annual-report-FY2021

260 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS (a) Auditors remuneration (Net of taxes where applicable) included in Legal and Professional charges are as below : Rupees crores Particulars 2021 2020 Statutory Auditors: Audit Fees.......................................................................................................................................................... 3.65 3.58 Other Services.................................................................................................................................................... 1.93 1.61 Reimbursement of expenses............................................................................................................................. 0.04 0.08 Total .................................................................................................................................................................... 5.62 5.27 Cost Auditors: Audit Fees.......................................................................................................................................................... 0.08 0.08 Total .................................................................................................................................................................... 0.08 0.08 (b) Corporate Social Responsibility As per section 135 of the Companies Act, 2013, the Company is required to spend 2% of its average net profit for the immediately three preceding financial years on CSR. Rupees crores Particulars 2021 2020 a) Gross amount required to be spent by the Company during the year based on 2% of average net profits................................................................................................................................................... 112.56 106.56 b) Adjustment for donation to PM CARES fund made in advance of the subsequent year’s CSR spend requirement (refer note below)............................................................................................................... (20.00) 20.00 c) Amount approved by the Board to be spent during the year.............................................................. d) Balance amount required to be spent during the year (a-b) 92.56 126.56 e) Amount spent during the year on: i) Construction/ acquisition of assets held by the Company............................................................. — — ii) On purposes other than above........................................................................................................ 92.78 126.59 Excess amount spent on CSR as per Section 135(5) of Companies Act, 2013: Rupees crores Particulars 2021 a) Opening Balance (refer note below)................................................................................................................................. 20.00 b) Amount required to be spent during the year................................................................................................................. 112.56 c) Amount spent during the year........................................................................................................................................... 92.78 d) Closing Balance (a-b+c). ...................................................................................................................................................... 0.22 Note: On 31 st March 2020, the Company donated Rs. 20.00 crores to the PM CARES Fund for Covid-19 in advance against the CSR spend requirement of the financial year 2020-21. As confirmed by Ministry of Corporate Affairs vide Circular dated 20 th May, 2021 allowing set off of the same against the spend requirement of financial year 2020-21 subject to meeting of certain conditions, the Company has complied with those conditions and accordingly considered the amount donated to PM CARES fund as amount spent towards the spend requirement of the current year 2020-21. Amount recognised as expense in profit or loss is Rs. 92.78 crores (2020 : 126.59 crores). (c) Donations given to New Democratic Electoral Trust Rs. NIL (2020 : Rs. 23.00 crores). (d) The foreign exchange gain (net) recognised in profit or loss is Rs. 30.28 crores (2020 : loss of Rs. 0.12 crores). (e) Short term lease expenses recognised during the year is Rs. 45.13 crores (2020 : Rs. 75.35 crores). 28. Other Expenses (contd.)