New Delhi: Thyro care spent Rs 1.003 crore on Corporate Social Responsibility (CSR) as approved by the CSR Committee and Audit Committee in FY 2018-19 (Apr-Mar) out of the total allocated budget of Rs 2.32 crore for CSR.
The average net profit of the company for three financial years is Rs 115.75 crore thereby fails to achieve the total expenditure on CSR activities, prescribed under Section 135 of Companies Act 2013 which mandates every company having net worth of Rs 500 crore or more, or turnover of Rs 1,000 crore or more or a net profit of Rs 5 crore or more during immediately preceding financial year to constitute a CSR Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director.
Further, the Board of every company referred to in sub-section 1, shall ensure that the company spends, in every financial year, at least 2% of the average net profits of the company made during the three immediately preceding financial years, in pursuance of its CSR Policy.
The unspent amount of Thyro care is Rs 1.31 crore hence the company shall provide the reasons for not spending the amount in its Board report.
The balance amount related to the earlier years, which could not be spent pending identification of suitable project, will be spent in the ensuing financial years.
The company affirms that the implementation and monitoring of the CSR Policy, as approved by the Board, is in compliance with the objectives and policy.
The company under CSR, provided financial support to school students, contribution to Chief Minister’s Relief Fund in Tamil Nadu and Kerala to help the people affected by flood in Kerala & cyclone in Tamil Nadu.
The company also distributes safety helmets for police and donated books to school libraries in aided schools and rotary club of Chembur in Maharashtra.
Provision of pension to old age people was also made during FY 2018-19 under CSR activities.