Category: News

For the socio-economic development of society, Muthoot Finance benefits over 4.5 lakh people through various CSR initiatives

Muthoot Finance, India’s largest gold loan NBFC Company has demonstrated its dedication to the socio-economic development of society and touched more than 4.5 lakh beneficiaries under its CSR initiatives in 2021-2022.

The company reported a total spend of Rs. 81.14 Crores on Corporate Social Responsibility initiatives that spanned the delivery of COVID essentials during the second wave of the pandemic, education, healthcare, livelihood and skilling, and infrastructure initiatives along with sports development projects.

The Muthoot Group and its flagship company Muthoot Finance have always been actively involved in a plethora of CSR initiatives in domains like education, environment, sanitation, healthcare, medical aid, and financial aid for the betterment of society.

Muthoot Finance’s CSR activities helped more than 3.25 lakh underserved and needy people with food distribution and ration support, and around 53 thousand people were positively impacted through the healthcare initiatives alone. Initiatives extended and supported over 5000 unprivileged students by providing basic amenities, aid, and livelihood support to the weaker sections of society.

These initiatives have been implemented in association with many grass root level social organisations, including the National Association of Blind, Center for Blind Women & Disability Studies (New Delhi), Red Cross Society, Delhi Police Foundation for Education, Habitat for Humanity, The Earth Savior Foundation, Think Rise and Act Foundation, YMCA Mumbai amongst others.

In response to the pandemic, Muthoot Finance provided a 16-bedded COVID Hospital set up for Kanpur Police that helped around 7000 people. The Snehasaraya Mobile Medical Van provided COVID testing to more than 7100 individuals. Muthoot also offered a pick and dropped facility for COVID vaccinations to around 7200 people. They supported 15 hospitals in PAN India with medical equipment like beds and wheelchairs and also donated face masks, hand sanitiser, gloves and face shields to 94000 people.

Muthoot Finance supported the Indian Food Banking Network and provided food kits, nutrition kits and drinks packs to around 37000 people. Fifty families uprooted due to the demolition of the Yamuna Bank area in New Delhi were provided ration for three days. In association with ANAMARTIA Foundation, 7000 ready-to-eat food packets were distributed to the needy. More than 2.67 lakh underprivileged people were supported with a cooked and dry ratio.

Under the green initiatives, the company provided the National Association of Blind (NAB) India Centre for Blind Women & Disability Studies with 24 KW Solar Panels. Five hundred fruit saplings were distributed to 50 Tribal Farmers at Asegaon Mokhada, Palgarh District of Maharashtra.

Sponsorship for the education of 40 girls studying at Deepalaya Senior Secondary School, Gusbethi. They also distributed educational kits to 152 children with special needs. Initiatives were undertaken to promote education among slum children in the Delhi Cantt Slum area. Under this, 110 educational kits, including notebooks, geometry boxes, drawing books and 1lt steel water bottles (to reduce plastic bottle usage), were distributed to slum children.

As part of this initiative, 104 people benefitted from the distribution of wheelchairs to support their livelihood, enhance their skill sets and promote sports among differently-abled people.

To promote self-employment practices and sustainable livelihood, 5 Self Help Groups (SHG) were provided scanning machinery, raw material for papad, pickle, namkeen making & e-cart for transportation of SHG’s products. Tricycles and manual cycle rickshaws were donated to weaker sections and migrants across regions in Punjab and Delhi. 

Alexander George Muthoot, Joint Managing Director, The Muthoot Group, said, “To reach the marginalised sections of communities across the country, our CSR initiatives in 2021-2022 have been truly successful. We at Muthoot Finance understand our duties and responsibilities towards societal development. From the very start, we have been serving as a helping hand for the development of our society. We will continue to strengthen, empower, and uplift our society by playing our part in the overall development of our country and its people. We remain steadfastly committed to supporting weaker sections of our society through our continuous support.”

The donation will be used for charitable activities related to healthcare, education, and skill development.

The Adani Family has announced a donation of Rs 60,000 crore for social causes on the occasion of Gautam Adani’s 60th birthday and the centenary birth anniversary of Gautam Adani’s father Shantilal Adani.

