During the year 2021-22 the Group paid Rs. 13.13 (31 March 2021 Rs. 12.89) towards corporate social responsibility (CSR) expenditure.
MUMBAI: Total amount spent on CSR during the year 2021-22 at Ajanta Pharma Limited was Rs. 13.13 cr. and was more than CSR obligation of the company toward Promoting education, medical assistance & promoting of sports. Hence there was no unspent amount for the year.
Corporate Social Responsibility (CSR) at Ajanta Pharma Limited stems from the ideology of providing sustainable value to the society in which the company operates. It lays emphasis on contributing to the fields of healthcare, education, promotion of sports and other areas prescribed under schedule VII of the Companies Act, 2013, for development & upliftment of the underprivileged sections of the society.
Company has spent over 2% of the average net profits during the three preceding financial years in accordance with the CSR Policy and Annual Action Plan of the Company. CSR activities were carried out in the field of healthcare and education for the under privileged people.
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Gross amount required to be spent by the Group during the year was Rs. 12.60 Crore (31 March 2021: Rs. 10.49 Crore). The funds are utilized during the year on the activities which are specified in schedule VII of the Act. The utilization is done by way of direct and indirect contribution towards various activities.
During the year, the Company gave CSR contributions to trusts and charitable organisations for their various programs and initiatives in the fields of healthcare, education, rural development and other areas permitted under Schedule VII of the Companies Act, 2013. Out of the CSR contributions made, contribution made to Samta Purushottam Agrawal Memorial Foundation, in the field on for COVID relief activities qualified for impact assessment in accordance with the amended CSR Rules.
The CSR Committee reviews and monitors the CSR projects and expenditure undertaken by the Company on a regular basis and apprises the Board of the same. Company also contributed significantly to collaboration with credible NGOs across various states for providing relief to the communities impacted by COVID-19 such as conducting of vaccination drive, distributing essential groceries to the needy, providing medical equipment and PPEs.
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Further, in terms of the amended CSR Rules, the Chief Financial Officer has certified that the funds disbursed for CSR have been used for the purpose and in the manner approved by the Board for the financial year 2022. CSR policy and report on CSR activities undertaken during the year in accordance with Section 134 & 135 of the Act read with Rule 8 of the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 and Rule 9 of the Companies (Accounts) Rules, 2014.
The CSR Committee comprises of 4 Directors out of which one is Independent. The Committee oversees implementation of the CSR Policy and CSR initiatives & contributions made in accordance with the Annual Action Plan of the Company. In FY 2022, four meetings of the Committee were held on 30 April 2021; 29 July 2021; 29 October 2021 and 31 January 2022.
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