As per Section 135 of the Companies Act, 2013, Britannia Industries Ltd., meeting the applicability threshold, needs to spend at least 2 per cent of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities.
Ness N Wadia led Britannia, during the year 20219-20, has spent 2 per cent of the average net profit for the last 3 years on CSR expenses.
CSR expense stood at Rs 28.43 Crores as a average net profit of the Company for last three financial years stood at Rs. 1,421.71 Crores for the reviewed year, annual report said.
For the year 2019-20, the areas for CSR activities of the Britannia are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects.
The funds were primarily allocated to a corpus and utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013.
The Company supports various bodies in carrying out activities in the areas of rural development, education, health care, general semantics etc.
At Britannia, the CSR projects and programs are undertaken after identifying the communities that require development. The Company also interacts with the stakeholders to ensure that its projects are being implemented effectively, the report said.
This year, the Company contributed CSR amount to Sir Ness Wadia Foundation for carrying out various activities/projects towards preventive health care measures including towards mitigating the impact of the COVID-19 pandemic in India; and promoting health care, growth and development of children in India, either directly or in association with the Bai Jerbai Wadia Hospital for Children (BJWHC), Nowrosjee Wadia Maternity Hospital (NWMH) and Britannia Nutrition Foundation (BNF).
A CSR committee is formed by the Company as per the Companies Act, 2013. The composition of the CSR Committee is in alignment with provisions of Section 135 of the Act. The Corporate Social Responsibility (CSR) Committee comprises of Ness N Wadia, as Chairman and Keki Dadiseth, Dr. Ajai Puri, Dr. Y.S.P Thorat, as Members of the Committee. During the year under review, the Committee met once on 24 March 2020.
(CopyRight@India CSR Network)
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