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(ACADEMIC YEAR – 2010-11)



SEAT NO. 1234


Deonar, Mumbai 400 088.

I hereby certify that ---------------------
Of Bhavna trust’s Degree College of Science & Commerce of TYBMS(Sem-V) has
successfully completed project on
------------------------------------------------------------------ in the academic year 2010-
2011. The information submitted is true and original to the best of my knowledge.

Signature of Principal Signature of project

Name & sign. of BMS Course

Co-ordinator Name & sign.of External Examiner


I, SAGAR. A. SATHE student of TYBMS 2009-2010 studying at
& MAHINDRA CO. LTD” was carried by me in the partial fulfillment of BMS
program under the University of Mumbai for the academic year 2010-2011.

This project was undertaken as a part of academic curriculum
according to the university rules and norms and it has not commercial interest and
motive. It is my true and original work.

Date: -


Y. ACKNOWLEDGEMENT It gives me immense pleasure to present this project report on Cooperative Responsibilities carried out at MAHINDRA & MAHINDRA CO. I would like to thank MRS.S. S. . Signature of the Student SAGAR. Ltd. S. M. A.M. SHIVJYOTHI In charge of TYBMS for their valuable advice and guidance during my project Completion) for timely help concerning various aspects of project. SATHE T. B. in partial fulfillment of graduate course B. S. R.



Introduction 2. Definition 3. Objective of Study Methodology of Data Collection 12. and it’s responsibilities 11. Limitations of Study CHAPTER-1 .1. Why CSR is so important? 8. Determinants of CSR 7. Mahindra co. Need of CSR 6. Introduction of Mahindra co. 10. Challenges of CSR 9. Historical definition 4. Features of CSR 5.

With the given understanding that businesses have a key role of job and wealth creation in society. . which means kinds of responsibility of the organization towards the society. It is an evolving concept which is yet to command a standard definition or a fully recognized set of criterion. INTRODUCTION OF CSR INTRODUCTION OF CSR :-> CSR is stands for Cooperative Social Responsibity.

. or an attempt to pre-empt the role of governments as a watchdog over powerful multinational corporations. social performance. planet. CSR is the deliberate inclusion of public interest into corporate decision-making. after many multinational corporations formed. consumers. meaning those on whom an organization's activities have an impact. The goal of CSR is to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment. environment and social imperative while they address the exception if shareholders and stakeholders. regardless of legality. and voluntarily eliminating practices that harm the public sphere. The term "corporate social responsibility" came in to common use in the early 1970s. CSR policy functions as a built-in. Proponents argue that corporations make more long term profits by operating with a perspective. Corporate social responsibility ("CSR" for short. self-regulating mechanism whereby business monitors and ensures its active compliance with the spirit of the law. while critics argue that CSR distracts from the economic role of businesses. and international norms. It is generally accepted that business firms have so vial responsibilities that extend well beyond what in the past was commonly referred to simply as the business economic function. communities. and the honouring of a triple bottom line: people. profit. employees. ethical standards. was used to describe corporate owners beyond shareholders as a result of an influential book by R. and also called corporate conscience. CSR generally understood to be the way an organization achieve a balance between economic. Furthermore. Others argue CSR is merely window-dressing. stakeholders and all other members of the public sphere. Strategic management: a stakeholder approach in 1984. or sustainable responsible business) is a form of corporate self-regulation integrated into a business model. Edward Freeman. The term stakeholder. citizenship. CSR-focused businesses would proactively promote the public interest by encouraging community growth and development.

The UN has developed the Principles for Responsible Investment as guidelines for investing entities. the triple bottom line. Corporate social responsibility (CSR) has variously been described as a ‘motherhood issue’. Corporate social responsibility (CSR) of companies has become a subject of much debate. ranging from the simplistic to the complex. ISO 26000 is the recognized international standard for CSR (currently a Draft International Standard). Despite this. corporate citizenship. Public sector organizations (the United Nations for example) adhere to the triple bottom line (TBL). including ‘corporate sustainability. I had been unable to understand what exactly companies are supposed to do as their CSR. socially responsible investment. corporate social investment. Development business ethics is one of the forms of applied ethics that examines ethical principles and moral or ethical problems that can arise in a business environment. There seems to be an infinite number of definitions of CSR. It is widely accepted that CSR adheres to similar principles but with no formal act of legislation. and a range of associated terms and ideas (some used interchangeably). ‘the hot business issue of the naughtiest’ and ‘the talk of the town in corporate circles these days’. It has been suggested that ‘some…researchers…distort the definition of . Is it philanthropy and charity? Is it social and humanitarian work or protecting the environment? Is it undertaking public service tasks which normally government should be doing? Or is it all of these? I believe that the CSR of a company should be undertaking all actions as would maximize the probability of its long-term survival and sustained growth. CSR is titled to aid an organization's mission as well as a guide to what the company stands for and will uphold to its consumers. business sustainability and corporate governance’ (Prime Minister's Community Business Partnership).

South Africa. An approach for CSR that is becoming more widely accepted is community-based development approach. corporations work with local communities to better themselves. In this approach.corporate social responsibility or performance so much that the concept becomes morally vacuous." . For example. For instance. Another approach to abcd CSR is to incorporate the CSR strategy directly into the business strategy of an organization. social exclusion and environmental degradation’. A more common approach of CSR is philanthropy. is an attempt to promote these activities in India. whereas community-based development generally leads to more sustainable development. JIDF For You. and utterly unrecognizable’. "Fairtrade fits very strongly into our commitment to our communities. This includes monetary donations and aid given to local organizations and impoverished communities in developing countries. or CSR may be regarded as ‘the panacea which will solve the global poverty gap. Some organizations do not like this approach as it does not help build on the skills of the local people. In Flower Valley they set up an Early Learning Centre to help educate the community's children as well as develop new skills for the adults. conceptually meaningless. The majority of these CSR projects are established in Africa. procurement of Fair Trade tea and coffee has been adopted by various businesses including KPMG. the Shell Foundation's involvement in the Flower Valley.guaranteeing regular fair trade purchases. Its CSR manager commented. Often activities companies participate in are establishing education facilities for adults and HIV/AIDS education programmes. Marks and Spencer is also active in this community through the building of a trade network with the community .

or CSV. All companies have to ensure that their activities do not adversely affect the environment. . like forests or ground water is a case in point. ethical. Recovery of heat or minerals from flue gases or effluents reduces pollution and the consumption of scarce resources. This is called Creating Shared Value. a comparison can be drawn and a strategy developed for competition with CSR initiatives. sustainable resources and adept government to compete effectively. A business needs a healthy. Todays managers must also consider & weigh the lehgal. Depletion of natural resources. Atmospheric pollution affects the health of people and so must be minimized. In earlier times the managers in most cases had only to concern themselves with the economic results of their decisions. Another approach is garnering increasing corporate responsibility interest. The shared value model is based on the idea that corporate success and social welfare are interdependent. After a comprehensive study of competitor strategy and an internal policy review performed. moral & repercussion of each of their decisions. educated workforce. Laws relating to the environment should be observed both in letter and in spirit. while saving money.


