NEW DELHI, Aug 15: Mahindra Satyam, the rechristened form of once scandal-hit Satyam Computer, will seek next month shareholders’ approval to increase the minimum charity contribution by its board of directors four-fold to Rs 20 crore a year.
In a notice to its shareholders for the upcoming Annual General Meeting on September 7, Mahindra Satyam has sought their approval for an annual contribution by its board of directors to charitable and other funds an amount of up to Rs 20 crore or five per cent of its three-year average net profit, whichever is higher.
The contribution would be made as part of the company’s Corporate Social Responsibility (CSR) to charitable and other funds, which are not directly relating to the business of the company or the welfare of its employees.
The shareholders, at their AGM in 2010, had approved a proposal for such contribution of up to Rs five crore or five per cent of the company’s three-year average net profit, whichever is higher between the two.
Satyam Computer became Mahindra Satyam (MSat) after its acquisition about three years ago by the Mahindra group in a government-monitored auction of the erstwhile IT firm, which once ranked as the country’s fourth largest software exporter. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel