The provisions of Section 135 of the Companies Act 2013 started applying to Multani Pharmaceuticals from 2018 onwards, as the company reported pre-tax profits of over five crores by the end of 31st March 2018
Our Chairman, Mr Pradeep Multani, believes in integrating social, environmental, and ethical responsibilities in the governance of businesses as it helps ensure long-term success, competitiveness, and sustainability. He claims that CSR makes business sense as companies with an effective CSR policy come to be perceived as socially responsible, which leads to customers preferring their products and services more than others.
Section 135 of the 2013 Act deals with mandatory CSR provisions. It states that compliance with CSR is mandatory if the company (whether private or public) meets any one of the following criteria:
Since Multani Pharmaceuticals Limited met the last criteria, it had to constitute a CSR committee with three or more directors. Excluding unlisted and private companies, at least one of the three directors in every committee has to be independent.
The CSR Committee of the Board of Multani Pharmaceuticals will review the policy from time to time, based on the changing needs and aspirations of the target beneficiaries, and make suitable modifications when necessary.
Our Board of Directors, our Management, and all our employees subscribe to the philosophy of compassionate care. We believe and act on an ethos of generosity and compassion, characterised by a willingness to build a society that works for everyone. This is the cornerstone of our CSR policy.
Multani Pharmaceuticals, as a responsible corporate entity, aims to supplement the role of the Government in bringing about sustainable development and enhancing societal welfare.
Our Chairman, Mr Pradeep Multani, will take on the role of the mentor, while the onus for the successful and time-bound implementation of the CSR activities/projects is on the CSR team. To measure the impact of CSR work, a social satisfaction survey/audit will be carried out by an external agency.
Multani Pharmaceuticals Limited shall forge collaborative partnerships with the Government, the District Authorities, the village Panchayats, NGOs, and other like-minded stakeholders. It will help widen the company’s reach and leverage the collective expertise, wisdom, and experience of all partners.