“Corporative Social Responsibility is the continuity commitment by businesses to behave ethical and contribute to economic development while improving community and society at large”. ------------------------------------------------------------------------------------------ • The World Business Council for Sustainable Development in its publication "Making Good Business Sense" by Lord Holme and Richard . ------------------------------------------------------------------------------------------ • According to Wood. ------------------------------------------------------------------------------------------- • According to Lord Holme & Richard Watts defines CSR as. ----------------------------------------------------------------------------------------- • In the year 1953 the Bowen has said that “to pursue those policies and to make those decisions or to follow those lines of actions which are desirable in terms of objectives & values of society. Many authorized peoples have defined CSR in their way are as follow – • Corporate social responsibility is operating a business in manner which meets or excels the ethical. commercial & public expectation that society has from business. The CSR is the most important concept for leading business in competitive world and to follow that many definition has been introduce in market followed it. “the basic idea of corporate social responsibility is that businesses and society are interwoven rather than distinct entities. legal.

communities. It is designed to deliver sustainable value to society at large. -------------------------------------------------------------------------------------------- • European Commission A concept whereby CSR companies decide voluntarily to contribute to a better society and a cleaner environment. human rights. consumer protection. and the environment around the world. labour protection. human resources management practices. communities. • Business for Social Responsibility America’s largest organisation devoted to CSR. as well as to shareholders. Usually CSR concentrates on the activity that typically address the aspects of a firms behavior (including its policies & practices) with respect to such key elements as health & safety. used the following definition. business ethics & stakeholders rights. and the environment. Business decision making linked to ethical values.Watts. -------------------------------------------------------------------------------------------- • Prince of Wales Business Leaders Forum Open and transparent business practices that are based on ethical values and respect for employees. environmental protection. -------------------------------------------------------------------------------------------- • Anonymous respondent to an Accountancy Ireland survey CSR is ‘doing the right thing even when no-one is looking’. "Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large". suppliers relations. compliance with legal requirements. corporate governance community development. . and respect for people.



political and social developments. The impact of globalisation and mass communication also means that while definitions will reflect local 3 situations. they will also be strongly influenced by global trends and changes in international law. or to follow those lines of action which are desirable in terms of the objectives and values of our society’. Others have argued that the genesis of CSR was in the 1930s with the debate between AA Berle and E Merrick Dodd over the role of managers. corporate citizenship and rudimentary stakeholder theory. Bowen took a broad approach to business responsibilities. In 1953. Merrick Dodd contended ‘that the powers of corporate management are held in trust for the entire community’. The fact that the terminology itself has changed over this time also suggests that the meaning ascribed to concepts such as CSR will continue to evolve in tune with business. . including responsiveness. social audit. stewardship. Carroll has described Bowen as the modern ‘Father of Corporate Social Responsibility’ and believes that his work marks the beginning of the modern period of literature on CSR.HISTORICAL DEFINITON :-> While the term CSR may appear to be relatively new to the corporate world. 1920s – 1950s It has been suggested by Windsor that ‘business leaders have since the 1920s Widely adhered to some conception of responsibility and responsiveness practices’. the literature reveals that the evolution of the concept itself has taken place over several decades. to make those decisions. Bowen conceptualised CSR as social obligation – the obligation ‘to pursue those policies.

However. While Drucker believed that management’s first responsibility to society involved making a profit. Davis’s assertion that ‘some socially responsible business decisions can be justified by… having a good chance of bringing long-run economic gain to the firm. . He suggested that some of the most prominent writers during that time were Keith Davis. Frederick wrote that ‘Social responsibility in the final analysis implies a public posture toward society’s economic and human resources and a willingness to see that those resources are used for broad social ends and not simply for the narrowly circumscribed interests of private persons and firms’. William C Frederick and Clarence C Walton. state what CSR means’. thus paying it back for its socially responsible outlook’ is an interesting precursor 4 to contemporary debates about the financial implications of CSR. In 1960. Davis’s later assertion that ‘The substance of social responsibility arises from concern for the ethical consequence of one’s acts as they might affect the interests of others’ introduces the notion of business ethics to CSR. including public responsibility as one of the eight key areas for business objectives developed in his 1954 book. Clarence C Walton emphasized that ‘the essential ingredient of the corporation’s social responsibilities include a degree of voluntarism. Joseph W McGuire. an argument that business continues to put forth today. The Practice of Management. Carroll believed that this decade ‘marked a significant growth in attempts to formalize. 1960s The literature of the 1960s is not heavily represented in CSR discourse.Peter Drucker was one of the first to explicitly address CSR. Walton also counselled ‘the acceptance that costs are involved for which it may not be possible to gauge any direct measurable economic returns’. as opposed to coercion’. ‘he felt it was also most important that management consider the impact of every business policy and action upon society’. or more accurately.

in effect. related to societal expectations. there were other evolving views about the role of business in CSR. Business is being asked to assume broader responsibilities to society than ever before and to serve a wider range of human values. The Committee described CSR as being ‘related to products. are being asked to contribute more to the quality of American life than just supplying quantities of goods and services. its future will depend on the quality of management’s response to the changing expectations of the public’. jobs and economic growth. who concluded that Friedman’s arguments were unsound and his views unclear. It is useful to include the quotation here because it is such a business-centric view and is one end of a continuum that is still being debated today in terms of CSR: There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game. and Oketch. who suggested that ‘Today. when . engage in open and free competition. Inasmuch as business exists to serve society. Friedman’s view has continued to be debated over the decades. many would not be comfortable with such a profit-oriented statement’. which is to say. Business enterprises. The US Committee for Economic Development’s (CED)1971 model of CSR reveals that despite Friedman’s pronouncement. for example McAleer. and related to activities aimed at improving the social environment of the firm’.1970s The literature on CSR includes many references to Milton Friedman’s ‘minimalist’ view of corporate responsibility and his famous comment in 1970 . Carroll describes the CED’s model 5 as ‘a landmark contribution to the concept of CSR’ which illustrated the changing relationship between business and society. without deception or fraud. The relationship between business and society was being questioned at a time when the United States was embroiled in the social and political protests of the civil rights and peace movements.

social responsibility (congruent with societal norms). Insofar as the business system as it exists today can only survive in an effectively functioning free society. Business therefore abrogates its responsibility to government and the wider society. public responsibility. Eells and Walton’s discussion of CSR could perhaps be seen as moving toward the issue of social licence that was to emerge more fully nearly thirty years later. Wallich expanded the debate about voluntarism versus coercion by equating CSR with the freedom to be a free agent: I take responsibility to mean a condition in which the corporation is at least in some measure a free agent. the corporation exercises no responsibility when it implements them. In its broadest sense. 1980s . In 1974. anticipatory and preventive)’. Early research studies on CSR conducted in the 1970s included Bowman and Haire’s measurement of corporate involvement in CSR. Sethi’s three tiers were ‘social obligation (a response to legal and market constraints). public service. the concept of corporate social performance is discussed.issues such as ‘human values’ and morality were being publicly debated. corporate citizenship. The headings they used included ‘corporate responsibility. and distinctions made between various corporate behaviours. Their research used a variant of content analysis to measure the number of lines covering social responsibility in company annual reports. and social responsiveness’. social responsibility. To the extent that any of the foregoing social objectives are imposed on the corporation by law. corporate social responsibility represents a concern with the needs and goals of society which goes beyond the merely economic. In Sethi’s 1975 three-level model. and social responsiveness (adaptive. social action. This would also have impacted on corporate America. the corporate social responsibility movement represents a broad concern with business’s role in supporting and improving the social order.