The donation will be used for charitable activities related to healthcare, education, and skill development. Gautam Adani is estimated to be worth about $ 91.7 billion, adding more wealth in the recent past than any other billionaire in the world.

The amount of Rs 60,000 crore towards CSR activity is higher than the amount generally spent on CSR activities. According to law, a company must spend 2 per cent of its total profit on CSR initiatives, which is done through the Adani Foundation for the Adani Group.

Gautam Adani, Chairman of Adani Group, announced, “This contribution from the Adani Family intends to draw upon some of the brightest minds that have a passion for making a difference in the Adani Foundation’s journey to do more towards fulfilling our ‘Growth with Goodness’ philosophy.”

Gautam Adani and his family’s commitment to philanthropy is an example for all. Chairman of Azim Premji Foundation and founder-chairman of Wipro Limited, a great philanthropist, has commented on the announcement as being laudable.

Urban Company has partnered with Project Baala to distribute eco-friendly reusable pads among its female partners and raise awareness on menstrual wellness and hygiene. The aim is to target the economically marginalized sections of society who don’t have access to sanitary

Urban Company has partnered with Project Baala to distribute eco-friendly reusable pads among its female partners and raise awareness on menstrual wellness and hygiene. The aim is to target the economically marginalized sections of society who don’t have access to sanitary facilities.

Aimed to ensure every menstruator has access to affordable and sustainable practices, Urban Company is using its distribution channel to get Project Baala’s eco-friendly pads across Delhi NCR for now.

Project Baala has already conducted pan-India virtual workshops to educate and dispel myths and misinformation around menstruation. The feature-rich pads can be reused for up to two years, reducing plastic waste.

Commenting on the pilot project’s launch, Nikhil Shanker, VP – Customer Experience and Partner Experience at Urban Company, said, “We at Urban Company are committed towards the welfare and well-being of our partners. After speaking to Project Baala, we realized a huge gap between understanding menstrual wellness and hygiene and safe, sanitary practices. We are happy to have partnered with Project Baala and take a step towards creating sustainable and long-term impact for our female partners.”

Project Baala’s Outreach Head, Khushali Samriya, said, “For most of us, Urban Company service providers have been the immediate support for all our household services with and without the pandemic. As a menstrual hygiene organization, the least we aim to do is provide a long-term sustainable solution for their period needs. The combination of holistic menstrual awareness and sustainable product dissemination will fill up all knowledge gaps on menstrual health and provide tips on hygiene management, with a gradual non-subscription to myths. This is an extraordinary collaboration for us!”

The project is a part of Urban Company partner welfare initiatives. It comes on the heels of the company’s recent health awareness workshops conducted in collaboration with HCG Hospitals and, more recently, Max Healthcare. While the pilot phase focused on Delhi NCR for the distribution of sanitary kits, awareness workshops were conducted for all female partners across India.

Urban Company focuses extensively on partner livelihood through its skilling programs and other security benefits. All active partners on the UC platform in India are covered under the Group Life and Accidental Insurance cover, in partnership with ACKO. Some of the key aspects covered under the policy are life insurance (INR 6 lakhs), disability cover (INR 6 lakhs), accidental hospitalization (INR 70,000), accidental OPD treatment (INR 10,000) among others. Further, all UC Plus partners in India have access to additional health insurance benefits, which includes up to INR 2 lakh in-hospitalization treatment, room/ICU expenses, OPD, medical equipment and 12 free online doctor consultations in a year.

Committed to Skill India Mission, Honda Motorcycle and Scooter India Pvt. Ltd. (HMSI) has started Delhi’s third Skill Enhancement Centre at Malviya Nagar, collaborating with Government Industrial Training Institute (ITI), Delhi. The new centre became operational in February 2022

Committed to Skill India Mission, Honda Motorcycle and Scooter India Pvt. Ltd. (HMSI) has started Delhi’s third Skill Enhancement Centre at Malviya Nagar, collaborating with Government Industrial Training Institute (ITI), Delhi.

