NEW DELHI (India CSR): Sumit Woods Limited has spent a total of Rs. 18,95,400/- in the Financial Year 2021-22, which was part of the unspent amount allocated for Corporate Social Responsibility (CSR) from previous years.
According to the Annual Report, the unspent amount for CSR initiatives from Financial Year 2018-19 was Rs. 8.31 lakhs and for 2019-20, it was Rs. 10.49 lakhs. However, for the Financial Year 2020-21, the company reported no unspent amount.
In compliance with section 135(5) of the Companies Act, which mandates that a certain percentage of a company’s average net profit be spent on CSR activities, Sumit Woods Limited reported no obligation as the company’s two percent of average net profit for the mentioned year stood at nil.
Further, the surplus arising out of the CSR projects or programmes or activities of the previous financial years amounted to Rs. 18.81 lakhs. There was no requirement for the company to set off any amount for the financial year, leading to a total CSR obligation for the financial year amounting to Rs. 18.81 lakhs.
The company remains committed to its CSR initiatives and continues to leverage its resources to generate sustainable value for society. This commitment to corporate citizenship demonstrates Sumit Woods Limited’s ethos and its dedication to playing an active role in the betterment of the community.
