NEW DELHI (India CSR): Highlighting its commitment to social responsibility and community development, Jai Balaji Industries Limited has notably allocated an impressive Rs. 50.00 lakhs towards CSR projects in the financial year of 2022-23.
Financials and CSR: Going Beyond the Mandate
The Companies Act, 2013, as per sub-section (5) of section 135, necessitates that companies allocate at least 2% of their average net profit from the preceding three financial years to CSR activities. With the average net profit for Jai Balaji Industries Limited standing at Rs. 2439.76 lacs for the past three years, the obligatory CSR expenditure was pegged at Rs. 48.79 lacs.
However, showcasing its dedication to societal welfare, the company has surpassed this benchmark, spending a commendable Rs. 50.00 lakhs on various CSR projects.
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Excess Expenditure and Future Implications
The company’s expenditure exceeds the mandatory requirement by Rs. 1.20 lacs. This excess, instead of being seen as an overstep, demonstrates Jai Balaji Industries Limited’s genuine commitment to the cause. This additional amount will be set off in the upcoming financial years, ensuring continuous support to CSR initiatives.
Strategically Directed Efforts
The allocated funds were meticulously employed towards activities mentioned under Schedule VII of the Companies Act, 2013. These activities are strategically chosen, ensuring the sustainable and comprehensive development of communities where the company operates.
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Oversight by a Dedicated CSR Committee
To maintain transparency, accountability, and efficiency in CSR spending, Jai Balaji Industries Limited has established a dedicated CSR committee. This committee ensures that funds are utilized judiciously and that initiatives align with the company’s CSR policy and the broader goals of the Companies Act, 2013.
To ensure robust oversight in its CSR activities, Jai Balaji Industries Limited has set up a dedicated committee. The composition of this CSR committee provides a mix of independent and executive leadership, ensuring a holistic approach to the company’s CSR initiatives.
| Sl. No. | Name of Director | Designation/Nature of Directorship |
|---|---|---|
| 1 | Mr. Shailendra Kumar Tamotia | Independent Non-Executive Director (Chairman) |
| 2 | Mr. Rajiv Jajodia | Executive Director (Member) |
| 3 | Ms. Bimal Kumar Choudhary | Executive Director (Member) |
As part of its expansion strategy, the Kolkata-based company envisions amplifying its steel capacity through diverse global investments and acquisitions. It persistently explores opportunities for both forward and backward integration to bolster its steel production capabilities in India. Operating in a fluid business landscape, the company’s activities are continually on the rise.
(India CSR)