The new centre became operational in February 2022 and aimed at empowering local youth with job-oriented technical skill training in the city.

The inauguration was witnessed by top dignitaries of the industry and the government. These included O.P. Shukla (Joint Director Planning, Department of Training & Technical Education, Government of National Capital Territory of Delhi), BS Negi (Deputy Director Training, Department of Training & Technical Education, Government of National Capital Territory of Delhi), Vijay Kumar (Principal, Government Industrial Training Institute, Malviya Nagar, New Delhi), Rahul Sharan (Senior Manager – Skill Enhancement, Customer Service Technology & Customer Relations, HMSI) and other dignitaries from Honda Motorcycle and Scooter India Private Limited.

HMSI’s Skill Enhancement Centre at ITI Malviya Nagar has a fully functional workshop with two-wheelers and service infrastructure to give practical training to students on technical aspects of two-wheelers maintenance and repair. HMSI will also support recruitment opportunities to successful candidates at HMSI dealerships after completion of the training program.

Pradeep Pandey, Senior Vice President – Customer Service, Honda Motorcycle and Scooter India Pvt. Ltd., said, “Fulfilling our commitment to up-skill local youth and enhance their employability, we are proactively supporting the Skill India Mission to empower Indian youth. The BSVI emission norms have raised the demand for a skilled technical workforce in the automobile sector. Due to COVID-19 restrictions, students could not get hands-on practical training. HMSI’s third Skill Enhancement Centre in Delhi at Malviya Nagar will provide an improved facility to recoup for practical training while ensuring all safety protocols. Further, we will continue to inaugurate more centres in other parts of the country.”

Fulfilling its corporate social responsibility, HMSI has taken several initiatives in Skill Development. To bridge the requirement and availability of trained human resources in the automotive sector, HMSI is setting up Skill Enhancement Centres across India. Currently, HMSI operates 48 skill enhancement centres across 19 states in India.

Vedanta has signed an MoU with TERI (The Energy and Resources Institute) to promote “Sustainable Use of Resources for a Resilient Planet through Transformative Actions”. The MoU was signed at the World Sustainable Development Summit (WSDS), where Prime Minister Narendra Modi

Vedanta has signed an MoU with TERI (The Energy and Resources Institute) to promote “Sustainable Use of Resources for a Resilient Planet through Transformative Actions”. The MoU was signed at the World Sustainable Development Summit (WSDS), where Prime Minister Narendra Modi delivered the inaugural address.

A global natural resources company, Vedanta is committed to the sustainable use of resources. At the same time, TERI, a multi-dimensional Not for profit organization (NPO), aims to create a sustainable world by leveraging both the organizations’ strength in the ESG space.

Vedanta plans to invest around ₹200 Cr over the next 5 to 10 years on R&D and sustainability initiatives to promote and build a sustainable ecosystem. The partners will create a sustainable future by engaging with governments, civil society and peers to encourage a more extensive ecosystem for climate change, resource efficiency, and circularity, harnessing cleaner energy, sustainable supply chains, and people-centric development.

TERI’s DG, Dr Vibha Dhawan, has said, “Businesses can play a paramount role in meeting development goals of the UN Development plan of 2030. Towards fulfilling this ambition, Vedanta and TERI have come together to work in the pursuit of solving pertinent issues that are critical towards achieving a sustainable future.”

Vedanta Group CEO Sunil Duggal said, “At Vedanta, we keep communities, people and planet at the centre of business decisions. We believe the partnership with TERI will create a larger ecosystem to support the global agenda of a sustainable world. This collaboration will help us traverse our ESG commitments on ‘Transforming for good’. TERI has a great track record of developing innovative and sustainable solutions in waste utilization, clean energy, resource efficiency and community welfare, which augurs well with our defined ESG aims. We aspire to work in tandem to achieve our common vision with this partnership.”

With this MoU, Vedanta and TERI will look at opportunities to work on common areas of interest until 2050. The partnership will provide a platform to promote individuals and organizations to adopt sustainable practices by creating Vedanta-TERI ESG awards and building a sustainable supply chain.

