The company’s total spending on CSR activities was Rs. 4.41 Crore, which is 1.77% of the profit after tax
NEW DELHI (India CSR): Prince Pipes and Fittings Limited, a leading player in the Indian pipes and fittings industry, has taken a step forward towards becoming a socially responsible company. The company has constituted a Corporate Social Responsibility (CSR) Committee, which will be tasked with reviewing the company’s CSR activities and recommending the amount of expenditure to be spent on CSR initiatives annually.
The company’s goal is to reach a global balance that integrates human, environmental, and community resources through its CSR program. By embedding CSR into its business operations and participating proactively in CSR initiatives, the company intends to contribute to sustainable global development.
The CSR Committee’s objective is to set guiding principles for carrying out CSR activities and to set up processes for execution, implementation, and monitoring of the CSR initiatives.
For the financial year ended March 31, 2022, the company’s total spending on CSR activities was INR 44.14 million (Rs. 4.41 Crore), which is 1.77% of the profit after tax.
Although the company has failed to spend 2% of the average net profit as per section 135(5) of the Companies Act, 2013, it intends to spend the shortfall of the prescribed amounts on suitable CSR projects in the future.
The CSR Committee was constituted by a resolution of the Board on September 16, 2017, in compliance with the Companies Act, 2013 and SEBI Listing Regulations.
The Committee held three meetings during the financial year 2021-2022 and was attended by all its members. The company’s CSR activities aim to improve healthcare and uplift poor sections of society.
In conclusion, Prince Pipes and Fittings Limited is making a significant contribution to the community through its CSR initiatives. The company’s commitment to social responsibility is a step towards a better and sustainable future for all.
(India CSR)
