A leading private sector enterprise Shriram Transport Finance Company has spent over Rs. 40 Crore of its net profit on corporate social responsibility (CSR) last fiscal and significant sums went into education, skill development, healthcare, sanitation and rural development initiatives. Rs 12.45 crore has been invited to provide scholarships to the talent students of weaker section of the society.
As a part of CSR initiative, the Company contributed Rs. 2 crore to Chief Minister’s Distress Relief Fund.
The object of its CSR Policy is to continue to contribute towards social welfare projects focusing on providing education, vocational training, and promoting health care facilities to economically weaker and underprivileged section of the Society.
According to the Annual Report 2018-19, Average net profit of the company for last three financial years was Rs. 1975 crore. The prescribed CSR Expenditure (two per cent of the net profit) was Rs. 39.50 crore.
Shriram Foundation, Collective Good Foundation, Terna Public Chartable Trust, Pan IIT Alumni Reach for India Foundation, Piramal Swasthya Management and Research Institute were implementing agencies involved in the various development projects.
The Corporate Social Responsibility (CSR) Committee has been constituted in the company in line with the provisions of Section 135 of the Act, which monitors implementation of Business Responsibility Policy of the Company. It also monitors the spend on CSR activities as well as ensure that the spends atleast the minimum sum as may be prescribed from time to time pursuant to the Act and Companies (Corporate Social Responsibility Policy) Rules, 2014 or such higher sum as may be decided by the Board of Directors of the Company.