Goa Carbon Ltd. Allocates Zero Rupees to CSR Initiatives in FY 2021-22

NEW DELHI (India CSR): Goa Carbon Ltd. (GCL), a leading manufacturer of activated carbon in India, has spent Rs. Nil on CSR initiatives during the financial year 2021-2022. This is in accordance with the provisions of Section 135 of the Companies Act, 2013, which requires companies to spend at least 2% of their average net profit for the preceding three years on CSR activities.

GCL’s CSR Committee, which is chaired by Chairman and Managing Director Subhrakant Panda, has recommended that the company does not spend any money on CSR activities in the current financial year as well. The committee has cited the following reasons for its recommendation:

• The company’s financial performance has been adversely impacted by the COVID-19 pandemic.
• The company is currently in the process of implementing a number of capital expenditure projects, which will require significant financial resources.
• The company is committed to undertaking CSR activities in a sustainable manner and does not want to compromise on the quality or impact of its CSR initiatives.

GCL’s CSR Committee will continue to monitor the company’s financial performance and will review its recommendation on CSR spending in the future. The company is committed to undertaking CSR activities that will benefit the communities in which it operates and is confident that it will be able to make a meaningful contribution to society in the years to come.

In addition to its CSR spending, GCL also undertakes a number of social initiatives on a voluntary basis. These initiatives include:

• Providing financial assistance to educational institutions in the communities in which it operates.
• Supporting local sports teams and events.
• Donating food and other essential items to needy families.
• Planting trees and undertaking other environmental initiatives.

GCL’s social initiatives are a testament to its commitment to corporate social responsibility. The company is committed to making a positive impact on the communities in which it operates and is confident that its efforts will make a difference in the lives of many people.