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  • IDBI Bank’s CSR commitment brings computers to govt schools

    IDBI Bank’s CSR commitment brings computers to govt schools

    Despite not required to spend under CSR, private sector bank IDBI Bank had donated used computers to government and municipal schools for the benefit of students in the 2019-20 fiscal. According to the Companies Act, 2013, the companies are required

    Despite not required to spend under CSR, private sector bank IDBI Bank had donated used computers to government and municipal schools for the benefit of students in the 2019-20 fiscal.

    According to the Companies Act, 2013, the companies are required to spend at least 2 percent of their average net profits made in the preceding three years on corporate social responsibility (CSR).

    In its 2019-20 annual report, IDBI Bank said there was no requirement for the bank to incur any spends under CSR for the 2019-20 fiscal because it had suffered a net loss in the preceding three years.

    However as a conscientious corporate citizen, the bank had donated used computers to government and municipal schools for the benefit of the students as a part of its CSR initiatives during the reporting year.

    Going forward, the bank should be able to do more CSR activities with improvement in its performance.

    For the first quarter of 2020-21 financial, the IDBI Bank today reported a standalone net profit of Rs 144.43 crore as against a net loss of Rs 3,800.84 crore in the year-ago.

  • Industry should spend funds on CSR activities to help build a better India: Thakur

    Industry should spend funds on CSR activities to help build a better India: Thakur

    The industry should not shy away from spending its CSR fund as it would help make India a better place for present and future generations, Minister of State for Finance and Corporate Affairs Anurag Thakur said today. He also said that the government

    The industry should not shy away from spending its CSR fund as it would help make India a better place for present and future generations, Minister of State for Finance and Corporate Affairs Anurag Thakur said today.

    He also said that the government has made several changes in the Corporate Social Responsibility (CSR) law to de-criminalise certain provisions.

    Without taking name, Thakur said that a multi-national company which had not spent close to Rs 500 crore in the last two years as part of its CSR activities was issued notice earlier after which it was “happy” to spend that money at that time.

    But now when the government has de-criminalised certain provisions, it is “running away again from spending that money”.

    “On one hand, we help the corporate so that they do not need to go through this pain of criminal sections, but on the other hand.. if the companies are making millions, not only millions but billions out of India…why they do not want to spend that money on the Indians,” he said in a Ficci webinar on CSR.

    “So that is why at times the government is forced to bring in such kind of sections into the CSR. So my request to all of you is that it is our responsibility towards our nation, towards our public, and I am sure all of you, who have contributed immensely, will contribute more and bring more people out of poverty and make India a better place for present and future generations,” he added.

    The minister also requested the industry to create more awareness to contain pollution of rivers and also help the government in its fight against coronavirus.

    On rising pollutant levels in rivers like Yamuna and Ganga post lockdowns, the minister said that lesser pollution in rivers in the last two months showed that it is the industry which was the main source of pollution.

    He said it is a sign from the nature so the focus should not be only on making profits but also on contributing in a different manner.

    “Start affluent treatment plants, do not throw waste into the rivers or fields. This is putting more burden on hospitals….it is not good for India,” Thakur added.

    The Minister also said that CSR is an opportunity to work with like-minded partners for the betterment of the society at large. Business cannot be successful if the society around you does not prosper.

    A well planned and well-executed CSR activity can help in fostering a strong bond between the company and its people. It also helps in developing a deeper human connection, he said, adding that consumers now are also aware and they like to align with companies that invest their time, money and efforts in creating a sustainable environment for all.

    Thakur said that CSR is the most pertinent means for corporates to connect with their audience. Setting up a plant at any location, not only helps the immediate locality but the country at large by the industry’s contribution in uplifting and helping the poor.

    He added that corporate from diverse sectors have been recognized and rewarded today for contributing towards social good.

    In the unprecedented times of COVID-19, the Minister said the government has responded decisively with a strong approach and the need is to strengthen participation from the private sector.

    “I would urge each one of you, to do your bit in this battle against coronavirus,” he added.

    The Minister was speaking at the 18th FICCI CSR Awards virtual presentation ceremony where 8 companies were conferred with the FICCI CSR Awards and 18 finalists were acknowledged with an appreciation Plaque.

    Speaking about the CSR awards, FICCI President Sangita Reddy said that the applicant companies showcased exemplary CSR projects being implemented in remote parts of India on issues ranging from skill development for marginalised youth, to digital and financial inclusion of women, to access to quality education for children with disabilities, creating livelihood through environmentally sustainable strategies.

