New Delhi, 19 Oct 2020: Saregama India, India’s oldest music label owned by RP-Sanjiv Goenka Group of companies, has spent around Rs 1.13 Crore towards Corporate Social Responsibility for the financial year 2019-20.
The average net profit of the company for the last three financial years stood at Rs 56.58 Crore. Its prescribed CSR expenditure therefore was calculated as Rs 1.13 Crore. The prescribed CSR budget of a company is calculated as 2% of the average net profit of the last three years. Last year, the company had spent Rs 70.22 Lakh towards various CSR activities. Therefore, the company’s expenditure towards CSR in the year ending March 2020 saw an increase of Rs 42.94 Lakh as compared to the previous year.
"Saregama has a Corporate Social Responsibility (CSR) Policy that guides its community development initiatives, which are primarily focused on healthcare, education and holistic development for the underprivileged," the company said in its annual report.
The company spent its CSR expenditure this year for Setting up of an institution of excellence in Kolkata, West Bengal under Sector permitted under Schedule VII to the Companies Act, 2013.
The CSR Policy of Saregama guides its community-related programs that are aimed at promoting inclusive development of deprived sections of the population.
All decisions related to the CSR activities were taken by the CSR Committee which comprises members Umang Kanoria, Santanu Bhattacharya and Noshir Naval Framjee. During the financial year 2019-20, the CSR Committee met once on March 11, 2020.
As a company that does not have any manufacturing activities, Saregama does not have a significant direct environmental impact. However, it has a Sustainability Policy that underscores its commitment to comply with all applicable environmental laws, while constantly evaluating steps to become an environmentally responsible organization. Saregama also has Supplier Guidelines which encourage its suppliers to comply with applicable environmental laws and minimize the environmental impact due to their operations and as per design the entire packaging material of Carvaan is made from 100 % recyclable & biodegradable paper.
