Considering the set off amount of Rs. 33.00 Lacs available for FY 2021-22, Deepak Fertilisers And Petrochemicals Corporation Limited was required to spend `133.00 Lacs for the FY 2021-22 There are no unspent amounts towards Corporate Social Responsibility (CSR) on other than ongoing projects requiring a transfer to a Fund specified in Schedule VII to the Companies Act in compliance with second proviso to sub-section (5) of Section 135 of the said Act, the company annual report said.
Deepak Fertilisers And Petrochemicals Corporation Limited as a responsible Corporate Citizen, is engaged in concerted CSR initiatives through Ishanya Foundation, as Implementing Agency for CSR activities.
For over a decade as a socially responsible Company, Deepak Fertilisers And Petrochemicals Corporation Limited, is committed to serving the society it operates in. The Company conducts several outreach programmes around its establishments, the company said. While the CSR projects and programs to be undertaken by the Company shall include activities falling within the preview of schedule VII of Companies Act, 2013, the focus will be on the following broad themes:
a) Women empowerment through vocational training (skill development) and livelihood Programmes;
b) Health and
c) Education.
The underlying objective for the aforesaid themes is aimed at making people self-reliant through economic and social empowerment, providing employable skills and social entrepreneurship opportunities to youth and women to ensure livelihood for economic betterment and social development of themselves and their families, instilling pride and confidence (in the target population) to take on future challenges. Health initiatives, culture and heritage support programmes have also formed Company’s ancillary focus areas. Improving the quality and infrastructure in the educational institutions has also been the Company’s priorities.
The Company has a Corporate Social Responsibility Committee. The Committee is headed by Mr. Partha Bhattacharyya, Independent Director.
The terms of reference of Corporate Social Responsibility Committee (CSR), inter alia, include, formulation and recommendation to the Board of Directors, CSR Policy which shall indicate the activities to be undertaken by the Company as per the provisions of the Companies Act, 2013, approve and recommend to the Board of Directors the CSR budget for the activities referred in CSR Policy of the Company and also monitor the mechanism for CSR projects or programmes or activities undertaken by the Company and monitor the CSR Policy of the Company from time to time.
During the year under review, two meetings of Corporate Social Responsibility Committee were held on 9th July, 2021 and 25th March, 2022.
It’s philosophy for delineating its responsibility as a corporate citizen is covered through its CSR policy which encompasses guidelines and mechanism for undertaking socially relevant programs for welfare and sustainable development of the community at large.
The Company has in place a Corporate Social Responsibility Policy framed as per the provisions of Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 and is carrying out various CSR Activities in accordance with the Schedule VII of the Companies Act, 2013.
(i) Two percent of average net profit of the company as per section 135(5) – Rs. 166.00 Lakh
(ii) Total amount spent for the Financial Year – 138.00 Lakh
(iii) Excess amount spent for the financial year [(ii)-(i)] – 5.00 Lakh
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any – Nil
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] – Rs. 5.00 Lakh
