An attempt to be socially responsible Corporate Citizen by establishing this Policy to plan implement and monitor CSR Projects, Activities and Programmes.
The Company believes in reaching out to underserved communities and intends to make a positive difference to society and contribute its share towards the social cause of betterment of communities and more particularly areas in which the Company operates. The Company also believes in working towards enhancing the quality of life of underserved communities, and working towards making a meaningful difference to them.
In this regard, the Company drafted this policy to enable the Company to fulfill its commitment to be socially responsible corporate Citizen and lays down the guidelines and mechanism for undertaking socially useful programmes for welfare & sustainable development of the community at large and is titled as the “CSR Policy” which is based as per The Companies (Corporate Social Responsibility Policy) Rules, 2014 initiated by the Central Government under the relevant provisions of Section 135 of the Companies Act, 2013 and Schedule VII of the said Act.
This CSR Policy shall apply to all corporate social responsibility initiatives and activities undertaken by the Company for the benefit of different segments of the society and for enhancement of the fields like education, health care, infrastructure, environment, employment, promoting gender equality and women empowerment etc.
The Company will adopt one or more of the following initiatives and activities under this CSR Policy:
Any of the aforesaid initiatives and the activities that may be undertaken by the Company will be referred to as “CSR Initiatives and Activities” hereinafter.
For achieving its CSR initiatives and Activities through implementation of meaningful and sustainable CSR programmes, the Company will endeavor to allocate 2% or such percent as may be prescribed of the average net profits made by the Company during every block of three years as its Annual CSR Budget. For the purpose of the CSR Policy the ‘net profit’ of the Company shall mean the net profit as may be prescribed in this regard.
The Annual CSR Budget would also include:
CSR Initiatives and Activities will be initiated by a committee comprising of 2 (Two) members –who shall be the Directors of the Company (“CSR Committee”).
The Chairman of the CSR Committee shall be appointed by the members of the Committee. The CSR Committee shall institute a transparent monitoring mechanism for implementing CSR projects for programs or activities undertaken by the company.
The CSR Committee can delegate its responsibilities pertaining to monitoring and overseeing the implementation of the CSR initiatives and activities to any senior level employee/s or managers of the Company as and when required.
The CSR Committee may allocate the Annual CSR Budget in total or part of it to any of the charitable trusts registered under the provisions of Bombay Public Trusts Act, 1950 or Indian Trust Act, 1882 or a registered society or a company established under Section 8 of the Companies Act, 2013 provided that –
1. If such trust, society or company is not established by the Company or its holding or subsidiary or associated company, it shall have a established track record of at least three years in undertaking similar programs or projects;
2. The Company shall specify the projects or programs to be undertaken through these entities, the modalities of utilization of funds on such projects and programs and the monitoring and reporting mechanism.
Subject to provisions of Sub-Section 5 of Section 135 of the Companies Act, 2013, the CSR projects or programs or activities undertaken in India only shall amount to CSR expenditure.
The CSR projects or programs or activities that benefit only the employees of the Company and their families shall not be considered as CSR activities in accordance with Section 135 of the Act.
The Company may build CSR capacities of its own personnel as well as those of its implementing agencies through institutions with established tract records of at least three financial years but such expenditure shall not exceed 5% of total CSR expenditure of the Company in one financial year.
The time period and/or the duration over which a particular CSR Initiative and Activity will spread will depend on its nature, extent of coverage and the intended impact of the said initiative or activity which will be determined by the CSR Committee.
The CSR Committee shall while spending/contributing the Annual CSR Budget earmarked for the CSR Initiatives and Activities and give preference to the local areas and areas around it where the Company operates.
Appropriate documentation and contents of the Company’s CSR Policy, annual CSR Initiatives and activities undertaken with the approval of the CSR Committee or such other particulars as may be prescribed will be displayed on the Company’s website. The progress of CSR Initiatives and Activities under implementation will be reported to the Board of Directors of the Company on regular basis. Details on CSR activities shall be reported in the Annual Report of the Company.
Any or all provisions of this CSR Policy would be subject to revision/amendment in accordance with the guidelines on the subject as may be issued by Government of India, from time to time.The Company also reserves the right to modify, cancel, add, or amend any of the provisions of this CSR Policy.