    “I am delighted to share that FICCI was the first business chamber in India to recognise the importance of CSR for inclusive and sustainable development of India in the background of a globalised world,” she added.

    FICCI CSR & Community Development Committee and FICCI-Aditya Birla CSR Centre of Excellence Chairperson Rajashree Birla said that this is the time to focus on redesigning and creating market-based solutions to alleviate poverty.

    “This is the time for new innovations, potentially transformative solutions that complement and tackle social issues, fuel economic growth and make a difference to the lives of 1.3 billion people,” she said, adding that coordinated effort amongst stakeholders is needed to emerge out of the pandemic situation.

    Birla said the CSR platform, through leveraging the demographic dividend that the rural and urban poor offer, can be a good vehicle for this transformative growth trajectory.

    “This way we could see that the goods are produced locally and consumed globally. In doing so, we will be aligning well with the Prime Minister’s call for the promotion of ‘Vocal for Local’ and ‘Atmanirbhar Bharat’,” she added.

  • IDFC FIRST Bank opens MBA scholarships for 2020-2022 batch

    IDFC FIRST Bank opens MBA scholarships for 2020-2022 batch

    IDFC FIRST Bank today announced the opening of its MBA Scholarship programme for the batch of 2020-2022, as part of its Corporate Social Responsibility (CSR). About 150 scholarships will be granted by the Bank this year. The application for scholarship

    IDFC FIRST Bank today announced the opening of its MBA Scholarship programme for the batch of 2020-2022, as part of its Corporate Social Responsibility (CSR).

    About 150 scholarships will be granted by the Bank this year. The application for scholarship can be accessed on https://www.idfcfirstbank.com/csr-new/mba-scholarship.html.

    The last date for applying for this scholarship is July 31, 2020, the bank said in a statement.

    The scholarship programme aims to financially support students from weaker social economic backgrounds, enabling them to pursue a management degree from a B-school of their choice.

    To qualify for the scholarship, the candidate needs to secure admission into a two-year full-time MBA programme and the family income has to be less than Rs 6 lakhs per annum.

    The initiative provides financial assistance to students so as to ease the burden of fees payable by them and to make admission to the best colleges and universities accessible to economically weaker students.

    IDFC FIRST Bank CSR Head Rachana Iyer said: “We believe expenses of MBA are rather high and even meritorious students often drop out from pursuing their careers because of financial difficulties.”

    Through this initiative, the bank wants to lend a shoulder with Rs 2 lakh per student for two years, to students from vulnerable communities, to pursue higher education and to attain a higher standard of living.

    The scholarship supports students from over 150 B-Schools all across India. Since the number of applications far exceed the number of scholarships, the Bank prioritises and ranks-orders the applications for scholarships based on criticality of need, which may involve factors such as family income, socio-economic background and other such criteria.

    The MBA Scholarship programme was instituted as a CSR initiative by erstwhile Capital First in 2016 and continued after the merger which resulted in the formation of IDFC FIRST Bank. So far, 530 students from both urban and rural India have benefitted from this programme.

    These students belong to diverse family backgrounds with parents being retired lower-income scale government employees, auto-rickshaw drivers, farmers and other such backgrounds.

    As an extension of this programme, IDFC FIRST Bank also provides scholarships to students pursuing higher education or teaching in the mental health space, students with autism, students enrolled in the Young India Fellowship programme of Ashoka university, and to youth from shelter homes and underprivileged backgrounds.

  • Godrej & Boyce, WWF India launch ‘Magical Mangroves’ campaign

    Godrej & Boyce, WWF India launch ‘Magical Mangroves’ campaign

    Consumer goods firm Godrej & Boyce along with WWF India today launched a nationwide campaign for conservation of mangroves. The campaign will span across eight states including Maharashtra, Goa, Gujarat, Andhra Pradesh, Tamil Nadu

    Consumer goods firm Godrej & Boyce along with WWF India today launched a nationwide campaign for conservation of mangroves.

    The campaign will span across eight states including Maharashtra, Goa, Gujarat, Andhra Pradesh, Tamil Nadu, Kerala, Odisha and West Bengal, the company said in a statement.

    The campaign aims to promote awareness on the importance of the mangroves ecosystems and invite citizens to become volunteers to help in promoting the same, it said.

    The volunteers will be engaged for a period of six months and will be part of webinars, film screenings, online quizzes, digital story-telling sessions among other activities.

