JK Tyre fails to spend the prescribed CSR fund

MUMBAI: Prescribed CSR expenditure of JK Tyre & Industries Ltd was Rs. 7.8 Cr for the year FY 2016-17 but it spent Rs 4.35 Cr only on CSR projects. Unspent CSR amount is Rs. 3.52 Cr for the reviewed year.

“The identified CSR projects and on which implementation already commenced are continuing and the balance amount is budgeted to be spent during the FY 2017-18.”, its Annual Report revealed.

“Giving back to the community is central to the culture of JK Tyre and we believe strongly that serving local communities is not only integral to running a business successfully, but is part of our individual responsibility as citizens of the world.”, it added.

It has a CSR policy in accordance with the provisions of the Companies Act, 2013 and rules made thereunder.

“Company will continue responding to society’s needs and demands in a holistic and decisive manner in the fields of environment, conservation of natural resources, health, education, rural development, among others.”, report said.

“The Company has been one of the foremost proponents of inclusive growth and since inception it has been undertaking projects for overall development and welfare of the society in areas pertaining to promoting preventive health care, education, rural development, environmental sustainability, conservation of natural resources, etc.”, further added.

“Our CSR programs extend well beyond the legal compliance and instead of relying on cheque book driven charity, we prefer adopting a methodical approach to provide sustainable livelihood solutions to local communities.”, report said.

The CSR Committee comprises of the following Directors:

Dr. Raghupati Singhania (Chairman of the Committee), Non-independent
Arun K. Bajoria, Non-independent
Arvind Singh Mewar, Independent

The major activities in which the above CSR expenditure has been incurred includes: Health Care, Education, Livelihood enhancement and Environmental conservation.