AM FOUNDATION (AMF) [earlier known as AM Corporate Social Responsibility Foundation (AMCSRF)] , the Corporate Social Responsibility (CSR) arm of the Ashwin Muthiah controlled AM International, was formed on August 13, 2015 , to undertake corporate social responsibility activities of seven of its Member Corporates namely,
(1) Manali Petrochemicals Limited,
(2) SICAGEN India Limited,
(3) Greenstar Fertilizers Limited,
(4) AMI Holdings Private Limited,
(5) Bengal Auto Parts Private Limited,
(6) Tamilnadu Petroproducts Limited and
(7) Mercantile Ventures Limited
with a total share capital of Rs.1 lakh and promote projects for a social cause.
Section 135 of the Companies Act, 2013, inter alia, provides for companies having net worth of rupees five hundred crore or more or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more in a financial year to spend at least 2% of the average net profits of last (preceding) 3 years for the company’s Corporate Social Responsibility (CSR) policy. In case the said amount is not spent, the reasons for not doing so are to be disclosed in the Board’s Report. Activities which may be included in the CSR policy by the companies are specified in schedule VII of the Companies Act, 2013. Section 135 along with Schedule VII and corresponding Corporate Social Responsibility Policy Rules have been notified on 27.02.2014 and have come into effect from 1st April, 2014.
Objects to be pursued by the Company are:
To undertake Corporate Social Responsibility activities pursuant to section 135 of the Companies Act, 2013 and relevant Rules made there under from out of the contributions received from members, their associates / subsidiaries / holding companies constituting CSR and from others who are not members, whether individuals / bodies corporate / other entities in order to achieve the objects of the Company, whether such contributions are in the nature of CSR obligations or not and to undertake various activities for service to the society at large, to all irrespective of caste, religion, sex or any other discrimination and in particular all or any of the following
Eradicating hunger, poverty and malnutrition (promoting primary health care) and sanitation including contribution to Swachh Bharat Kosh set up by Central Government for the promotion of sanitation.
Promoting education including special education and employment enhancing vocational skills, especially among children, women, elderly and the differently abled and livelihood enhancement projects;
promoting gender equality and empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by the socially and economically backward groups;
ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water;
Such other activities as may be prescribed under Schedule VII to the Companies Act, 2013 from time to time, except that the company shall not support with its funds, or endeavor to impose on, or procure to be observed by its members or others, any regulation or restriction which, as an object of the company, would make it a trade union.