RAIPUR (India CSR): Hira Ferro Alloys Limited, a susbidiary of Godawari Power and Ispat Limited, has announced that there are no unspent amounts towards Corporate Social Responsibility (CSR) in accordance with Section 135 of the Companies Act.
The CSR Committee, which was dissolved during the year 2021-22 due to insufficient amount to be spent on CSR activities, has been reconstituted by the Board of Directors in its meeting held on 10.05.2022.
The newly constituted CSR Committee will formulate a CSR policy for the company and undertake activities as specified in Schedule VII of the Companies Act, 2013.
According to the company’s website, the composition of the CSR Committee, previous CSR policy approved by the board, and revised CSR policy and projects for 2022-23 will be disclosed on the company’s website.
The impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, is not applicable.
During the financial year, the company spent a total of Rs. 19,25,852 on CSR activities, which included expenses on education and environment conservation. The total amount spent on CSR activities is 2% of the average net profit of the company as per section 135(5) of the Companies Act, which is Rs. 18,86,506.
The Company has been engaged in the business of manufacturing Ferro Alloys, Products and Generation of Electricity at Raipur, Chhattisgarh. There is no change in the nature of business of the Company during the Financial Year 2021-22. During the year, the Company has become subsidiary company of Godawari Power and Ispat Limited with effect from 29.09.2021.
(India CSR)
