Corporate Social Responsibility (CSR) Policy
- Corporate Social Responsibility (CSR) Policy has been developed in consonance to section 135 of the Companies Act 2013 and in accordance with the Companies Corporate Social Responsibility Rules 2014 notified by the Ministry of Corporate Affairs, Govt. of India.
- The policy shall apply to all CSR project / programmes undertaken by the company as per Schedule VII of the Companies Act 2013.
- This policy shall be applicable to the company including all its subsidiaries and all their employees.
CSR vision statement & objective
In alignment with the vision and values of our company to enhance the quality of life of the community, we hereby committed to preserve and promote health care and sanitation, education, reduce inequalities faced by socially and economically backward groups, and ensure environmental sustainability and rural development by discharging corporate social responsibilities.
Scope of CSR Activities
- Eradicating hunger, poverty and malnutrition.
- Promoting health care including preventive health care, sanitation and making available safe drinking water.
- Contribution to ‘Swach Bharat Kosh’set-up by the Central Govt.for the promotion of sanitation.
- Promoting education and enhancing vocational skills.
- Setting up homes and hostels for women and orphans and setting up old age homes.
- Conservation of natural resources and maintaining quality of soil, air, and water.
- Contribution to the Clean Ganga Fund set-up by the Central Govt.for rejuvenation of river Ganga.
- Setting up public libraries.
- Training to promote sports.
- Rural development projects.
- Slum area development projects
- Contribution to the Prime Minister’s National Relief fund or any other fund set up by the Central Govt.for socio.economic development and relief and welfare of the Scheduled castes, the Scheduled Tribes, other backward classes, minorities and women.
- Other CSR activities listed in schedule VII of the companies Act 2013 and the activities as may be notified by the Ministry of Corporate Affairs from time to time.
- The company shall have a Board level sub. committee hereinafter referred to as CSR committee consisting of three or more Directors.
- The CSR committee shall:
- Formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company as specified in Schedule VII of the Companies Act 2013.
- Recommend the amount of expenditure to be incurred on the CSR activities.
- Monitor the Corporate Social Responsibility policy of the company from time to time.
- The company shall earmark as CSR Budget, at least 2% of the average net profits of the company made during the three immediately preceding three financial years calculated as per Sec.198 of the Companies Act 2013.
- The annual CSR Budget shall be spent on activities laid down in this CSR policy.
- The company shall give preference to the local area and the areas around it where it operates, for spending the earmarked for CSR activities.
- If the company fails to spend such amount the Board in its Report made under Sec. 134(3) (0) of the Companies Act 2013, specify the reasons for not spending the amount.
- CSR expenditure shall include all expenditure including contribution to corpus for project or programs relating to CSR activities approved by the Board on the recommendation of CSR committee, but does not include any expenditure on an item not in conformity or not in line with activities which fall within purview of Schedule VII of the Companies Act 2013.
- Any surplus arising out of the CSR project or programs or activities shall not form part of the business profit of the company and the same shall be spent for undertaking any CSR activities only.
Implementation of CSR activities
- The company may undertake CSR activities through a Registered Trust or a Society or a company established by the company or its holding or subsidiary or associate company under section 8 of the Companies Act 2013 for non-profit objectives.
- The company may collaborate with other companies for undertaking projects or programs or CSR activities in such manner that the CSR Committees of respective companies are in position to report separately on such projects or programs.
- The company may build CSR capacities of their own personnel as well as those of their Implementing Agencies through Institutions with established track records of at least three financial years but such expenditure shall not exceed five percent of total CSR expenditure of the company in one financial year.
- CSR activities does not include the activities undertaken in pursuance of normal course of business of the company.
- Contribution of any amount directly or indirectly to any political party under Section 182 of the Companies Act 2013, shall not be considered as CSR activity.
- The CSR project 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 Companies Act 2013.
- The CSR projects or programs or activities undertaken in India only shall amount to CSR expenditure.
Monitoring and feedback
- The CSR committee will be responsible for setting up a transparent monitoring system of the CSR activities of the company. The Board shall seek progress reports from the CSR committee on a quarterly basis.
- In respect of activities undertaken through outside implementing agencies like Trust, Society etc., there will be mechanism of monthly reporting of progress on each such activities and the amount incurred thereon
- The CSR committee shall periodically make comparison of the actual CSR expenditure incurred over the budgeted expenditure and analyse the reason for the deviation.
- CSR committee will conduct impact studies on a periodic basis, through independent professionals, third parties / professional institutions, especially on the strategic and high value programmes.
- CSR initiatives of the company will be reported in the Annual Report of the company.
- The CSR committee reserves the right to modify, add or amend any of the provisions of CSR Policy subject to the approval of the Board.
- In case of any doubt with regard to any provision of the CSR Policy, a reference can be made to CSR Committee. In all such matters, the interpretation and decision of the CSR Committee shall be final.
- The provision s of the CSR Policy would be subject to revision / amendment in accordance with the guidelines as may be issued by Govt. from time to time.