Preamble
The company believes that corporations must reach out to the society and help by improving the quality of education and healthcare through various community development programs. The objective of the CSR policy is to lay down guidelines to bring effectiveness in its CSR activities, which are being undertaken to assist in the sustainable development of the society. The company strives to actively contribute to the social and economic development of the communities in which it operates.
Constitution of CSR Committee
The provisions for constituting a Corporate Social Responsibility (CSR) Committee in accordance with Section 135 of the Companies Act, 2013, read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, and the amendments thereto, are not applicable to the company, as the amount of CSR is less than Rs. 50 Lakh.
Keeping in line with Section 135 of the Companies Act, 2013 (hereinafter referred to as “Act”), the Board of Directors of the Company shall look after the following functions relating to Corporate Social Responsibility (CSR) till the constitution of CSR committee:
- To formulate a CSR policy which shall indicate the activities to be undertaken by the Company as per the Companies Act, 2013;
- To review and approve the amount of expenditure to be incurred on the activities to be undertaken by the company;
- To monitor the CSR policy of the Company from time to time;
- Any other matter as the Board of Directors may deem fit from time to time.
Responsibility of Board of Directors
The Board is responsible for:
- Formulating and approving the CSR policy subject to necessary changes/ modifications as the Board may think fit.
- Ensuring that in each financial year the Company spends at least 2% of the average net profit before taxation, excluding profits arising from overseas branches if any, made during the immediate three proceeding financial years in accordance with the provisions of section 135 of the Act and the Rules notified thereunder.
- Ensuring that every financial year funds committed by the Company for CSR activities are utilized effectively.
- Disclosing in its Annual Report the names of CSR Committee members (if so constituted), the contents of the CSR policy and ensure annual reporting of its CSR activities on the Company website. Any other acts, deeds and things as may be required under law from time to time.
- The Corporate Social Responsibility committee (if so constituted) shall formulate and recommend to the Board, a Corporate Social Responsibility Policy indicating the activities to be undertaken by the Company.
Key Philosophy
The key philosophy of all CSR initiatives of the company is guided by three core commitments: scale, impact, and sustainability.
- Rural Transformation: Creating sustainable livelihood solutions, addressing poverty, hunger and malnutrition.
- Health: Affordable solutions for health care through improved access, awareness and health seeking behaviour.
- Environment: Environmental sustainability, ecological balance, conservation of natural resources.
- Education: Access to quality education, training and skill enhancement.
- Protection of National Heritage, Art and Culture: Protection and promotion of India’s art, culture and Heritage.
- Disaster Response: Managing and responding to disaster.
The Company would also undertake other need-based initiatives in compliance with Schedule VII to the Companies Act, 2013.
Amendments
The Board of Directors and/or the CSR Committee reserves the right to modify, alter, or otherwise update the CSR Policy from time to time, and as it deems fit. If there is any inconsistency between CSR policy or Indian regulation on CSR spending, the requirements of the Indian regulation shall prevail.
CSR Budget
The board of directors shall approve the annual budgeted expenditure for each program in accordance with CSR policy. After the constitution of the CSR committee, the CSR committee will recommend the annual budgeted expenditure for each program to the board for its consideration and approval, and it shall be approved for programs in accordance with the CSR policy.
Surplus arising out of CSR activities/projects/programs
Surplus arising out of CSR activities, projects, or programs shall not form part of business profits of the Company.
Implementation
The Board of Directors/CSR committee shall ensure that the CSR programs are implemented through one, few, or all of the following methods:
- Directly by the Company; and/or;
- A registered trust or a registered society established by holding/subsidiary/ associate Company; and/or; or any other method as may be deemed appropriate from time to time or on a case to case basis.
