The Company has adopted a CSR Policy to insure CSR Spending that covers various areas of social and environmental welfare
MUMBAI (India CSR): The jewellery company spent Rs. 45.06 lakh on various CSR activities and plans to transfer the unspent amount to a designated fund.
CSR Committee and Policy D.P. Abhushan Limited, a leading gold and diamond jewellery shopping store in India, has constituted a Corporate Social Responsibility Committee (the CSR Committee) as per Section 135 of the Companies Act, 2013. The CSR Committee is responsible for recommending to the Board a Policy on Corporate Social Responsibility and the amount to be spent on CSR activities. The CSR Committee comprises Sanskar Kothari (Non-Executive Independent Director) as Chairman and Mukesh Jain (Non-Executive Independent Director) and Santosh Kataria (Chairman and Managing Director) as Members of the Committee.
CSR Activities and Expenditure
The Company has adopted a CSR Policy that covers various areas of social and environmental welfare, such as education, health care, rural development, environment protection, promotion of art and culture, etc. The Company undertakes CSR activities either directly or through implementing agencies that are registered under Section 12A and 80G of the Income Tax Act, 1961.
During the year under review, the Company spent Rs. 45.06 lakh on various CSR activities, such as providing scholarships to meritorious students, supporting health camps and blood donation drives, distributing blankets and food packets to the needy, planting trees and installing solar lights in rural areas, sponsoring cultural events and festivals, etc. The amount spent on CSR activities represents 90% of the required amount of Rs. 50.01 lakh as per Section 135 of the Companies Act, 2013 and the Rules made thereunder.
Transfer of Unspent Amount
The Company could not spend the remaining amount of Rs. 4.94 lakh on CSR activities during the year due to the unavailability of suitable projects or programs for meaningful spending. Hence, the Company will transfer the unspent amount to a fund specified in Schedule VII of the Companies Act, 2013 on or before September 30, 2022, as per the amended provisions of Section 135 of the Act. The Company has also transferred the unspent CSR amount of Rs. 2.36 lakh at the end of the previous financial year to the Prime Minister's National Relief Fund within six months of the expiry of the financial year.
Disclosure and Reporting
The Company has disclosed its CSR policy, projects, expenditure and impact in its annual report and on its website as per the Companies (Corporate Social Responsibility Policy) Rules, 2014. The Company has also obtained a certificate from its Chief Financial Officer certifying that the funds disbursed for CSR activities have been utilized for the purposes and in the manner approved by the Board.
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