A prominent development in terms of CSR was the global debate on sustainable development that emerged in this decade. Carroll outlined the work of a number of researchers.The 1980s have been described as having ‘a more responsible approach to corporate strategy’ (Freeman in Lucas. Freeman saw ‘meeting shareholders’ needs as only one element in a value-adding process’ and identified a range of stakeholders (including shareholders) who were relevant to the firm’s operations. ‘the focus on developing new or refined definitions of CSR gave way to research on CSR and a splintering of writings into alternative concepts and themes such as corporate social responsiveness. CSP. and stakeholder theory as the ‘dominant paradigm’ in CSR. Wollin & Lafferty 2001. In 1987 the World Commission on Environment and Development (WCED) published the Brundtland Report. who ‘posited that CSR ought to be seen not as a set of outcomes but as a process’. Carroll believes that in the 1980s. ‘Our Common Future’. business ethics. including Jones. Prominent was the work of R Edward Freeman on the emerging Stakeholder Theory. p. public policy. and Tuzzolino and Armandi who ‘sought to develop a better mechanism for assessing CSR by proposing a need-hierarchy framework patterned after Maslow’s’. The authors developed the organisational hierarchy as a conceptual tool that could be used to assess socially responsible organizational performance. The World Conservation Strategy that was published in 1980 stressed the interdependence of conservation and development and was the first to conceptualise ‘sustainable development’ . 150). and stakeholder theory/management’. Freeman’s 1984 paper continues to be identified as a ‘seminal paper on stakeholder theory’. The 7 report states that ‘Sustainable development seeks to meet the needs and aspirations of the present without compromising the ability to meet those of the future’ (World .

An important emphasis in her model was on outcomes or performance’. but used the CSR concept ‘as the base point. If it could be demonstrated that they were. legal. building block. . ethical. An important contribution to the literature was made by Wood in 1991 when she revisited the CSP model and ‘placed CSR into a broader context than just a standalone definition. with economic responsibilities at the base and philanthropy at the apex. and corporate citizenship were the major themes that took center stage in the 1990s’. as ‘economic. 1990s The literature of the 1990s has not so much expanded the definition of CSR. this would be an added argument in support of the CSR movement. it recognizes that the problems of poverty and underdevelopment cannot be solved unless we have a new era of growth in which developing countries play a large role and reap large benefits. business ethics theory.Commission on Environment and Development 1987). but it is interesting from the viewpoint of the CSR debate that most authors to not seem to quote the next sentence from the report: Far from requiring the cessation of economic growth. This early definition of sustainable development is often quoted. are discussed in depth in the literature. The CSP framework developed by Wood and the pyramid of responsibilities developed by Carroll. (World Commission on Environment and Development 1987) The report clearly links sustainable development with economic growth and sets the direction for future debate on this issue. Carroll. stakeholder-theory. CSP. and discretionary’. or point-of-departure for other related concepts and themes. many of which embraced CSR-thinking and were quite compatible with it. Carroll identified the 1980s as the period when ‘scholars were becoming interested in the question of whether socially responsible firms were also profitable firms. and Hatfield’s 1985 study of the relationship between CSR and profitability ordered the priorities of four components of CSR previously identified by Carroll. Aupperle. Although we have seen examples of earlier work that touched on the issue of CSR and financial profit.

including Carroll (1999) and Windsor (2001).

Swanson (1995) suggested that there were three main types of
motivation for CSR:
i. The utilitarian perspective (an instrument to help achieve
performance objectives);
ii. The negative duty approach (compulsion to adopt socially responsible
initiatives to appease stakeholders); and
iii. The positive duty view (businesses self-motivated regardless of social
pressures) (Swanson in Maignan & Ralston 2002).
Wood also identified three main types of processes used by businesses to
implement their CSR motivational principles: environmental
management, issues management and stakeholder management.
‘Once implemented throughout the organization, these processes
help the firm to keep abreast of, and to address successfully, stakeholder
demands’. However, this may be a somewhat simplistic view of CSR and
relationships with stakeholders. It is also a view that was overtaken in
the 90s by a broadening discussion of the concept of stakeholder, and
whether ‘the first priority of a corporation is to its shareholders’ or
whether policymakers should develop ‘a flexible multistakeholder
approach to promoting CSR’, as Aaronson suggests has occurred in
Britain in response to concern about global corporate responsibility.
Even within the group that O’Rourke has described as the ‘primary’
stakeholders – the shareholders – ‘the boundary zone of CSR is
currently being negotiated’ with companies.
O’Rourke writes that: A trend also noteworthy in the late 1990s was
that of shareholder activists linking their environmental or social issue to
financial performance and/or risks faced by the company. By claiming
environmental and social issues have a direct effect on shareholder
value, shareholder activists are moving the rhetoric of their activism out
of the realm of “ethics” or good versus bad behaviour, and into that of
traditional issues of profitability, risk and shareholder value.

An example of shareholder activism is the group BHP
Shareholders for Social Responsibility, which was formed in 1994 as a

result of shareholder concerns about environmental damage done by the
company in Papua New Guinea. The group has concerns about
environmental, social and economic issues and has actively
engaged BHP Billiton management about its concerns (BHP
Shareholders for Social Responsibility). Similar advocacy groups have
been formed in Australia for shareholders of Boral Green, Gunns, and

Global influences on CSR continued in the 1990s as the roles of business
and government continued to blur. In 1997, Solomon wrote that ‘now
that businesses are often the most powerful institutions in the world, the
expanse of social responsibility has enlarged to include areas formerly
considered the domain of governments…The more powerful business
becomes in the world, the more responsibility for the wellbeing
of the world it will be expected to bear’ .

Writing in 1999, as the new millennium approached, Carroll suggested
that, ‘the CSR concept will remain as an essential part of the business
language and practice, because it is a vital underpinning to many of the
other theories and is continually consistent with what the public expects
of the business community today’.

Corporate Social Responsibility in the 21st Century
If the issue of CSR came to public prominence as a result of highly-
publicised events such as the collapse of Enron and the James Hardie
asbestos scandal in Australia, how have these concerns been addressed
in the literature of the new century? The debate about the place of CSR
in the global economy continues, with writers such as Scherer and Smid
echoing Solomon’s opinion that multinational corporations ‘should
take responsibility for the improvement of world-wide social and
environmental conditions’.
Windsor takes this point further by investigating examples of
Western oil production projects currently operating in a number of
war-torn, impoverished African states that are noted for corruption and
human rights abuse. James Buckee, the CEO of one of these companies,
is quoted as saying that ‘it is socially responsible for a corporation to

invest in certain places that some elements of popular opinion find
objectionable’. Clearly this illustrates Windsor’s conclusion that ‘There
are fundamental differences of opinions and values in the global
economy’. Oketch’s simplistic contention that ‘there is need to ensure
that the global market operates according to a certain set of rules and
institutions that a majority of people see as being legitimate’ raises more
questions than it answers.
As well as the development of global business, recent literature
appears to be moving away from a US-dominated discourse to a more
international one. Academics such as Maignan and Ralston – CSR in
France, the Netherlands and the UK; Aaronson – UK; Perrini et al –
Italy; and Lucas et al – Australia have extended the debate to other
countries, as well as comparing national perceptions of CSR and the
role of business in society. Significant international developments that
have influenced this move include the appointment of a UK Minster for
Corporate Social Responsibility in March 2000; the release of the
European Commission’s Green Paper, Promoting a European
Framework for Corporate Social Responsibility; and the United Nations
Global Compact regarding human rights, labour and the environment.
Such developments are also reflected in the literature, where the linkage
between government and CSR has been explored.
Corporate Social Responsibility and Financial Implications
The issue of CSR and its effects on financial performance continued to
be addressed in the literature. Windsor quotes the 1998 findings of
Verschoor, that ‘among the 500 largest US public corporations, the
26.8% committing in annual reports to ethical behaviour toward
stakeholders or compliance with corporate code of conduct have
higher financial performance measures than other firms that do not’.
However, this is a very narrow measurement of CSR and does not allow
for the fact that companies such as Enron can engage in philanthropy
while being guilty of moral misconduct. Windsor suggests that ‘The
Enron collapse is a reminder that such deviation [between responsibility
and wealth] is never far away in the increasingly competitive landscape
of global business operations’.
He believes that there has been ‘A marked tendency in the

