in order to mitigate the spread of the virus.”, the company said.
Average net profit of the Company as per Section 135(5).: Rs. 11,262.54 Million. Two percent of average net profit of the Company as per Section 135(5) – Rs. 22.5 Crores
“As per Section 135(5) of the Act, the unspent amount of Rs. 1.45 Cr. (not pertaining to an ongoing project) will be transferred to such fund as is specified in Schedule VII of the Act by September 30, 2021.”, the company said.
(India CSR)
