NEW DELHI (India CSR): In a commitment to social betterment and community welfare, Morgan Ventures Limited has detailed its corporate social responsibility (CSR) activities and expenditures for the financial year concluded on March 31, 2025. The company’s latest annual report sheds light on its contributions to various causes, demonstrating adherence to regulatory mandates and a focus on impactful initiatives. As a company with a net profit exceeding Rs. 5 crore during the financial year under review, Morgan Ventures Limited is subject to the provisions of Section 135 of the Companies Act, 2013, which necessitates undertaking CSR activities. The company has affirmed its compliance with these applicable provisions.
Table: Morgan Ventures Limited CSR spending report for FY 2025:
| Key Fact | Details |
|---|---|
| Company | Morgan Ventures Limited |
| Financial Year | 2024-25 (ended March 31, 2025) |
| Net Profit for Obligation Calculation | Rs. 11,01,12,030 (Average net profit of last 3 years) |
| CSR Obligation (2% of Average Net Profit) | Rs. 22,02,240 |
| Unspent Amount from Previous Years | Rs. 1,469,000 (FY 2024-25), Rs. 930,000 (FY 2023-24) |
| Total Gross Amount Required to Spend | Rs. 36,71,000 (Current year obligation + unspent from previous years) |
| Actual CSR Expenditure in FY 2024-25 | Rs. 14,69,000 |
| CSR Committee Members | Mr. Kuldeep Kumar Dhar (Chairperson), Mr. Krishan Kumar Gupta (till 31 Dec 2024), Mr. Yogesh Kumar Gupta (from 4 Jan 2025), Mrs. Madhu |
| CSR Committee Meetings Held | 1 meeting attended by Kuldeep Kumar Dhar, Yogesh Kumar Gupta, and Mrs. Madhu |
| CSR Policy Availability | Publicly available at www.morganventures.in |
| CSR Spending Breakdown: | |
| – Protection of National Heritage, Art & Culture | Rs. 1,00,000 through Braj Kala Kendra (Delhi) |
| – Promoting Education | Rs. 1,19,000 through Manav Mandir Mission Trust (Delhi) |
| – Eradicating Hunger, Poverty & Malnutrition | Rs. 12,50,000 through ISKCON (Delhi) |
| Type of Projects Funded | Other than ongoing projects (no capital asset acquisition or admin overheads) |
| Unspent Amount to be Transferred to Unspent CSR Account | Rs. 22,02,240 by April 30, 2025 |
| Reason for Unspent Amount | Report states “Not Applicable” despite unspent funds |
| Compliance | CSR activities and reporting in line with Companies Act, 2013, Section 135 and Schedule VII |
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Framework for Responsibility
Morgan Ventures Limited has established a structured approach to its CSR obligations. This includes the constitution of a dedicated CSR Committee, as mandated by Section 135 of the Companies Act, 2013, which requires a company meeting the applicability threshold to have a committee of the Board consisting of three or more directors. The committee is responsible for formulating and recommending a CSR policy to the Board, suggesting the amount of expenditure, and monitoring the policy over time.
For the financial year 2024-25, the CSR Committee comprised Kuldeep Kumar Dhar as Chairperson, Krishan Kumar Gupta (serving until December 31, 2024), Yogesh Kumar Gupta (appointed effective January 4, 2025), and Madhu. The committee convened one meeting during the financial year ended March 31, 2025, which was attended by Kuldeep Kumar Dhar, Yogesh Kumar Gupta, and Madhu. Krishan Kumar Gupta did not attend the CSR Committee meeting during the year.
A formal Corporate Social Responsibility (CSR) Policy has been framed by the company in line with Section 135 of the Companies Act, 2013, read with Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014. This policy, along with the composition of the CSR Committee and approved CSR projects, is publicly available on the company’s website, www.morganventures.in.
Calculating the Obligation
The CSR obligation for a company is determined, in part, by 2% of its average net profit over the immediately preceding three financial years, as per Section 135(5) of the Companies Act, 2013. For the financial year 2024-2025, Morgan Ventures Limited’s average profit stood at Rs. 11,01,12,030/- (Rupees Eleven Crores One Lakh Twelve Thousand and Thirty Only). Consequently, the mandated two percent of this average net profit, which constitutes the total CSR obligation for the year, amounted to Rs. 22,02,240/- (Rupees Twenty Two Lakh Two Thousand Two Hundred and Forty Only).
