The Honda India Foundation is responsible for driving the company’s CSR agenda and overseeing a range of programs and initiatives
New Delhi: As per the provisions of the Companies Act, 2013, companies meeting certain criteria are required to spend at least 2% of their average net profit for the preceding three financial years on corporate social responsibility (CSR) activities. During the financial year 2021-22, Honda India Power Products Limited allocated INR 1.7 Crore for CSR activities, including efforts to eradicate hunger and malnutrition, promote education, art and culture, and improve healthcare and rural development.
Unspent CSR Funds Transferred to “Honda India Power Products Limited Unspent Corporate Social Responsibility Account”
In accordance with the Companies (Amendment) Act, 2019, Companies (Amendment) Act, 2020, and the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, Honda India Power Products Limited transferred INR 1.32 Crore of unspent CSR funds to the “Honda India Power Products Limited Unspent Corporate Social Responsibility Account” (UCSRA) maintained with ICICI Bank by April 30, 2022. The company is required to spend any shortfall within three financial years from the date of transfer, with any remaining amount to be transferred to a fund specified in Schedule VII of the Act within 30 days after the end of the three-year period.
Honda India Foundation Trust Receives INR 0.38 Crore
The Honda India Foundation Trust also received INR 0.38 Crore from Honda India Power Products Limited during the financial year 2021-22. Of this amount, INR 0.38 Crore was deposited in the UCSRA accounts in April 2022 as it was not spent by the trust. The Honda India Foundation is responsible for driving the company’s CSR agenda and overseeing a range of programs and initiatives designed to have a lasting positive impact on the people.
Honda India Foundation Focuses on Healthcare and Education Programs
During the financial year 2021-22, the Honda India Foundation focused on healthcare and primary education programs for villagers surrounding the plant location. These initiatives were part of the foundation’s efforts to ensure long-term, sustainable programs that benefit the community.
CSR Committee Monitors Implementation and Impact of CSR Activities
The CSR committee of Honda India Power Products Limited is responsible for formulating and recommending the company’s CSR policy to the board, as well as monitoring the implementation of CSR activities and their impact. The committee also ensures that the company complies with the provisions of the Companies Act, 2013 and any relevant amendments.
Note for Readers: We hope that you enjoyed reading this article and found it useful and thought-provoking. If so, please consider sharing it within your network and on social media.
Declaimer: Reprinting or republishing this article in web media or other formats is not permitted by India CSR.
(CopyRight@India CSR)