    Over the last few decades, Godrej & Boyce said its Wetland Management Services team has been actively managing and conserving one of the largest mangroves in Mumbai at Vikhroli.

    Taking their efforts a notch higher, Godrej has officially joined hands with WWF India to further strengthen the conservation efforts and promote awareness at a much larger scale across the country, it said.

    WWF India has been working towards conserving wetlands across the country in the high altitudes, floodplains, urban centres and Ramsar sites for over two decades now.

    Talking about the initiative, Pheroza Godrej said, “This endeavor will combine our strengths further and effectively aid us in educating the community to make them understand how small steps taken by them, as individuals, in conserving the mangroves, will eventually contribute to environmental change on a much larger scale in the future.”

    WWF India CEO and Secretary General Ravi Singh said mangroves act as natural barriers of climate change, serve as nurseries and breeding grounds for a multitude of aquatic species. Their effect on controlling soil erosion is vital to shaping the topography of our coasts.

    “Recognizing the role of younger generations and concerned citizens as major stakeholders in nature conservation in India, this campaign aims at building knowledge about mangroves as essential yet fragile ecosystems and enables positive action for their preservation,” he said.

    The Wetland Management Services team at Godrej has been raising awareness about the mangroves ecosystem through several initiatives such as the launch of the one-of-a-kind Mangroves Mobile App available in 11 languages, a unique children’s story book published last year and poster exhibitions across educational institutes of Mumbai.

  • Alliance and GIZ launch pilot project to reduce plastic waste in Haridwar and Rishikesh

    Alliance and GIZ launch pilot project to reduce plastic waste in Haridwar and Rishikesh

    Global NGO The Alliance to End Plastic Waste and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) today launched a pilot project “Aviral” to reducce plastic waste in Haridwar and Rishikesh, Uttarakhand. Aviral will focus on strengthening

    Global NGO The Alliance to End Plastic Waste and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) today launched a pilot project “Aviral” to reducce plastic waste in Haridwar and Rishikesh, Uttarakhand.

    Aviral will focus on strengthening an integrated plastic waste management system. Following the two-year pilot in the two cities, the partnership aims to scale this initiative across partnering cities in India, the Alliance said in a statement.

    In recent years, the amount of plastic waste has drastically increased in India. More specifically, this increase is affecting the two cities of Haridwar and Rishikesh, important Hindu pilgrimage and cultural tourism destinations, the Alliance said in a statement.

    Speaking about the initiative, the Alliance to End Plastic Waste CEO and President Jacob Duer said the project aims to reduce plastic waste and help improve the livelihoods of communities dependent on the Ganges, India’s lifeline and one of the world’s most important rivers.

    As its own name indicates, Aviral, means “continuous” in Hindi, the overall objective is to continue strengthening contribution to the achievement of the Sustainable Development Goals, added Carsten Schmitz-Hoffmann, Director General of GIZ International Services.

    This privately financed project contributes to the achievement of the Sustainable Development Goals.

  • Finolex, Hinduja Foundation & MMF supporting flood-hit Assam people

    Finolex, Hinduja Foundation & MMF supporting flood-hit Assam people

    Hinduja Foundation, Finolex Industries, and ground partner Mukul Madhav Foundation (MMF) are together supporting flood-hit victims in Assam. MMF, a charitable trust, is contributing with its on-ground volunteers in addition to the help being

    Hinduja Foundation, Finolex Industries, and ground partner Mukul Madhav Foundation (MMF) are together supporting flood-hit victims in Assam.

    MMF, a charitable trust, is contributing with its on-ground volunteers in addition to the help being received from the Finolex dealers and representatives, a joint statement said.

    The relieve work has been carried out in eight heavily flood affected villages and aid has been provided in the form of dry grocery items.

    10,000 individuals have been supported in the districts of Morigaon and Barpeta in Assam through the funds provided by Hinduja Foundation and Finolex Industries, the statement said.

    Speaking about the activity, MMF Managing Trustee Ritu Prakash Chhabria said India has been hit by floods in Assam and two cyclones that devastated West Bengal, Maharashtra.

    “Both these organizations have been in the forefront to support those affected across geographies. It is heartening to see like-minded corporates and institutions collaborating for the betterment of our society,” she added.

