By Rusen Kumar
MUMBAI: During the year 2020-21, pharma major Sun Pharmaceutical Industries Limited (Sun Pharma) has spent Rs. 269.504 million (Rs. 26.95 Crores) which exceeds 2% of the average net profits of the Company in the three preceding financial years, the company annual report said.
As per regulatory requirements, the Company was required to spend Rs.129.81 million (Rs. 12.98 Crores) towards CSR for FY21 on a standalone basis. However, the company spent Rs. 269.50 million (Rs. 26.95 Crores) on CSR activities for the year on a standalone basis.
The company has been implementing its CSR activities in different thematic areas as per needs identified in local communities. The Company has defined a CSR policy for driving its CSR programme for mass benefits for people. These projects are focused on the downtrodden, unprivileged and lower strata of society.
The Company has been spending on CSR activities in some of the previous years voluntarily even when the average net profits of the Company were negative, and the requirement for mandatory spending by the Company did not apply to the Company for those years, as per the Companies Act, 2013.
Sun Pharma’s Corporate Social Responsibility initiatives focus on the following thematic areas – Healthcare Programme, Education Programme, Environment Conservation Programme, Drinking Water Project and Covid-19 Relief Work and Rural Development Programme.
All activities are aligned with the item-areas mentioned in Schedule VII to the Companies Act, 2013 or the Companies (Corporate Social Responsibility Policy) Rules, 2014.
In compliance with the requirements of the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Board of Directors has constituted a Corporate Social Responsibility (CSR) Committee.
On the recommendation of the Corporate Social Responsibility Committee, the Board of Directors at its meeting held on May 27, 2021, has approved and adopted the revised CSR Policy in line with the requirements of the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, the company said.
The Board has accorded its consent to set off the excess amount spent by the Company on its CSR Activities against the requirement to spend in any subsequent year(s) in terms of Section 135 of the Act.
(India CSR)