relevant literature…to examine alternatives – such as citizenship or stakeholder management – precisely because of the difficulties inherent in the responsibility construct’. ‘Definition. helps to mitigate the impact of those negative events by reducing the likelihood that stakeholders attribute blame to the company concerned’. . In a discussion about the business case for CSR. that CSP actually reduces financial risk and that organisations of all size may benefit financially from socially responsible activities. Hopkins suggests that while it is difficult to prove a causal link between CSR actions and financial indicators. an in-depth benefit-cost analysis of CSR by the Cooperative Bank of the UK ‘declared that between 15 and 18% of its pre-tax profits could be directly attributed to its ethical stance’. The authors suggested that ‘Social investment. McWilliams and Siegel postulated that ‘there is some level of CSR that will maximize profits while satisfying the demand for CSR from multiple stakeholders. measurement and data problems exist for assessing both social responsibility and financial performance’. Of course. Orlitzky argues that his research shows a positive correlation between corporate social performance (CSP) and corporate financial performance. He concluded that ‘the public’s purchasing of shares was still not greatly affected by the companies’ level of social responsibility [but]…that CSR standing does not necessarily badly affect a company’s share price’. by establishing a positive reputation in the eyes of stakeholder groups. share market price is only one measure of profitability and the narrowness of Hopkins’ research supports his contention that. The ideal level of CSR can be determined by cost-benefit analysis’. examining the correlation between social responsibility and their stock market performance. Another aspect of investment in CSR that has financial implications is what Brammer and Pavelin have termed ‘insurance-motivated social investment’. In terms of corporate financial investment in CSR. a risk-management strategy aimed at reducing reputational and financial losses caused by adverse stakeholder reaction to negative events. Hopkins undertook a study of the top UK companies.

and how should it be measured? Nevertheless. he disputes this view of the high-tech industry as a top environmental performer. Mattera points out that high-tech firms. In a recent analysis of Business Ethics magazine’s ‘100 Best Corporate Citizens for 2006’. is whose morality/ethics? Ryan asks ‘who should be the judge of a company’s reputation’. make up seven of the ‘top’ eleven companies. citing concerns about its creation of toxic waste sites. the wastage generated by obsolete hardware. an increasing number of writers are raising the issue of moral/ethical responsibility as an identifiable aspect of CSR. The difficulty in discussing moral/ethical responsibility. Joyner and Payne identified a time lag between socially responsible behaviour by a company and financial gain. while others speak in terms of degrees. the ability to show that ethical and socially responsible behaviour can boost financial results might provide the impetus for real change in many organizations’. …in this less-than-perfect-world…. In a discussion of Shareholder Theory versus Stakeholder Theory. such as Hewlett-Packard. of course. However. Post contends that ‘Implementing management principles derived from Stakeholder Theory will broader and enhance the moral quality of decisions. practices within and across corporate boundaries may vary. and workplace exposure to toxic chemicals. In this age of multi-facetted international corporations. having management serve only the interests of the shareholder or itself is morally untenable’. In the modern era. some lobbyists talk in terms of absolutes. and comment that although ‘in a perfect world such studies would not be necessary. where success for business is measured almost exclusively by financial performance. In their study of business ethics and CSR. Corporate Citizenship and Moral/Ethical Responsibility One of the complexities of CSR is that in defining what it means to be a ‘good’ corporate citizen. Mattera categorises the divergency between Wal-Mart’s environmental reforms and its retrograde labour policies as symbolising was he sees as ‘the selective business ethics that prevail today’. . They have called for larger longitudinal studies of this linkage over a five-ten year period. The linkage between CSR and corporate morality has also been explored by Richards and Maignan and Ralston.

The concept of ‘social licence’ is an abstract one. The websites of the Association of Market & Social Research Organisations and the Mineral Policy Institute suggest that these organisations interpret ‘social licence’ as the Government allowing them to operate. with the attendant rights and responsibilities. The Minerals Council of Australia has expanded on this statement: The Australian minerals industry is committed to developing its social licence to operate as a complement to the regulatory licence issued by government. Sergeant 2005) Social licence is not a licence to avoid government regulation. Matilda Minerals has stated that. but rather upon the degree to which a corporation and its activities are accepted by local communities. ‘The “social licence to operate” is a compliment [sic] to the regulatory licence issued by government’. corporations have a social licence to operate’.Social Licence A recent addition to the vocabulary of CSR is the concept of ‘social licence’. ‘In this sense. triple bottom line. This is understandable in a corporate world grappling with varying degrees of success with a range of concepts such as CSR. in fact it has been described as a way of operating ‘beyond compliance’. the wider society. it is critical that corporations understand and embrace this relationship with the broader society in which they operate. Thus corporations are allowed the right to operate provided they fulfil their duties by providing benefits to society. Sweeney compares society’s treatment of corporations with its treatment of persons. and more broadly society. To the minerals industry ‘social licence to operate’ is about operating in a manner that is attuned to community expectations and which acknowledges that businesses have a shared responsibility with government. Gunningham et al offered the following description: … social licence…is based not on compliance with legal requirements (although breach of these requirements may jeopardise the social licence). Simply defined the ‘social licence to operate’ is an unwritten social contract… . or a way of operating that will allow companies to avoid regulation (Evans 2001 . the interpretation of which varies. and socially responsible investment. However. and various constituent groups. to help facilitate the development of strong and sustainable communities.

Wheeler et al provide further comment on these examples in their discussion of CSR and a stakeholder approach to the creation of value. Overall it comes from striving for relationships based on honesty and mutual respect. moving beyond meeting basic legal requirements. These examples include Monsanto’s failure to appreciate the European consumer backlash against genetically modified food and the perception of Nike as an exploiter of labour in impoverished countries.Similarly. While the above are examples of corporate commitment to social licence. the literature also provides examples of the ‘corporate misreading’ of the terms of their social licence’. • Creating the good relationship between customers & firm. • Improvement of responsibilities towards the employees. • Improving the company status in the market. towards developing and maintaining the constructive relationships with stakeholders necessary for business to be sustainable. the Ministerial Council on Mineral and Petroleum Resources defines social licence as: …the recognition and acceptance of a company’s contribution to the community in which it operates. . FEATURES OF CSR :-> • Increasing inconsistencies between corporate actions. Both situations led to damage to brand image and necessitated corporate restructuring. which ‘caused a broader corporate rethink’.

CHAPTER-1 NEED OF CSR .• Helping to solve the social problem.

therefore. which clearly constructs and upholds a organization’s social responsibility.  The CSR is beneficial for clearly establishes the stake of a business organization in the good health and well being of a society of which it is a part. customers of any product or services are unlikely to feel satisfied in buying from an organization that is seen to violate the expectations of what is deemed to be ethically and socially responsible behavior. . require the enterprise to provide returns to society as well. which must.  Most importantly in this age of widespread communication and growing emphasis on transparency. requiring an adequate financial return on investments made. arises form the fact that a business enterprise derives several benefits from society. in reality the operations of an enterprise need to be driven by a much larger set of objectives that are today being defined under the term CSR.  The CSR is important for broad rationale for a new set of ethics for corporate decisions making.NEED OF CSR :->  While the interests of shareholders and the actions of managers of any business enterprise have to be governed by the laws of economics.

 The CSR now a days becoming increasingly evident that organizations that pay genuine attention to the principles of socially responsible behavior are also finding favor with the public and are the preferred choice for their goods and services. .




