Page 2 - Csr

Unspent CSR funds hit five-year high of Rs 1,475 crore in FY23, shows data

This data covers all companies listed on the NSE and those exclusively listed on BSE with a market capitalisation exceeding Rs 1,000 crore

Aim for carbon neutrality in scope 1, 2 emissions by FY32: ICICI Bank

In its ESG report 2023-24, ICICI Bank says it has allocated Rs 5.19 billion for corporate social responsibility (CSR) activities in financial year 2024, up from Rs 4.63 billion the previous year

Centre sets up team to implement internship scheme announced in Budget

The Union Ministry of Corporate Affairs is holding discussions with corporate HR leaders in Delhi and Mumbai to finalise the contours of the scheme

Education made up 33% of firms' CSR spend in FY23, shows govt data

Reliance topped social spending from FY19 to FY22

'Internship scheme a complicated solution to a complicated issue': Fin secy

At 'Budget with BS: The Fine Print,' Finance Secretary TV Somanathan said companies costs for interns will be funded through their CSR budgets

Tax tribunal rulings open doors to more firms claiming CSR deductions

Orders expected to settle matter but chances of the authorities questioning such deductions not ruled out, say tax experts

Infosys Foundation, ICT Academy join hands to skill 48,000 students

Infosys Foundation, the philanthropic and CSR arm of software services firm Infosys Ltd, and ICT Academy of Tamil Nadu, a non-profit organisation, have joined hands with an aim to skill 48,000 students over a period of three years in various fields. The students will be trained in IT, banking, financial services and insurance, retail, e-commerce, logistics, knowledge process outsourcing, and soft skills. Infosys Foundation has committed a grant of over Rs 33 crore towards this project, it said in a statement on Wednesday. It announced that it has signed a Memorandum of Understanding (MoU) with ICT Academy to increase the employability of young learners in rural India. "This collaboration will aim to enable students pursuing engineering, arts, and science courses in tier 2 and tier 3 cities across the country to gain relevant skills that are necessary today for career development," the statement said. Through this MoU, Infosys Foundation said it will further help establish 'Centres

Tax tribunals in Delhi and Mumbai allow deductions for CSR donation

Tax authorities had earlier argued that since CSR expenditures were mandated by law, they were not voluntary and therefore, did not qualify as donations for tax deductions

Less corporate responsibility? India Inc's CSR spending slowed down in FY23

In FY23, there was only a 5 per cent increase in CSR spending compared to the previous year, due to which, CSR spending as a percentage of net profit fell to a six-year low of 1.87 per cent

Govt permits planting of trees on degraded land parcels for credits

India is yet to have a domestic carbon/green credit marketplace with the regulations for it under consideration. There are however independent agencies running such platforms

Uttar Pradesh govt to tap into CSR funds for development projects

UP's Chief Secretary Durga Shankar Mishra said the state will organise a 'UP CSR Summit' to script a new chapter in the process of collaborative socioeconomic development

Mercedes-Benz Research and Development India launches Sustainability Garage

Mercedes-Benz Research and Development India (MBRDI) has launched the 'Sustainability Garage', an initiative for promoting innovation in sustainable mobility in association with Prayoga Institute of Education Research. A CSR initiative of MBRDI, the Sustainability Garage will serve as a hub for multidisciplinary research, focusing on developing eco-friendly materials with diverse applications to benefit society. It aims to foster collaboration between academia and industry, driving research and innovation in sustainable materials and technologies. Under this initiative, MBRDI has jointly developed specialised course material, and over 150 students from six universities in Karnataka -- Jain University, RV Institution, JSS Science and Technology University, Vijaya College, Nrupatunga Institution, and St. Joseph's University -- will participate in workshops and experiment with research equipment. "Researchers at MBRDI are deeply engaged in ensuring sustainability as a core priority f

Working with 5.5 million people under CSR initiative, says HCL Foundation

HCL Foundation, the CSR wing of HCL Tech, said on Monday that it is working with 5.5 million people across 20 states through its CSR initiatives. Nidhi Pundhir, Vice President, Global CSR, HCLTech, and Director, of HCL Foundation, said, "We have contributed significantly during emergencies such as the Michaung cyclone, and the cold wave in Delhi." "The overall reach of HCL Foundation has significantly increased, with the foundation currently working with 5.5 million people across 20-plus states. We have invested heavily, focussing on ultra-poor poverty alleviation, through our flagship programme Uday," Pundhir said. "HCL Foundation will continue to invest in its flagship programmes like Uday, Samuday, HCL Tech Grant, Harit, Sports for Change, my e-Haat, and HCL Academy," Pundhir said on the foundation's plans for 2024.

