What Is Corporate Social Responsibility (CSR)?
Corporate Social Responsibility (CSR) refers to a company’s commitment to contribute positively to society and the environment beyond its core business activities. Corporate Social Responsibility is closely associated with the principles of sustainability. Thus, it is our prime responsibility to ensure that our decisions are based not only on financial or operational factors, but also on the social and environmental consequences.
CSR Provisions Under The Companies ACT, 2013
The Companies Act, 2013, introduced a significant paradigm shift in the realm of Corporate Social Responsibility (CSR) in India. This legislation mandated that certain qualifying companies must engage in CSR activities, reflecting a commitment to societal welfare and sustainable development.
As per Section 135 of the Companies Act, 2013, companies meeting specific criteria are obligated to allocate a portion of their profits towards CSR activities. This applies to companies with:
- Net worth of Rs. 500 crore or more, or
- Turnover of Rs. 1,000 crore or more, or
- Net profit of Rs. 5 crore or more during any financial year.
Qualifying companies are required to spend at least 2% of their average net profits over the three preceding financial years on CSR activities. Failure to do so necessitates an explanation in the company’s annual report.
CSR Initiatives by Tuaman Engineering Limited
We, Tuaman Engineering Limited, believe in contributing to a better society and a cleaner environment in addition to serving the interests of our customers, employees and other stakeholders. We recognize the corporate social responsibility as a means of making conscious efforts to address some of India’s most challenging issues relating to education, health, equality and development of the weaker sections of the society. The Mission, Vision and Values of the organization clearly reflect its commitment to grow in a socially and environmentally responsible way, while meeting the interests of its stakeholders.
One important facet of CSR is the involvement of businesses in rural development projects. These projects focus on uplifting the living standards and overall well-being of rural communities. Such initiatives demonstrate a company’s commitment to social welfare and sustainable development.
Keeping the above factors in mind, the Company has undertaken a Rural Development Project which includes construction of pukka houses in place of kuccha houses for Economically Weaker Sections (EWS) of the Society in village area surrounding Hooghly, Kolkata and 24 Parganas Districts under the state of West Bengal which inter-alia includes :-
- Setting up of Pucca Houses;
- Setting up of rural electrification facility;
- Setting up of Drainage system;
- Setting up of Water Supply tanks including pipeline connectivity to the villages;
- Road Development.
As mentioned in CSR Provisions, preference has been given to local area surrounding Hooghly region and adjoining districts.
The Hooghly region in West Bengal, India, presents a unique canvas of rural landscapes and cultural heritage. Amidst its charm, there exists a pressing need for improved housing infrastructure to uplift the lives of rural communities. About 66 per cent of the people live in rural areas and do not have access to the basic amenities. In Hooghly District of West Bengal, 32,229 homeless people were identified in Rural Household Survey conducted in 2005. Inequitable livelihood opportunities result in the deprivation and destitution of people. Deprivation or inequality implies the state of not having the resources, opportunities, and benefits that other people in the society have.
Keeping these issues in mind, the Rural Development Project was initiated by Tuaman Engineering Limited in the financial year 2020-21. Initially, the progress rate was slow on account of limited availability of labour due to COVID situation prevailing in the country. The project started growing at a fast pace from FY 2021-22. We have been successful in providing basic housing facility under Awas Yojana Scheme of the government to the underprivileged communities in rural areas. The project has a duration of 3 years and we propose to make a significant contribution towards development of the areas in and around Hooghly region under the said Rural Development Project.
The CSR Committee has been re-constituted at the Board meeting held on 23.03.2023 with the following members:-
- Dr. Pinaki Dutta Gupta – Whole Time Director
- Mr. Vipin Gupta – Non Executive Director
- Mr. Raj Kumar Bagri – Independent Director
Being a socially and economically responsible corporate, we continue to direct our energies towards the development of economically backward sections of society in the rural areas by providing them with basic necessities of which housing is an important component. By addressing housing challenges, these initiatives contribute to improved living standards, enhanced health, and increased community cohesion. Needless to say, the well-being of rural communities is inevitable for the development of any nation.