The CSR is very important to provide the good services to their customers and other surrounding peoples. Given the significance of corporate social responsibility in corporate decision making the relationship between a firm’s social and ethical policies or actions and its financial performance is an important topic. IMPORTANCE OF CSR :->  The CSR is important to improve the financial performance of firm :-> The management literature has acknowledged social responsibility as an important corporate duty. By maintaining good relation with the people leads to increase the business activity with the demand.  To increase attractiveness of investors :-> The CSR helps to the company to earn huge profit by maintaining CSR among their members and surrounding people.  It helping to reduce cost :-> The CSR is helping to the customers to reduce the cost of good and services in many ways.  Heightened public creditability :-> In this regard the number of companies is maintaining their public relationship for inventing their business status good in the people’s eyes. .

 Decrease risk of adverse publicity. It helps to identify the potentiality of the liability.  Improve organization effectiveness.  Improve overall management :-> The CSR improving the whole department wise management of the organization. Improve relationship with stakeholders :-> Good public relation among the members helps the business to maintain their goodwill in the market.  Market place advantage :-> The CSR helps at the market place for set-up the good business.  Early identification of potential liability :-> The CSR is important to identify the public demand towards the companies activities. .


This is because of the fact that there exists little or no knowledge about CSR.  Need to build local capacities There is a need for capacity building of the local non governmental organizations as there is serious dearth of trained and efficient organizations that can effectively contribute to the ongoing CSR activities initiated by companies. impact assessment and utilization of funds. . audit issues.  Issues of transparency Lack of transparency is one of the key challenge for the corporate as there exists lack of transparency on the part of the small companies as they do not make adequate efforts to disclose information on their programmed.CHALLENGES OF CSR :->  Lack of awareness of general public in CSR activities There is a lack of interest of the general public in participating and contributing to CSR activities of companies.  Non-availability of well organized non-governmental organizations There is non-availability of well organized non governmental organizations in remote and rural areas that can assess and identify real needs of the community and work along with companies to ensure successful implementation of CSR activities. The situation is further aggravated by a lack of communication between the companies involved in CSR and the general public at the grassroots. This negatively impacts the process of trust building among the companies which is key to the success of any CSR initiative. This seriously compromises scaling up of CSR initiatives and subsequently limits the scope of such activities.

This factor limits company’s abilities to undertake impact assessment of their initiatives from time to time. corporate find it hard to decide whether they should participate in such activities at all in medium and long run. In other words. This lack of consensus often results in duplication of activities by corporate houses in areas of their intervention. they often miss out on meaningful grassroots interventions. As a result.  Lack of consensus on implementing CSR issues There is a lack of consensus amongst implementing agencies regarding CSR projects. This apparent influence of gaining visibility and branding exercise often leads many non-governmental organizations to involve themselves in event- based programmers in the process. The scale of CSR initiatives of companies should depend upon their business size and profile. This results in a competitive spirit between implementing agencies rather than building collaborative approaches on issues.  Narrow perception towards CSR initiatives Non-governmental organizations and Government agencies usually possess a narrow outlook towards the CSR initiatives of companies. . Visibility factor The role of media in highlighting good cases of successful CSR initiatives is welcomed as it spread good stories and sensitizes the population about various ongoing CSR initiatives of companies. the larger its CSR programmed. often defining CSR initiatives more as donor-driven.  Non availability of clear CSR guidelines There are no clear cut statutory guidelines or policy directives to give definitive directions to CSR initiatives of companies. the bigger the company.


manufacturers and market tractors as well as farm implements. Mahindra & K.Mahindra joined hands with Ghulam Mohammad & Mohammad was set up as a franchise for assembling Jeep from Willys (U. At the beginning time this company was introduced first Indigenous Jeep in the year 1949 in market and then this company proceeds with new brands vehicles. It designs. Manufacturer tractors for the growing Chinese market and is a hub for tractor exoports to the USA and other nation.PROFILE OF THE COMPANY Mahindra is one of the leading business group of India. Ltd.C.Scorpio & Bolero. When this company name was Mahindra & Mohammad but after India independence in 1947.A). Mahindra Groups has global presence & it is ranked amongst Forbes Top 200 list of the world’s most Reputable companies & in the Top 10 of Most Reputable Indian Companies. The origins of Mahindra & Mahindra company can be traced back to Oct 2. developes. Mahindra Tractors (CHINA) CO. it is one of the largest corporate group of India. Some of the famous automobiles brands of Mahindra are. Mahindra & Mahindra is one of the leading tractor brands in the world.S. Mahindra & Mahindra has a 100% . J. Mahindra & Mohammad returned back to Pakistan & became the first Finance Minister of Pakistan. It is also the largest manufacture of tractor in India with substain market leadership of over 25 year. 1945 when Mahindra brothers.C. The Mahindra company is also the largest producer of tractors in India & now it is fourth largest tractor company in the world.

Trading in steel and manufacture of professional grade electronic components.A. petrol industrial engines. .The Company was Incorporated and converted into Public Limited in 1955 at Mumbai. Ohio... Ltd. Mahindra USA.. with the Company with effect from 1st April 1968. cargo/personnel carriers and pick-up trucks. which assembles products for the American markets... 1968 . Jeeps are manufactured under a license and an agreement with Willys Motors Inc.The Instrumentation & Electronics Division came into existence as a result of merger of the wholly-owned subsidiary of Mahindra Engineering Co. for whom the Company also acts as exclusive distributors for the whole of India for their entire range of vehicles including utility vans. . The activities of the merged company were being carried on in this division.The Company entered into an agreement with Birfield Ltd.S. to form Mahindra Sintered Products Private Limited for the manufacture of a wide range of self lubricating bearings. . The Company Manufacture Jeep type vehicles.With effect from 1st April. International Tractor Company of India Ltd. industrial process control instruments and flow meters. U. HISTORICAL SCENARIO :-> 1945 .. Ltd. 1958 . the wholly owned subsidiary Mahindra Engineering Co.subsidiary.The Company acquired the whole paid-up capital of Mahindra Electro-Chemicals Products Ltd. was merged with the Company effective from 1st November 1977. Company. Toledo. was merged with the Company.

the shareholders of MSL were allotted 1.Mahindra Spicer Ltd.1970 . 1977 . was amalgamated with Mahindra & Mahindra Ltd.The Company started negotiation with Balania K. 12.352 Bonus equity shares issued in prop.8% Pref.500-7. of Equity share allotted without payment in cash to shareholders of International Tractor Co.74. . 1978 .22.88. (MML) with effect from 3rd April.700-9.764 Bonus equity share issued in prop. 1:1.. during 1977-78. (MSL).. Ltd. A.The Company entered into a collaboration agreement with Foramer S. Zacharopoulos Ltd.A.. Initially. . on its merger in prop 1:1 Pref. for purchase of Ile d' Amsterdam ..1979.The name was changed from Mahindra Van Wijk & Visser Ltd. and 2:3 Equity. Ltd. 2:3 in October 1984.166 equity shares of MML in the ratio of 1 equity share of MML for every 6 shares held in MSL.. it was proposed to assemble these vehicles mainly from CKD packs to be shipped from India. 1983 .202 No. 1979 .30. Pursuant to the scheme of amalgamation of MSL with MML. to Mahindra & Mahindra Ltd. and 12..76. an associate of Forasol S. This was merged with the Indian National Diesel Engine Co.3% Pref. 1984 .2. Athens for jointly promoting a new company in Greece for the manufacture of Jeep vehicles and trucks.57. shares redeemed on 1.98.

