In news about the Goan corporate world that comes as a surprise while setting the DEMPO group of companies apart, Goa ranks low among Indian states and union territories when it comes to CSR spends by its corporate entities in terms of spending what is required statutorily by Section 135 of the Companies Act 2013. This, against the background of our state’s high scores on a range of national human development indicators.
Among the few shining exceptions are the parent/ holding company of the DEMPO group, V. S. Dempo Holdings Pvt. Ltd and its listed company, Goa Carbon Ltd.
These facts have emerged from information released in recent days by the Union Ministry of Corporate Affairs, New Delhi.
The Act requires companies to spend at least 2% of their preceding three-year annual average net profit on worthy corporate social responsibility projects in the course of a fiscal year. These norms, which came into effect from Fiscal Year 2014-2015, are binding upon corporates that either boast of a net worth of Rs. 500 crores or more, or a turnover of Rs. 1,000 crores or more, or a net profit of Rs. 5 crores.
What we at DEMPO are proud of is that both of our companies have gone beyond the statutory spend limit in corporate social responsibility.
What gives our CSR mission even more meaningful fulfilment is that as required by the relevant statute, our Group’s spends have been made mainly for the benefit of communities in Goa local to our operations.
Proving thereby that we are serious about earning and justifying the social licence to operate, as much as we are in earnest about going beyond the law!