Vedanta is planning to be the ESG leader in the natural resources sector and has committed to reducing carbon emissions to zero by 2050 or sooner. The company has pledged $5 billion over the next ten years to accelerate the transition to net-zero operations. As part of the process, the company has repurposed its mission statement to Vedanta – ‘Transforming for Good’, to make a meaningful difference to society.

Aragen Life Sciences, formerly known as GVK Bio, has donated a fully-equipped ambulance to the Government of Telangana (GoT) as part of its CSR activities. A flag-off event of the vehicle was held in the presence of Minister for Health

Aragen Life Sciences, formerly known as GVK Bio, has donated a fully-equipped ambulance to the Government of Telangana (GoT) as part of its CSR activities.

A flag-off event of the vehicle was held in the presence of Minister for Health, Medical and Family Welfare and Finance T Harish Rao on Saturday, according to a company statement.

Aragen Corporate Services Vice President Ramesh Gambhir was also present at the event.

The ambulance is equipped with an advanced life support system and other equipment including a multi-channel monitor, defibrillator, ventilator, oxygen cylinder, humidifier amongst others to support in case of an emergency, the statement added.

Aragen’s CSR activities are focused on three main areas – education, environment, and healthcare.

Aragen Life Sciences Pvt Ltd (Aragen) is a global leader in providing discovery, development, and manufacturing solutions for life sciences firms. Established in 2001, Aragen now serves over 450 customers worldwide across multiple modalities and therapeutic areas.

The companies have spent a cumulative amount of ₹70,764.70 crore during 2017-18 to 2020-21, of which about 60 percent of the CSR expenditure has been spent through engaging implementing agencies, the government informed Parliament on Tuesday.

The companies have spent a cumulative amount of ₹70,764.70 crore during 2017-18 to 2020-21, of which about 60 percent of the CSR expenditure has been spent through engaging implementing agencies, the government informed Parliament on Tuesday.

Government provides the broad framework of Corporate Social Responsibility (CSR) through Section 135 of the Companies Act, 2013 (‘Act’), Schedule VII of the Act and Companies (CSR Policy) Rules, 2014.

In a written reply to the Rajya Sabha, Minister of State for Corporate Affairs Rao Inderjit Singh said, “In the CSR legal framework, the word ‘Non-governmental Organisations (NGO)’ has nowhere been defined.”

Section 135 of the Act read with Rule 4 of the Companies (CSR Policy) Rules, 2014 prescribes that the Board of the company is empowered to undertake CSR activities either by itself or through engaging an Implementing Agency as mentioned in the said rule, he said.

The minister was responding to a query raised by DMK leader P Wilson on local funds not available for NGOs as most of the CSR goes to central government oriented projects.

The MP also asked the government for steps to fund NGOs through CSR as there has been a 90 per cent drop in donations from abroad for NGOs from 2017-21.

To which, the Minister said, “In the CSR legal framework, the word ‘Non-governmental Organisations (NGO)’ has nowhere been defined.”

Section 135 of the Act read with Rule 4 of the Companies (CSR Policy) Rules, 2014 prescribes that the Board of the company is empowered to undertake CSR activities either by itself or through engaging an Implementing Agency as mentioned in the said rule, the minister added.

On the basis of filings made by the companies in the MCA21 registry, the Minister said “companies have spent a cumulative amount of ₹70,764.70 Crores during the FY 2017-18 to 2020-21 of which approximately 60% of the CSR expenditure has been spent through engaging implementing agencies.”

Under the Act, CSR is a Board driven process and the Board of the company is empowered to plan, decide, execute and monitor CSR activities of the company based on the recommendation of its CSR Committee,he said.

“The Government does not issue any specific direction to the companies to spend in any particular geographical area or activity,” he added.

The Government provides the broad framework of Corporate Social Responsibility (CSR) through Section 135 of the Companies Act, 2013 (‘Act’), Schedule VII of the Act and Companies (CSR Policy) Rules, 2014.

The CSR framework is disclosure based and companies are required to file details of CSR activities annually in the MCA21 registry, as part of their Profit & Loss Account and the same is required to be audited by the statutory auditors of the company.

