The provisions for Corporate Social Responsibility have been mandated under section 135 of The Companies Act, 2013
NEW DELHI: Aditya Vision Limited has incurred a CSR – corporate social responsibility expenditure of over 40 lakh rupees during the 2021-22 fiscal year. The Company undertakes CSR activities specified in the CSR Policy which is in line with the Schedule VII to the Act.
The areas for CSR activities are Promoting Education and Promoting healthcare. A CSR committee has been formed by the company as per the Act. The funds were primarily utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013.
Aditya Vision Limited is a new age multi-brand consumer electronics retail chain with over two decades of industry experience and a strong market presence in the states of Bihar and Jharkhand.
“We actively contribute towards the social and economic development of the communities around us. As a responsible organisation, we are committed to drive a
positive impact on the society through our various CSR activities/initiatives. With the support of various institutes and non-profit organisations, we drive our CSR activities.”, the company said.
The CSR Policy of the Company has been formulated and adopted in terms of Section 135 of the Companies Act, 2013 (the Act) and the Rules made there under.
In accordance with Section 135 of the Companies Act, 2013 the Company has a Corporate Social Responsibility (CSR)Committee consisting of the following Members as on March 31, 2022:
(a) Ravi Prakash Chamria (Chairman), Independent Director
(b) Nishant Prabhakar (Member) Whole Time Director
(c) Sunita Sinha Non (Member) Executive Director
The provisions for Corporate Social Responsibility have been mandated under section 135 of The Companies Act, 2013 and are applicable to companies having net worth of Rs. 500 Crore or more or turnover of Rs. 1000 Crore of more or net profit of Rs. 5 Crore or more in the immediately preceedings financial year.
As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities.
(CopyRight@IndiaCSR)
