New Delhi: During the year 2021-22, Hindustan Copper Limited (HCL) has spent a sum of Rs. 79.61 lakh on account of Corporate Social Responsibility (CSR) expenses. Refund amount of Rs 2.42 lakh received towards unspent balance for the Skill Training Project (Kaushal Vikash Yojana) implemented with HCL under CSR at three mining Units of HCL has been adjusted with CSR expenses of the current year. Accordingly, CSR Expenses balance shown in Statement of Profit /(Loss) is Rs 77.19 lakh.
The balance amount of Rs. 6,26,850.85 was re-appropriated as per HCL CSR Policy and is part of total amount transferred to Unspent CSR Account of FY 2021-22.
The average net profit of the company as per section 135(5) was (-) 73.72 Crores, and the total CSR obligation for the financial year, calculated as the sum of 2% of the average net profit, any surplus arising from previous CSR projects or activities, and any necessary set-off, was Nil.
The Company has undertaken various initiatives to engage with disadvantaged or marginalized stakeholders such as employees with special needs or people from disadvantaged sections of the society. All decisions that impact such stakeholders are taken only post deliberations.
The initiatives were selected on the basis of the inputs / feedback at various level. Surveys were conducted within 20 Kms radius around the Mining areas to identify feasible need-based CSR projects for the respective communities from the peripheral villages. The needs of the Community especially disadvantaged and marginalized amongst them, were prioritized.
In 2021-22, an amount of Rs. 1.06 crore was spent on community development projects. The details of major CSR projects /activities implemented during the year were Health Camps, Livelihood Training, Drinking Water Supply, Nutrition Project and Rural Development project.
Hindustan Copper Limited (HCL) is committed to using its resources and capabilities to make a positive, long-term impact on the communities in and around its operations and presence. HCL aims to play a catalytic role in promoting sustainable socio-economic development in these areas, while also creating an enabling environment for HCL and generating income for the community.
The CSR Committee, comprising four Directors including three Independent Directors, is responsible for formulating and recommending a CSR policy to the Board, determining the expenditure for CSR activities, and monitoring the policy on an ongoing basis. The Nodal Officer for CSR at the corporate level coordinates HCL’s CSR initiatives, assisted by a team of designated officers. Each unit also has a Nodal Officer to coordinate CSR initiatives at the unit level.
HCL’s CSR activities are guided by the provisions of Schedule VII of the Companies Act, 2013 and are primarily focused within a radius of 20 km around HCL’s units. At least 75% of the allocated CSR budget must be spent in these areas, while the remaining 25% may be used in areas beyond 20 km within the same state or up to 5% anywhere in India, as decided by the CMD.
The identification of CSR activities at the unit and corporate level is done through in-house planning, proposals from government and public representatives, or requests from specialized bodies that meet the criteria set out in relevant laws. CSR projects are implemented using internal resources or through partnerships with NGOs, agencies, trusts, institutions, foundations, societies, or government bodies in accordance with the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014. The expenditure for CSR activities has been certified by the CFO of the company.