In view of this purchase.The Company also signed a Memorandum of Understanding with the British Telecom p.S. 1988 .an offshore drilling rig at a price U. .K. A firm letter of intent was received for one land rig for drilling operations at Jwalamukhi. The Company arranged for a foreign currency loan through Bank of Baroda..(17 months).K. 1987 . of London under which the two companies were to jointly explore and develop opportunities in telecommunication and technical fields in India.. the British Telecommunications p.l. approval from Government was received for the manufacture of Peugeot 504 pick-up vehicles in collaboration with Automobiles Peugeot of France.75 million.A letter of intent was obtained for the manufacture of 50. 1985 .000 lines of EPABX/PAXs in collaboration with OKL Electric Co. (BT) for provision of software engineers of MBT to work on various projects of BT in the U.. range was introduced.l.40 crores were to be offered to Mahindra & Mahindra Ltd.A new model M-595 tractor in the 50 H.P.c. . the Company obtained a firm order from ONGC for drilling services for 2 years.60 crores were to be offered to BT.The Company acquired a off-shore drilling rig Ile d' Amsterdam from Foramer S. MBT also decided to issue equity capital to the extent of Rs 4 crores out of which shares worth Rs 2. . for subscription and the balance shares worth Rs 1. . A. France as on 1st March. of Japan.MBT was made a subsidiary of the Company with 60% holding and the remaining 40% was subscribed by the foreign partners. .c. U.

A letter of intent was obtained from ONGC for extension of the contract for a further period of one year. .During the year improved versions of CJ 500 range of jeeps and FJ range of LCVs were introduced.5% fully convertible debentures of Rs 110 each with a provision to apply. for a gross consideration of Rs28. . However.Himachal Pradesh against a tender from ONGC. for purchase of a land rig and related equipment. for 58.86.During September.236 fully convertible zero interest bonds of Rs 90 each.000 tonnes per annum. The unit has an installed capacity of 10. An option was given . the MDI 2500 A engine on the CJ 500 vehicles. 1989 .012-12.16. . Ltd. A new fuel efficient 10 seater vehicle having a direct injection diesel engine was introduced. 1990 .75 crores. instead.The Automotive division faced adverse market conditions resulting in a drastic reduction in production and sales of vehicles. The Company already entered into an agreement with Forasol S. the Company acquired the automotive pressing unit at Kanhe from Guest Keen Williams. Also a sporty model of jeep was introduce which was well received by the target audience.. However.A. on account of certain procedural delays ONGC dehired the rig and it remained non-operational for about 160 days. the Company received a contract from ONGC for a much higher day rate and the rig was rendering service to ONGC with effect from 9th November.The Company issued 48. The Automotive division introduced a direct injection diesel engine.

respectively with an option to apply for bonds subject to the aggregate value of Rs 9.The employees (including Indian working directors)/workers of the Company were also offered on an equitable basis 2. The issue was fully subscribed. .61.750 debentures and 68.390 for each block. .801 debentures of Rs 110 each with a provision to apply for bonds within the aggregate limit of the issue.Through another letter of offer.607 debentures of Rs 110 each for each block.As on 1st April. two blocks consisting of 8. the Company allotted on private placement basis 14% redeemable non-convertible debentures for a total value of Rs 20 crores to UTI. Army Group Insurance Fund and GIC and its subsidiaries. . 49.371 bonds were allotted. ICICI. Additional bonds/debentures were issued to retain the over-subscription to the extent of 15% of the issue which is equivalent to 7. Washington. Only 16. Additional bonds/debentures were issued to retain the over-subscription to the extent of 15% of the issue which is equivalent to 1.250 bonds were allotted. The balance debentures/bonds were allowed to lapse. debentures and 26.401 debentures of Rs 110 each.049 debentures each were offered to Mahindra Companies and International Finance Corporation.As on 1st May.97. LIC. . These debentures are redeemable in full at a premium of 5% on 1st May 1997.64. The issue was under apply for a combination of debentures and bonds subject to an aggregatevalue of Rs 52. These debentures/bonds were offered on rights basis to the then existing equity shareholders in the ratio of one debenture for every four equity shares held. The issue was fully subscribed. .20.

45.Accordingly.Another 8.50. the Company introduced a new model 225 DI (25HP) tractor. .A new model on the anvil was a five door ten seater vehicle Armada with a factory built body for which dies were imported from Japan. .90. The balance amount of each bond and debenture was to be converted as per the same terms given above at the end of 18 months from the date of allotment. .To meet the changing needs of the market. the Company introduced the new range of `Commander' vehicles which were well received in the market. a portion of Rs 55 of each debenture was converted into one equity share of Rs 10 at a premium of Rs 45 per share and a portion of Rs 45 each bond was converted into one equity share of Rs 10 at a premium of Rs 35 per share an on 1st April.New replacement kits for the series of diesel engines. a subsidiary of Automobiles Peugeot.390 were allotted to Peugeot India Holding. .420 equity shares on conversion of bonds.1991 .As per the terms of the issue. the Company allotted 49. France as on 18th January. . France.049 zero interest fully convertible bonds of Rs 90 each for a total value of 9. the XDP 4.84. .During the second half of the year.90 were successfully launched in order to replace petrol engines in passenger cars and create new demands for the series of diesel engines manufactured by the Company.64.354 equity shares on conversion of debentures and 34.

1993 . the Company issued in January 1991. imported driving comfort and better styling. on a private placement basis.855 oridinary shares of Rs 10 each at a premium of Rs 20 per share were to be issued to those exercising the rights attached to the warrants between 6 months and 36 months from the date of allotment of debentures. . .5% secured Non-convertible redeemable debentures of Rs 100 each with a detachable warrant attached to each debenture entitling the holder thereof to apply for 1 equity share of Rs 10 each at a premium of Rs 20 per share in the ratio 1 debenture: 5 equity shares held. Only 2. Ltd.Another 3.. on the expiry of six months and 36 months from the date of allotment of debentures.300 debentures taken up.136 non-convertible debentures with detachable warrants were also offered to employees on an equitable basis.62.It was proposed to launch a new LCV with a much larger platform.719 . The debentures were to be redeemed not earlier than the end of 7th year but not later than the end of the 10th year from the date of allotment of debentures. The debenture are redeemable in full at premium of 5% on 8th January. .42.The Company issued 72. 1998. 1992 .76.04.20. 14% redeemable non-convertible debentures aggregating Rs 25 crores to Infrastructure Leasing and Financial Services.14.In order to meet the long term working capital requirements.

043 Global depository receipts valued at US $ 74.S.. 1994 .85.50 per share.73.S. (MNL) was amalgamated with Mahindra & Mahindra Ltd.9. .75 million.47. .The Automotive division undertook to introduce a wide range of products such as mini bus.14. CL-Classic & a single/double Cab pick-up etc. 35.200 equity shares of MML in the ratio of 1 equity share of MML for every 25 shares held in MNAL.73. With the merger modern automotive plant owned MNAL became a Unit of the Company's automotive division. Cabking pick-up.874 shares allotted to Ford Motor Company USA. Armada deluxe.Mahindra Nissan Allwyn Ltd. Accordingly 1.200 shares allotted to the erstwhile sharehodlers of MNAL 11. Pursuant to the scheme of amalgamation. . at a premium of Rs 370 per . MM Deluxe. Each GDR was issued at a market price of US . (MML) with effect from 1st November.043 shares were allotted at a premium of Rs 22. had been established in Texas. with the objective of increasing tractor sales in U.44 and was supported by equal number of underlying shares. U.47.682 shares allotted against the detachable warrants.The Company issued 100. the shareholders of MNAL were allotted 9.A.During the year a new Company Mahindra USA Inc.00.

