Zydus Lifesciences Limited spends on CSR

Mumbai: In accordance with Section 8 of the 2013 Companies Act, Zydus Lifesciences Limited has created a fully owned subsidiary to undertake CSR. The Zydus Medical College and Hospital in Dahod was founded to serve and respond to patients’ requirements at a reasonable price while also offering cutting-edge medical education.

There are no unused CSR funds for the year that need to be transferred to a Fund listed in Schedule VII to the Act or a special account in accordance with the requirements of sub-section (6) of section 135 of the aforementioned Act because the Company has fully expended the required amount toward CSR. As a result, reporting as required by Order clause is not applicable for the year. The Company was obligated to make a contribution for the Financial Year that ended on March 31, 2022, totaling Rs. 269.23 million [rounded to Rs. 270.00 million (Rupees Two Hundred Seventy Million only)]. (Rs. 27 Crore), or 2% (2%), of the average net earnings of the previous 3 (three) fiscal years, as determined in accordance with section 198 of the Companies Act of 2013, is the amount.

a) Rs. 269.23 million, or 2% of the Company’s average net profit as defined by section 135(5). (rounded off to Rs. 270.00 mio.) (Strictly 270,000,000 Indian Rupees)
(a) Surplus resulting from CSR programmes, projects, or activities in prior fiscal years – Nil
(c) Any amount that needs to be deducted from the total for the fiscal year, if any: Rs. 100,000,000. (Rupees One Hundred Million only)
(d) The total amount of CSR expenditures for the fiscal year (7A+7B+7C) is Rs. 170.00 Mio (Rupees One Hundred Seventy Million only)

At its meeting on August 11, 2021, the Board of Directors adopted a resolution to deduct Rs. 100.00 million (Rupees One Hundred Million only) from the total excess contribution of Rs. 531.00 million during the financial year ending on March 31, 2022. This decision was based on the recommendation of the CSR Committee (Rupees Five Hundred Thirty-One Million only). At its meeting on May 20, 2022, the Board adopted a resolution based on the recommendation of the CSR Committee that a sum of Rs. 180.00 mio. (Rupees One Hundred Eighty Million only) will be deducted from the total amount to be contributed toward CSR during the Financial Year from the balance of Rs. 431.00 mio. (Rupees Four Hundred Thirty-One Million only).

After taking all of the aforementioned factors into account, the company donated Rs 170.00 Mio. (Rupees One Hundred Seventy Million only) to CSR on education and healthcare, including preventive healthcare and infrastructure development. EY has conducted a CSR Impact Assessment on the CSR initiatives that the implementing agency has taken on.

Zydus Lifesciences Limited

Zydus Foundation and the Ramanbhai Foundation. The Company conducts considerable work in the fields of education, health, and research through its flagship initiative, Zydus Shrishti. These initiatives’ main goals are community development, inclusive education, and the creation of knowledge platforms for the research community.

7,488 COVID-19 patients who were admitted to the hospital and 35,962 OPD patients who have been treated with COVID thus far since March 2020 have received crucial medical treatments from the hospital.

The Company’s wholly-owned subsidiary Contribution to Zydus Foundation is a business established in accordance with Section 8 of the Companies Act of 2013.

Former Gujarat Chief Minister Shri Vijaybhai Rupani praised the hospital’s services amid the present pandemic. 750 students are enrolled in the MBBS programme at the Zydus Medical College, the first medical college to be established in Dahod.

In accordance with the provisions of section 135(4)(a) of the Act and Rules issued thereunder, as amended from time to time and for the time being in effect, the Company has drafted a CSR Policy.

In its CSR Policy, the company identified the following focus areas:

Healthcare and medical facilities, skill building and empowerment, community development, education and knowledge advancement, infrastructure development, environment protection, and other things that may be decided, are just a few examples.

The Board approved CSR spending, among other things, for financing or re-financing the maintenance of infrastructure facilities of the hospital (healthcare) and medical college (education) by Zydus Foundation, a section 8 and wholly owned subsidiary company, which operates the hospital and medical college in Dahod. This decision was made on the recommendation of the CSR Committee.

The post How Zydus Lifesciences Limited Spends its CSR budget in FY 2021-22 first appeared on My CSR India - Sustainability News | Corporate Social Responsibility.