The total gross amount required to be spent during the year also factors in any unspent amount from previous years, as per applicable regulations. For FY 2024-25, the amount unspent from previous years was stated as Rs. 1,469.00 thousand, while for FY 2023-24, the unspent amount from previous years was Rs. 930.00 thousand. Adding the CSR obligation for the current year (Rs. 2,202.00 thousand) to the unspent amount from previous years (Rs. 1,469.00 thousand) results in a total gross amount required to be spent during the year 2024-25 of Rs. 3,671.00 thousand. This amount was also approved by the Board to be spent during the year.
The Year’s Expenditure
Morgan Ventures Limited’s report details the actual expenditure on CSR activities during the financial year 2024-25. The total amount spent by the company on its corporate social responsibility initiatives for the year was Rs. 14,69,000/- (Rupees Fourteen Lakh Sixty Nine Thousand Only).
All CSR activities undertaken by the company fall within the scope of activities specified under Schedule VII to the Companies Act, 2013. The expenditures were primarily directed towards projects classified as “other than ongoing projects”. The company did not incur any expenditure on the construction or acquisition of a capital asset through its CSR spending. Furthermore, there were no amounts spent on administrative overheads related to CSR activities during the year.
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Breakdown of Initiatives
The total spent amount of Rs. 14,69,000 was allocated across three distinct projects, each addressing a crucial area of social welfare outlined in Schedule VII. These projects were all implemented through registered implementing agencies.
- Protection of National Heritage, Art and Culture: A sum of Rs. 1,00,000 was spent under this category. The project was local to Delhi, New Delhi (All Districts) and was implemented through Braj Kala Kendra (CSR Reg. No. CSR00031018).
- Promoting Education: For this cause, Rs. 1,19,000 was allocated and spent. This project was also focused on Delhi, New Delhi (All Districts) and implemented via Manav Mandir Mission Trust (CSR Reg. No. CSR00012647).
- Eradicating Hunger, Poverty and Malnutrition: The largest portion of the CSR expenditure, totaling Rs. 12,50,000, was dedicated to this initiative. Located in Sant Nagar, Delhi, New Delhi (All Districts), this project was executed through ISKCON (CSR Reg. No. CSR00005241).
The sum of the expenditures on these three projects (Rs. 1,00,000 + Rs. 1,19,000 + Rs. 12,50,000) equals the reported total spent amount of Rs. 14,69,000.
Addressing the Unspent Amount
Despite the mandatory CSR obligation of Rs. 22,02,240, the company spent Rs. 14,69,000 during the financial year. The report indicates an “Amount Unspent (in Rs.)” of Rs. 22,02,240 for the financial year 2024-25. The total unspent amount required to be transferred to the Unspent CSR Account as per Section 135(6) was also stated as Rs. 22,02,240, with the date of transfer being April 30, 2025.
Curiously, the report states that the reason for failing to spend two percent of the average net profit as per Section 135(5) is “Not Applicable”, even though the amount spent is less than the calculated obligation. The information provided shows that the unspent amount from the current year (which calculates as Rs. 2,202,240 obligation – Rs. 1,469,000 spent = Rs. 733,240) combined with the unspent amount from the previous year (stated as Rs. 1,469.00 thousand in the financial notes) results in the total unspent amount of Rs. 2,202.00 thousand (approximately Rs. 733.00 + Rs. 1,469.00) reported as transferred to the Unspent CSR Account and as the closing unspent balance.
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Oversight and Reporting
The CSR Committee and the Board oversee the company’s CSR initiatives and compliance. The Annual Report on CSR Activities, as per the prescribed format, forms part of the Director’s Report. The company confirms that it has carried out its obligations under the applicable CSR provisions.
In summary, Morgan Ventures Limited, having met the eligibility criteria, calculated its CSR obligation for FY 2024-25 based on its average net profit. The company dedicated Rs. 14,69,000 towards eligible CSR activities, supporting causes like cultural heritage preservation, education, and the fight against hunger and poverty through implementing agencies. The unspent amount, as detailed in the report, has been transferred to a dedicated Unspent CSR Account.
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