Year: 2017

Firms should use CSR funds for Ganga cleanup – Nitin Gadkari

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India Inc should undertake Ganga cleaning and river rejuvenation projects under their corporate social responsibility (CSR) programmes, road transport and water resources minister Nitin Gadkari said on Thursday.   Corporations can build ghats, crematoriums and adopt river development projects as the government is looking to enter into memoranda of understanding (MOUs) with the private sector, the minister said at PHD Chamber’s annual session here.   Section 135 of the Companies Act 2013 requires companies above a certain size to spend at least 2% of their average net profit for the immediately…

Supertron Foundation celebrates Diwali with underprivileged children from Kolkata

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What started as an amateur initiative spearheaded by V K Bhandari has today taken a professional shape under the Supertron Foundation and aims to leave a larger positive impact on the society and environment we live and operate in.   “God has given us two hands, one to receive with and the other to give with” – is the philosophy of V K Bhandari, CMD – Supertron Electronics. This year Supertron Foundation has organized ‘Food for All’, where it has arranged special launch for more than 250 underprivileged children in…

Govt planning for MTNL, BSNL revival

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The government is now mulling the idea of merging the wireless business of the MTNL with that of BSNL for the revival of state-owned, loss-making telecom firms. The wireless business of MTNL is very small – it provides services only in two circles, Delhi and Mumbai, and has a total subscriber base of just 0.36 million.   Though a merger of BSNL and MTNL has been on and off the government’s table for the last several years, this latest proposal of just merging the wireless unit of MTNL with BSNL…

Air India seeks Rs 1,500 cr short term loans

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Air India has sought proposals for short term loans worth Rs 1,500 crore to meet its “urgent” working capital needs, according to a document. This is the second time in over a month that the carrier has floated tenders for short tenure loans even as the government is working on the modalities for the stake sale. The Maharaja, which is surviving on taxpayers’ money, is battling multiple headwinds, including financial woes and stiff competition. In a document, Air India has said that it is looking for “government guarantee backed short…

NRL inks 15-year diesel export deal with BPCL

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Numaligarh Refinery (NRL), the Assam-based subsidiary of state-run Bharat Petroleum Corporation (BPCL) has inked a 15-year agreement with Bangladesh Petroleum Corporation (BPC) for exporting gas oil (off road diesel). In the process, the Miniratna PSU has become the first Indian company to sign a long-term fuel supply deal with Bangladesh.   The heads of the two entities inked the deal in the presence of external affairs minister Sushma Swaraj, who concluded her two-day visit to Bangladesh.   BPC will initially import up to a quarter million tonne per annum (MTPA)…

Government to infuse Rs 2.11 lakh crore into PSU banks

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The government has announced an unprecedented Rs 2, 11,000 crore plan for recapitalisation of the PSU (public sector undertaking) banks in a bid to push growth and create jobs. The Cabinet that met earlier in the day cleared the package. The Rs 2.11 lakh crore package will be spread over two years, Finance Minister Arun Jaitley said.   While Rs 1, 35, 00 crore will be in the form of front-loaded recapitalisation bonds, the remaining Rs 76,000 crore will be in the form of budgetary support. The nature of the…

Dell Inc. expects to invest nearly $14 million to support STEM education for underserved children

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As a part of its ongoing efforts to invest in a more diverse technology workforce, Dell Inc. expects to contribute $14 million in grants and technology donations to support future generations of STEM workers, in current fiscal year which ends February 3, 2018. Current donations made across Dell’s 71 youth learning partners globally are expected to bring technology education to more than 1.5 million underserved youth. With the expected contributions, a total of 4 million children will be impacted through Dell’s strategic giving programs, since 2014.   The U.S. Bureau of…

100 year old DGS&D to close down this month

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The nearly 100-year-old procurement arm of the Central government – the Directorate General of Supplies and Disposals (DGS&D) will close down on October 31, a senior official said.   The closure of the DGS&D, which traces its origin to London during the British raj, follows the government’s shift to the commerce ministry’s e-market platform (GeM) set up last year for public procurement of goods and services.   About 1,100 of its employees are being shifted to different departments including income tax, while the senior officers are likely to be accommodated in…

SpiceJet to electrify village in Assam under CSR

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As part of its CSR initiative, SpiceJet has taken up the responsibility to light up a village in Assam. The airline aims to provide sustainable energy access through solar microgrid to the people during a period of 75 days.  “As part of the initiative, SpiceJet will set a ‘Solar Microgrid’ on site which will help to electrify approximately 70 households, 1 school, 1 anganwadi and 2 temples, areas, besides the street lighting. The entire project is expected to be executed in around 75 days.” Speaking on the initiative, CMD Ajay Singh…

160 Companies to Face Penal Action for CSR Violations

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Penal action will be initiated against 160 firms for failing to comply with CSR norms under the companies law, according to Union minister P P Chaudhary.   The minister of state for corporate affairs also asserted that the government does not interfere with regard to allocation of CSR funds by firms while compliance is monitored by way of mandatory disclosure requirements under the Companies Act, 2013.   Under the Act, a certain class of profitable entities is required to shell out at least 2 percent of their three-year annual average…