Also. .00. .17.5 tonnes. primarily targeted for semi-urban and rural transportation was introduced.365 DI and 585 .71.22. wire wheels & bull bar was launched for the domestic market. of Equity shares allotted in conversion of warrants. In addition. a sporty 4-wheel drive vehicle Mahindra Classic with modern fitments such as Vacuum assisted brakes.DI were also launched in 30-35 HP and 45-50 HP segments respectively. 407. The Company has an equity participation of Rs 160 crores each by Ford and the Company.A New LCV model-cabking DI 3150 . .000 shares allotted to the promoter group. .489 bonus equity shares issued in proportion 2:3. disc brakes in front. a 5-speed transmission and high quality components was launched.shares.Two new models . 28. a new commander 5-Door Hard Top vehicle.The Company entered into a joint venture agreement with Ford Motor Company USA (Ford) for promotion of a new Company for the manufacture and marketing of Ford range of passenger and other vehicles. 1995 .The tractor division received the ISO 9001 certification from TUV of Germany. 1996 .with a payload of 2.322 No.

5 lines XD3 engine and the all-synchromesh 5 speed BA 10 transmission were launched during the year. 5 speed BA 10 transmission with air-conditioning and power steering as standard features. Japan the company undertook to manufacture dies for vehicle bodies in the new Die Shop.New products viz. 1997 . 585 DI model with constant mesh transmission for ease operation were introduced.During July.955 per GDR.00. 275 DI TU upgrades B-275 model with increased power and 585-C.The Company proposed to introduce the `Armada Grand' with XD3 diesel engine. With the technology received from Fuji Technica. 7 new models to cater to different nice markets were introduced. . 2001 came into GDRs each representing one share at a cover sum price of US . soft top and FRP versions of CL/MM 550 models.73.. comfortable 8 seater Armada with Disc Brakes and an optional factory fitted air conditioner. During the year.The Zaheerabad plant and R&D division were awarded Iso 9002 and ISO 9001 certification respectively. the Company offered US 0.M&M is setting up an engineering and product development centre at Thane to strengthen its technology and designing capacities. . . New models like.000-5% convertible note during July 9. Till date 15.830 shares issued. . Commander 650 DI on a longer wheel base and MM 540/550 XDB models with the powerful 2.

. .M&M has signed a wage agreement with its union at its automotive plant at Kandivali.. Roll-off) railway service in India. .The Mahindra group has tied up with Sega Enterprises Ltd and Mitsubishi Corporation of Japan to form a joint venture (JV) in India to develop and launch Sega branded family entertainment centres. for its tractors. Mahindra Singlestar.M&M is entering into a 50:50 joint venture with the billion Case of the US for manufacturing high horse power tractors. . evolving a Mahindra Production System (MPS) which is an amalgamation of latest work measurement techniques and Toyota Production Systems.M&M is setting up a joint venture with Mondragon Corporation of Spain in the area of iron foundry. 1998 .The M&M-Sealand joint venture is considering introducing a Ro-Ro (Roll-on. . The joint venture agreement was signed in Spain by M-M at an Indo-Spain joint business council meeting organised by the Federation of Indian Chambers of Commerce and Industry and the Association of Chambers of Commerce and Industry of India.M&M has signed an agreement with Chemoleums Ltd under which M&M will use a special quality of Chemoleums lubricating oil.

Mahindra and Mahindra (M&M) on May 27 signed a productivity and capacity linked wage agreement with its union (Bharatiya Kamghar Sena) at its tractor plant at Kandivali. Mahindra & Mahindra and the Tamil Nadu Industrial Development Corporation (Tidco) propose to establish a joint venture to develop Colachel on western coast of south Tamil Nadu into a hub port. .Utility vehicle manufacturer.Mercedes-Benz India Ltd and Mahindra Ford India Ltd have signed a MoU with the Directorate-General of Foreign Trade (DGFT).Mahindra Ford is likely to sign a MoU with the government to import auto kits. under the new MoU policy for car manufacturing in the country. .Danish company Maersk. .M&M has signed new productivity agreements with its workers at the Kandivli (Mumbai). ..A joint venture company is being promoted by Mahindra and Mahindra Limited. . . Infrastructure Leasing and Financial Services and Tamil Nadu Industrial Development Corporation to set up an industrial park near Chennai to attract auto ancillary units and all categories of non-polluting industries. Nashik and Zaheerabad (Andhra Pradesh) plants.

M&M has set up a new company .000-crore three-wheeler market for the first time. .Mahindra & Mahindra (M&M) is all set to float a 50:50 joint venture company with the Punjab state government for setting up a hi-tech agro-commodity exchange in the state. is entering the Rs 1. including its famed Pajero brand of multi-utility vehicles (MUVs) and jeeps.Mahindra and Mahindra (M&M) is working towards introducing a slew of models in India from the Mitsubishi stables.Utility vehicle major.. . 1999 . The company will launch its first three-wheeler a diesel-driven eight seater . Mahindra and Mahindra (M&M).Mahindra Auto Specialities Ltd - for bullet-proofing passenger vehicles and providing specialised services. . .Mahindra & Mahindra Ltd (M&M) has created a tier-IT structure under Mahindra Holdings & Financial Ltd whereby individual subsidiaries will tap the capital market depending upon their need for cash.The Mahindra & Mahindra group and the TVS group have floated a joint venture to provide software solutions to the automobile sector. M&M has signed an MoU with Plasan Sasa of Israel for design and development of armoured (bullet proof) solutions on M&M utility vehicles for use by Indian security forces.

Mahindra Auto Specialisites Ltd.866 million. . . .The Company has launched its new generation tractors Arjun 605 DI at the Kandivali plant. a wholly-owned subsidiary of the company delivery of the first Neticle (net-vehicle) .The Company consequent to disciplinary action taken by the Management against certain workmen and Union India.378 million out of current outstanding of US .The Company proposes to make a call for redeeming Bonds of value US .Mahindra & Mahindra launched its eight seater Marshal DI Deluxe 2000 in Western Maharashtra. . 2000 .within 8-10 months from now.The Company will be launching its first CNG-powered utility vehicle in Delhi.brand named Quadro . the workmen of Kandivli Plant of Tractor Division of the company initially stopped work and thereafter resorted to illegal strike on 11th January. . .The Company and French car maker Renault have signed an agreement .The Company tie-up with Citibank for a channel financing agreement for their dealers. .

The Scheme will open on June 8 and will continue till July 31.The Company the utility vehicle market leader. Bolero.5 tonne capacity. . . launch of its latest UV.M&M has launched its first 60 HP class tractor Arjun 605 DI here. its urban utility vehicle.M&M will launch the LCV under the `Loadking' name in January next year.The Company has entered into a technical alliance with Austrian engine manufacturer AVL list GmbH for production of light commercial vehicles of 3. . the Bolero GLX. .to explore the possibility of using Renault petrol engines for M&M's planned Scorpio utility vehicle.5-litre multi-utility vehicle. will from now roll out a new mode very six months.The Company has launched a fresh voluntary scheme for employees in its tractor division.The Company will launch Scorpio. .The Company is set to launch its 2. .The Company launched the 39 HP and 40 HP models of its `Bhoomi Putra' range of tractors. . by the end of the year. . .

