New Delhi, 31 Oct 2020: Satluj Jal Vidyut Nigam (SJVN) Limited, a central public sector enterprise, has spent Rs 36.35 Crore on its Corporate Social Responsibility (CSR) projects, which is more than its prescribed CSR budget for the financial year 2019-20.
Going beyond its obligatory CSR Mandate, the company contributed Rs25 Crores to the PM CARES Fund. In addition, its employees also voluntarily contributed a sum of Rs 32 Lakh to the fund from their salaries.
SJVN, a central public sector enterprise under the administrative control of Union Ministry of Power is a joint venture of the Government of India and the Government of Himachal Pradesh.
The average net profit of the company for the past three financial years stood at Rs 1,771.61 Crore. The prescribed expenditure for the company’s CSR activities was thus calculated as Rs 35.43 Crore. The prescribed CSR budget of a company is calculated as 2% of the average net profit of the past three years. However, the company has spent an additional amount of Rs 0.92 Crore on its CSR activities thus taking the total expenditure on CSR and sustainability activities to Rs 36.35 Crore.
Broad areas of the activities where the expenditure has been incurred are healthcare and sanitation, education and skill development, empowerment of vulnerable sections of society, sustainable development, sports, assistance to the victims of natural disasters and preservation and promotion of culture, heritage, and iconic places.
Break-up of CSR expenditures incurred under various heads in FY 2019-20 and FY 2018-19 is as below:
The CSR committee of the company is led by Subhash Chander Negi and other members include Dr Rajnish Pande and Geeta Kapur.
SJVN also provided a financial support of Rs 2 Crores to GoHP for procuring ventilators, PPEs, masks, Sanitizers etc. Further, a provision of Rs 2.95 Crore was also made by the organisation for assisting in the fight against the pandemic. The company has also taken a major step to provide relief to the Power DISCOMS of our beneficiary States by extending a rebate of Rs58 Crores for the lockdown period in the energy bills of May 2020, says the annual report of the company.