  • ITAT allows exemption of Rs 220cr to Tata Education & Development Trust

    ITAT allows exemption of Rs 220cr to Tata Education & Development Trust

    In a major relief to the Tata Education and Development Trust, the Income Tax Appellate Tribunal (ITAT) in Mumbai ordered that over Rs 220 crore of the Trust’s income exempted from tax in a case related to the assessment years 2011-12 and 2012-13

    In a major relief to the Tata Education and Development Trust, the Income Tax Appellate Tribunal (ITAT) in Mumbai ordered that over Rs 220 crore of the Trust’s income exempted from tax in a case related to the assessment years 2011-12 and 2012-13.

    The ITAT’s Mumbai bench gave a ruling on July 24 in favour of the Trust in their appeal against commissioner income tax (CIT) order wherein a demand of more than Rs 220 crore was levied by the tax department.

    ITAT also stayed the matter of that demand without any minimum pay, the government said in statement.

    The case pertains to assessment years 2011-12 and 2012-13 on money spent by the Trust for creating an endowment fund at the US-based Cornell University to provide scholarships to Indian students, and granting financial assistance to the Harvard Business School for constructing an executive building to be named Tata Hall.

    The Trust had donated Rs 197.79 crore in 2011-12 and Rs 25.37 crore in 2012-13.

    In the order, itat said: “…this wholly avoidable litigation which does not only clog the serious litigation before the judicial forums but also diverts scarce resources of the philanthropic bodies, like the assessee before us, to the areas which do no good to the society at large.”

    The Tribunal hoped that the admirable work being done by the Government of India, in pursuing such forward looking policies at the macro level, is not allowed to be overshadowed by the isolated situations like this, at the field level, which must be minimized by sensitising the authorities concerned.

    “An effort should be made to create a taxpayer friendly atmosphere by adopting just and fair approach at every level of the tax administration,” it observed.

    The government said that the controversy began after the Public Account Committee (PAC) of the Lok Sabha in 2018 sought an enquiry in the matter as it believed that exemption granted by the direct tax body was in violation of the Income Tax Act.

    Concluding the matter, ITAT said that all other grounds of appeals will be “rendered, academic and infructuous”.

    “We have decided this issue in favour of the assessee and thus allowed this ground of appeal. We, therefore, uphold the plea of the assessee, and delete the resultant disallowance of claim of exemption,” it added.

    The detailed ruling of Appellate Tribunal may be accessed by clicking on link.

  • COVID-19 crisis: BKT reaches out to over 4 lakh affected people in India

    COVID-19 crisis: BKT reaches out to over 4 lakh affected people in India

    Mumbai-based tyre manufacturing company Balkrishna Industries Ltd (BKT) today said it has reached out with relief material to 4 lakh affected people in the wake of the COVID-19 pandemic across the country. The company has distributed cooked meals

    Mumbai-based tyre manufacturing company Balkrishna Industries Ltd (BKT) today said it has reached out with relief material to 4 lakh affected people in the wake of the COVID-19 pandemic across the country.

    The company has distributed cooked meals, daily needs packets, crucial hospital equipment and important preventative gear to front line workers in a bid to prevent the spread of the disease.

    In a statement, BKT said it has distributed specially cooked meals to over 4,00,000 people in collaboration with the NGO Akshaya Patra. This activity was carried out by the BKT team members located in various parts of India with the help of BKT distribution partners as well as the local district administration.

    In addition to the distribution of cooked meals, food aid and daily needs packets were provided by BKT in various parts of the country, including in the states of Uttar Pradesh, Tamil Nadu, Telangana, Madhya Pradesh, Rajasthan, Punjab, Gujarat, and Maharashtra, it said.

    More than 3,00,000 kg of wheat flour, 60,000 litres of cooking oil, 60,000 kg of lentils, 60,000 kg of salt, 1,20,000 kg of rice, 60,000 kg of sugar, 60,000 kg of spice bags and 60,000 bottles of soap were distributed.

    BKT, in collaboration with SIN and Monte Bianco Apparel Brands, donated 25,000 PPE kits to medical staff treating COVID-19 patients, consisting of a protective suit with hood, a face shield, a mask, a pair of gloves and shoe covers.

    BKT alos supplied 12 number of Hemodynamic monitors at a total cost of Rs 1,15,20,000 to Tata Memorial Hospital. These monitors are an important part of the ventilators, which are the lifesaving critical equipment used for patients suspected or diagnosed with COVID19 infections.

    The staff of BKT provided concrete support to the relief funds by gifting a day’s salary and raising Rs 10,000,000. This amount was doubled by the Chairman of the board, Arvind Poddar to ensure help for as many affected people as possible.