24.Mahindra Intertrade.Fitch Ratings India has assigned `Ind AAA' rating to the proposed five-year Rs 100-crore non-convertible debenture programme of the .The Company has launched its fourth portal business with an investment of million. including the Scorpio. subsidiary of Mahindra & Mahindra. . steelmartindia.The Board has approved an ESOS and decided to allot 55. 2001 .The Company has launched the first of its new series of Horizin Tractors. . . .219 No.. .Mahindra & Mahindra is to go for a expansion. of equity shares to the Mahindra & Mahindra Employee Stock Option Trust.The Company launched diesel version of Bolero in a short time. . keeping pace with its plans for the introduction of new models.Mahindra and Mahindra Limited (M&M) launched yet another range of new generation tractors to grab a large share of an emerging mature market. the Mahindra Arjun 605 DI in Andhra Pradesh. . has launched a steel trading portal.Mahindra & Mahindra is likely to introduce agricultural related implement and equipment in the near fugure.

the largest non-automotive company of the Mahindra & Mahindra group. . Bolero GLX.Credit Rating and Information Services of India Ltd. . has entered into a distribution alliance with Lego. .Mahindra & Mahindra is set to launch three new variants of its utility vehicle Bolero to boost its presence in the urban segment. -The price of Mahindra & Mahindra Ltd (M&M) shares hit a 92- month low on the Bombay Stock Exchange (BSE) on june 14 fuelled by market apprehensions of a steep fall in the company’s sales in May 2001 .Mahindra Intertrade.Mahindra & Mahindra has tied up with French auto giant Renault for sourcing petrol engines for its premium utility vehicle Scorpio which would be launched later this year. . Mahindra has been appointed as Vice-Chairman and Managing Director. Anand G. has revised the rating assigned to the company's long-term debentures to `AA+' to `AAA'.Mahindra & Mahindra launched the premium version of its 7 seater multi-utility vehicle. ..The strike at the company's Nashik automotive plant which began on March 4. .The Company has set up a farm extension services division called Mahindra Shubh Labh. which will pioneer the building of a chain of one-stop shops offering a comprehensive range of farm-gate services. . has been called off with effect from 8th March.Mr.

2004 -Mahindra & Mahindra delisting of shares from DSE -M&M launches two variants of Bolero utility vehicle in TN . Mr. Lewis W.f. 2003 -Unleashes MaXX Pik Up utility vehicle .Signed an agreement with Canara Bank . October 30.f.K. Booth. . David Friedman (currently the Alternate Director to Mr. Bolero XL and Bolero XLS. Booth) has been appointed as a Director of the Company w.e. V.K. 2002 in place of Mr. Chanana has been appointed as a Nominee Director of UTI w.Lewis W. Canara Bank will provide loan to those farmers who are willing to buy Mahindra's tractors and other farm implements. K.e. October 30.2002 -Mahindra & Mahindra Ltd has informed BSE that ICICI Bank Ltd has withdrawn the nomination of Mr Inder Chand Jain as their Nominee Director from the Board of M& M with immediate effect. Sanjiv Kapoor whose nomination has since been withdrawn by UTI. Where in.Mahindra and Mahindra Ltd on December 24th showcased its new products.Consequently Mr Inder Chand Jain ceases to be a Director of Mahindra & Mahindra Ltd with immediate effect. -Mahindra & Mahindra Ltd has informed BSE that Mr. 2002 in the vacancy caused by the cessation of Directorship of Mr. for prospective customers in Karnataka.

2004. thus heralding its launch across the State.f. -M&M enters into agreement for acquiring majority stake in US based Bristlecone Inc -Mahindra & Mahindra Ltd has informed that the equity shares of the Company have been delisted from Pune Stock Exchange Ltd w.825 equity shares of the company through market on May 17 . -M&M unveils innovation matrix to enhance performance -Mahindra Special becomes M&M's new IT unit -Equity shares delisted from Madras Stock Exchange .-The former managing director of Rallis India. January 16.tied up with an Iran-based company Barchinkar for localising M&M tractors in the Iran market . Mr Dubey has previously held senior positions at Tata Steel and was the managing director of Tata Metaliks. Mr Rajeev Dubey. 2004. is joining Mahindra & Mahindra Ltd (M&M) as Executive Vice- President (Human Resources & Corporate Services).Mahindra Tractors in accord with Castrol -M&M rolls out India's first turbo tractor -Mahindra & Mahindra Ltd has informed that HSBC Global Investment Fund has acquired 3.99.e. -Auto giant Mahindra and Mahindra has launched its latest variants of Bolero XL range here on January 19.

-Mahindra & Mahindra Ltd (M&M) launches its Common Rail Diesel Engine (CRDEe) fitted-Scorpio. New Holland and Kubota. muscling past dealers of John Deer. which conforms to BS III emission norms on February 22. 2005 -M&M.Mahindra & Mahindra tractors' top dealer in the US has become the largest tractor dealer in the US.Andhra Bank has announced that it has joined hands with Mahindra Tractors for financing the distribution of tractors through the bank branches across the country -Mahindra & Mahindra (M&M) has forayed into the Latin American markets through the opening of an assembly line in Uruguay -Mahindra & Mahindra Ltd (M&M) on announced its foray into the South African automobile market -Hemant Luthra to head M&M's new MSAT Sector -Dena Bank inks MoU with M&M for tractor loans 2005 . -M&M forays into Australian tractor market on February 14.-. 2005. -Mahindra & Mahindra executes JV Agreement with Renault -Scorpio unveiled in Malaysia on May 4. 2005. Renault ink MoU to set up Rs 550 crore car manufacturing plant in Nasik .

USA -Mahindra & Mahindra enters into agreement with Plexion Technologies.Mahindra & Mahindra inks deal with Global Vehicles USA Inc 2007 . The agreement was signed in Tehran.Mahindra & Mahindra Ltd on Oct 11. 2005 -Mahindra unveils 3-wheeler cargo carrier Champion Alfa model -Mahindra & Mahindra inks a JV with International Truck & Engine Corporation. . Mauritius -M&M has signed a memorandum of understanding with the Saigal family of Pakistan for exporting tractors to that country. -Mahindra & Mahindra (M&M) and French automaker Renault have joined hands yet again to establish a greenfield passenger car manufacturing plant in India within five years.. 2006 -M&M unleashes Scorpio Pik-Up in South Africa -M&M unveils three-wheeler car -M&M Hingna unit enters into new new wage agreement .-M&M introduces new pick-up vehicle on July 6.2006 signed a agreement with ITMCo (Iran Tractor Manufacturing Co) to sell tractors in Iran.

Mahindra & Mahindra unveiled its fourth generation Scorpio at an unbeatable price.Mahindra & Mahindra has hiked prices of its products by up to Rs 18. 2008 -Mahindra & Mahindra acquires renowned Italian design house.000 due to the in excise duty announced in the Budget. the Axe FAV is an extreme offroading multi terrain defence purpose vehicle.Mahindra unveils new Bolero in Gujarat. -Mahindra and Mahindra (M&M) has launched the line of sports utility vehicles (SUV) and pick up trucks that it plans to begin selling in the United States starting from 2009. . -The latest product from Mahindra Defence Systems. . . 2009 . GmbH.M&M unveils Mahindra Pik-Up in Australia.Mahindra & Mahindra acquires a leading German Forging Company Schoneweiss & Co.Mahindra & Mahindra (M&M) signed a memorandum of understanding with the State Bank of Bikaner and Jaipur (SBBJ) for vehicle finance. GRD Italy.. 2010 . .

Meanwhile. . M&M. This can be done by giving a combination of facilities. M&M came out as the ideal bidder for getting hold of a majority stake in Ssangyong Motor Company (SMC).. technology and dealer network.Anand Mahindra. vice-chairman and managing director. is keen on attaining companies that boost M&M’s global aspirations.