E-carts to give free rides to devotees visiting Ayodhya's Ram temple

The e-carts or golf carts will offer free rides to the elderly, divyangjans, and pregnant women while the fare for others will be announced soon

World needs India; Indian biz leading in investments in social causes: UN

The world needs India as the businesses in the country have been leading in terms of investing in social causes, a senior UN official said on Thursday and stressed that business is the key driver that will deliver the sustainable development goals. The United Nations Resident Coordinator in India Shombi Sharp also said that Corporate Social Responsibility (CSR) is indispensable in India's journey, where businesses are at the forefront in the efforts of the country to become a USD 5 trillion economy. "The world needs business and the world needs India and as India leads, the world is following," he said at a conference on CSR in the national capital. He noted that India has been leading the world in CSR, especially with its recent leadership during the COP28 summit. Under the companies law, certain classes of profitable entities are required to shell out at least two per cent of their three-year annual average net profit towards CSR activities in a particular financial year. Beside

Over 7,700 cos voluntarily exited biz since setting up C-PACE: Govt

More than 7,700 companies have voluntarily closed down their business in the country since the setting up of the Centre for Processing Accelerated Corporate Exit (C-PACE) in May this year, and the time taken for voluntary exit has come down to around 110 days, according to the government. The corporate affairs ministry operationalised the C-PACE on May 1, 2023, to facilitate and expedite the applications filed for voluntary exit under the provisions of Section 248 (2) of the Companies Act, 2013. The applications for voluntary closure under C-PACE are processed in a centralised manner for an efficient and uniform outcome, Minister of State for Corporate Affairs Rao Inderjit Singh said on Monday. "Since the setting up of C-PACE, 7,721 companies have been struck off till 05.12.2023, under section 248(2) of the Act... the time taken under C-PACE for voluntary exit has reduced to around 110 days during the current year," he said in a written reply to the Lok Sabha. In a separate written

Rajnath Singh urges corporate sector to focus on voluntary contributions

Commending the socially conscious people, especially the corporates, for their contributions, he termed it as a responsibility of the country to recognise these individuals

RBL Bank launches free mobile healthcare vans for support, domestic workers

Through the initiative, RBL Bank aims to address the healthcare requirements of the underprivileged in an easily accessible way

HCLTech grants $5 mn under CSR initiative to combat climate in Americas

Scaling up its CSR initiative to address climate issues at the global level, HCLTech on Tuesday announced a grant of USD 5 million over five years for combating climate change and restoring ecosystems and biodiversity across the Americas. For the last eight years, the HCLTech Grant program has been supporting India-based NGOs, and now the same has been scaled for implementation in the Americas, the company said in a statement. Every year, three NGOs with innovative and sustainable projects will receive a grant of USD 1 million. One NGO will receive USD 5,00,000, while two others will receive USD 2,50,000 each. NGOs will be selected through a rigorous screening process, it added. "Through this programme, we aim to accelerate innovation in climate projects and build a sustainable planet. Our ambition is to identify organisations that are truly making an impact at the grassroots and help them scale their unique projects," said Nidhi Pundhir, Vice President, Global CSR, ...

Maharashtra govt issues order for implementation 'adopt a school' scheme

The Maharashtra government on Monday issued an order for the implementation of its 'Adopt a School' scheme. Any individual, organisation or private enterprise having SEBI registered Corporate Social Responsibility (CSR) certificate can adopt a school currently run by the state government, Zilla Parishad or municipal councils irrespective of its medium of instruction, the order from the state's school education said. Those adopting schools can also add a name of its choice to the existing name of the school for the given period, the government resolution said, adding that period of adoption could be for five or ten years only. "For schools located in A and B category municipal corporations such as Brihanmumbai Municipal Corporation or Pune Municipal Corporation, those seeking to adopt will have to pay Rs 2 crore for five years or Rs 3 crore for 10 years," an official said. The money will be utilised for physical infrastructure, including repair works of school building, colouring, .