Mumbai – During the year 2018-19, the Cipla Limited spent Rs. 33.42 crore (2018: 32 Cr.) on various CSR initiatives, which is equivalent to 2.08% of its average net profit of the last three financial years. The expenditure is complaint of statutory requirement of 2% required under the law.
CSR initiatives themed on Health, Education, Skilling & Disaster Relief, were mainly undertaken through Cipla Foundation, which works with institutions, NGOs, government agencies, domain experts and other philanthropic foundations to enhance the outreach of CSR initiatives, company said in annual report 2018-19.
No CSR amount spent on construction or acquisition of any assets during the year, report revealed.
This expenditure is as per the prescribed limit of 2% of the company’s net profit for the last 3 financial years, mandated in the Companies Act, 2013, prescribes areas of CSR activity in Schedule VII of the act.
The policy which became effective from 1 April, 2014, mandates those companies for CSR activity which have net worth of 5 billion rupees or more; or turnover of 10 billion rupees or more; or net profit of 50 million rupees or more during any financial year.
The average net profit of the company for the last three financial year stood at Rs 1606.78 crore.
The CSR Committee is headed by M. K. Hamied, a Non-Executive Director. Members of the committee are Adil Zainulbhai, Independent Director; Ms Punita Lal, Independent Director; S. Radhakrishnan, Non-Executive Director; Umang Vohra, Managing Director.
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