Wipro Ltd. spent a total of Rs 221.6 crore on its CSR activities in the financial year 2021-22. An excess of Rs. 85.6 Cr which was spent in the financial year 2021-22 is available for set-off, the company said in a statement.
Under the provisions of the Companies Act 2013, a company that fulfils certain criteria must spend at least 2% of its average net profit on CSR for three immediately preceding financial years on CSR activities.
The Company has fully utilized the amount required for Corporate Social Responsibility (CSR) and no unspent CSR amount shall be transferred to Fund specified in Schedule VII to the Companies Act or special account in compliance with the provision of sub-section (6) of Section 135 of the said Act.
An excess of Rs. 85.6 Cr which was spent in the financial year 2021-22 is available for set-off. “Considering that Rs. 85.6 Cr can be set off in a time frame of three immediately succeeding years, and according to the recommendation by the Board Governance, Nomination and Compensation Committee, the Board of Directors of your Company approved the set off the excess spend, in equal proportion, for next three financial years.”, the company said.
Wipro’s main areas of influence include education, children with disabilities, primary health care in disaster response and the community environment. It strives to achieve inclusive growth and equitable development in the United States through initiatives such as digital skills programs for students and STEM education. In addition, Wipro also provides its employees with the opportunity to volunteer and participate in community work.