Further, the Board of the company is also required to disclose the CSR Policy implemented by the company in its Board report. Thus, the corporate governance framework along with the existing legal provisions such as mandatory disclosures, accountability of the CSR Committee and the Board, provisions for statutory audit of accounts of the company etc. provide adequate safeguards in this regard.

Regarding CSR data for the financial year 2020-21, the Minister said it is informed that the companies are required to hold Annual General Meeting (AGM) within six months from the end of financial year.

Thereafter, financial statements and board reports containing disclosure about CSR, are to be filed in MCA21 within 30 days of the AGM. In view of the disruption caused by COVID-19 pandemic, Registrars of Companies had accorded extension of time till 30th November, 2021 for conduct of AGMs by companies.

The Ministry vide General Circular No. 22/2021 dated 29.12.2021 has relaxed the levy of additional fees till 15.02.2022 for filing of financial statement in respect of the financial year 2020-21, the minister added.

APM Terminals Pipavav has started a mobile science and maths laboratory at Rampara Primary School in Rajula in Amreli, Gujarat for the benefit of local students, an initiative that will benefit around 10,000 students and 200 teachers

APM Terminals Pipavav has started a mobile science and maths laboratory at Rampara Primary School in Rajula in Amreli, Gujarat for the benefit of local students, an initiative that will benefit around 10,000 students and 200 teachers.

According to the company, the local students did not have access to advanced technology and were dependent on bookish knowledge. However with this facility, the students will be able to get practical understanding on various subjects making “I do I learn” possible.

The “lab on wheels”, which was inaugurated on January 5, will help village students to perform science and maths experiments to gain practical insights and hone scientific skills, it said in a statement.

The lab will facilitate experiments on various topics along with the sky watching, celebration of National Science Day, National Mathematics Day and block level science and math exhibition.

The mobile lab was inaugurated by APM Terminals Pipavav Chief Operating Officer (COO) Captain P K Mishra in the presence of Sarpanch, Block Resource Coordinator and locals.

Speaking on the new initiative, Mishra said one the objectives of APM Terminals Pipavav is to empower the students in the surrounding villages in their pursuit of acquiring knowledge and hone their scientific skills.

“This lab will provide an opportunity to students to do experiments and learn from the same. It will also help teachers in expanding their learning horizon and improve scientific knowledge,” he added.

APM Terminals Pipavav is India’s first public private partnership (PPP) port in India and is a part of the APM Terminals global terminal network.

HCL Foundation (HCLF), the Corporate Social Responsibility arm of HCL Technologies, has flagged off a Sports for change (SFC) team bus in Chennai, Tamil Nadu under its flagship program. The SFC team bus will enable students

HCL Foundation (HCLF), the Corporate Social Responsibility arm of HCL Technologies, has flagged off a Sports for change (SFC) team bus in Chennai, Tamil Nadu under its flagship program.

The SFC team bus will enable students to travel and participate in competitions, attend coaching and training around the city.

Furthermore, the bus will also help to promote campaigns and spread awareness about sports in the communities and schools, the Foundation said in a statement.

The ‘Sports For Change’ team bus was flagged off by Nidhi Pundhir, Director HCL Foundation and Alvin Raj, Inspector of Police, Kannagi Nagar, at the Kannagi Nagar Playground in Chennai in the presence of Fr. Leo, Director Don Bosco Anbu Illam, among others.

Since its inception in 2015 as a volunteer-led initiative in Chennai, HCL Foundation’s Sports for Change has supported more than 21,000 athletes across India.

Sports for Change, HCL Foundation’s special initiative, works toward achieving the following objectives:

• Harnessing the positive transformative potential of sports by bridging the access-gap and promoting participation in sports at the grassroots (right to play)
• Promoting play or sports at grassroots, youth to help achieve larger development goals (linking sports with development outcomes)
• Empowering young leaders from disadvantaged communities by channelizing their energy toward play and sports (creating role models)

The aim of Sports for Change is to promote grass root sports among the young talents from the most difficult circumstance and deserving communities.