    Speaking about the donation, BKT Joint Managing Director Rajiv Poddar said: “This is a time when humanity should triumph over everything else, and we have put in great effort to help ease the plight of people all over the country, so we can all come out stronger.”

    Since its inception, BKT has actively donated to several noteworthy causes such as education, relief for farmers amongst others and will continue to do so actively and passionately.

    The BKT group manufactures an extensive and modern range of off-highway tires specifically for vehicles operating in agricultural, industrial, earthmoving, mining, port, ATV and gardening industries. BKT’s innovative solutions entail over 2,700 different products sold in more than 160 countries worldwide.

  • KARAM Industries plants 3,000 trees in UPSIDC green belt area

    KARAM Industries plants 3,000 trees in UPSIDC green belt area

    Noida-based PPE manufacturing company KARAM Industries today planted 3,000 trees in the green belt area of Uttar Pradesh State Industrial Development Corporation (UPSIDC). The tree plantation drive was organised by the company

    Noida-based PPE manufacturing company KARAM Industries today planted 3,000 trees in the green belt area of Uttar Pradesh State Industrial Development Corporation (UPSIDC).

    The tree plantation drive was organised by the company’s CSR arm KOSHISH in collaboration with UPSIDC and Pollution Control Board (PCB), an official statement said.

    “The company successfully planted over 3,000 trees in the Green Belt area of the UPSIDC today,” it said.

    Speaking about the initiative, KARAM Group Chief Human Resources Officer Kavita Nigam said the company has taken yet another landmark step to address the acute challenges in afforestation and subsequent air pollution through the tree plantation drive.

    “We are looking forward to expanding the programme to cover different parts of the country in the near future,” she said.

    Planting trees has manifold benefits as they release oxygen into the air, maintain biodiversity, conserve water, preserve the soil besides controlling the climate and providing shelter for the fauna of the region.

    KOSHISH was established in 2014 for organizing various corporate social responsibility campaigns.

  • SEEDS reaches out with dry ration to 1 lakh flood-hit people in Assam

    SEEDS reaches out with dry ration to 1 lakh flood-hit people in Assam

    Delhi-based NGO, Sustainable Environment and Ecological Development Society (SEEDS) is reaching out with safe drinking water, dry ration and hygiene kit to 1,00,000 flood-hit people in Lakhimpur, Dhemaji, Barpeta and Morigaon districts of Assam

    Delhi-based NGO, Sustainable Environment and Ecological Development Society (SEEDS) is reaching out with safe drinking water, dry ration and hygiene kit to 1,00,000 flood-hit people in Lakhimpur, Dhemaji, Barpeta and Morigaon districts of Assam.

    SEEDS also plans to work towards providing repair and restoration of homes and schools as part of the recovery intervention.

    Over 5.5 million people have been affected due to floods in India this year and Assam has experienced the worst flooding over the last ten years affecting over 3.6 million people till date as per the recent government report, it said.

    “This time, affected communities are facing additional threat given the ongoing COVID-19 crisis that requires health care services, health and hygiene safeguards and to maintain social distancing in the relief camps,” SEEDS said in a statement.

    To support flood-hit people in Assam, SEEDS is promptly reaching out to 1,00,000 affected people with their immediate needs in Lakhimpur, Dhemaji, Barpeta and Morigaon districts.

    The NGO is supplying safe drinking water, dry food, hygiene and family utility kit. This also includes key items required for COVID safety, emerged as the most urgent need based on the information from SEEDS volunteers on ground.

    A SEEDS team member from Assam informed, “The situation at the ground level is worse than ever. There are drinking water, food and hygiene issues. Thousands of families are battling with the intense flood situation coupled with the challenges of ongoing Coronavirus pandemic. They are in need of urgent humanitarian aid.”

    SEEDS Co-Founder Manu Gupta said, “With millions of people displaced by the floods, it has become critical that relief reaches them at the earliest. Our team is working relentlessly to analyse and meet the immediate requirements of the affected people in an effective manner. We are also taking all necessary precautions to mitigate the risk of the Covid-19 pandemic.”

    The floods have caused extensive damage to the houses, water sources, toilets and other infrastructures. Due to incessant rains and increased water in these regions and Covid-19 looming large, it is essential for communities to have a roof above their heads at the earliest.

    SEEDS will also work towards providing repair and restoration of homes and schools as part of the recovery intervention. SEEDS urges all the citizens to extend their support to help families of Assam, build back better.

    The NGO has sought contribution between Rs 1,000 to 4,000 from people for supplying ration kit, safe drinking water and hygiene kit.