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Corporate Social Responsibility (CSR) Policy
The concept and need for Corporate Social Responsibility (CSR) has gained prominence from all avenues. The Government as well as regulators has framed various guidelines pertaining to responsibilities of business as well as the mandatory Corporate Social Responsibility provisions under the Companies Act, 2013 and Rules made there under (“Act”).
The Company intends to bring positive difference to the Society by adopting Corporate Social Responsibility. With the rapidly changing corporate environment, Company has adopted CSR as a strategic tool for sustainable growth.
The main objective of CSR policy is to lay down guidelines to make CSR a key business process for sustainable development for the Society. It aims at bringing positive changes to the Society enhancing welfare measures of the society.
As part of commitment to our responsibility the Company would frame this CSR policy to govern its CSR commitment and to fulfill the regulatory requirement of Schedule VII read with Section 135 of the Companies Act, 2013.
2. CSR Objective:
The main objective of CSR policy is to lay down guidelines to make CSR a key business process. The CSR policy would guide the Company to contribute for continuous sustainable development and welfare of Society.
3. Formation and Responsibility of CSR Committee:
The Company has constituted the CSR committee at its Board meeting held on 20th June 2014.
The composition of CSR committee is as under:
Role in Committee
Mr. Sumir J Hinduja
Chairperson of Committee
Mr. Jagadish N Hinduja
Mrs. Shivani Bhasin
The Board has the power to reconstitute the Committee consistent with the Company’s policy and applicable statutory requirements.
Responsibility of the CSR Committee:
- To formulate and recommend to the Board, a CSR policy which shall indicate the activities to be undertaken by the Company as per the Companies Act, 2013.
- To review and recommend the amount of the expenditure to be incurred on the CSR related activities undertaken by the Company.
- To establish a transparent monitoring mechanism for the implementation of the CSR projects, programs and activities undertaken by the Company from time to time.
- Any other matter as the CSR committee may deem appropriate after approval of the Board of Directors or as may be directed by the Board of Directors from time to time.
4. Projects and Programs:
The Company is committed to its responsibility of making good to the Society by way of supporting various initiatives through funding, fund raising and / or volunteering activities. In order to fulfill its responsibility the Company would support following initiatives which are relevant to the activities listed under Schedule VII of the Companies Act, 2013: Empowering the deprived and disadvantaged would be the intent of CSR efforts. Following activities would be covered under CSR activities as listed under Schedule VII of the Companies Act, 2013:
- Eradicating hunger, poverty and malnutrition , preventive health care and sanitation and making available safe drinking water;
- Promoting education including special education and employment enhancing vocational skills, especially among children, women, elderly, and livelihood enhancement projects;
- Promoting gender equality and empowering women, setting up homes and hostels for women and orphans, setting up old age homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
- Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agro, forestry, conservation of natural resources and maintaining quality of soil, air and water;
- Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art, setting up public libraries, promotion and development of traditional arts and handicrafts;
- Measures for benefit of armed forces veterans , was windows and their dependents;
- Training to promote rural sports, nationally recognized sports, Paralympics sports and Olympic sports;
- Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for socio –economic development and relief and welfare of the Scheduled Castes, Scheduled Tribes , other backward classes, minorities and women;
- Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government.
- Rural development projects.
- Slum area development
- Any other Projects / activities the Government may add from time to time to the Schedule VII of the Companies Act, 2013 or allow through clarifications/ Circulars.
- Any ancillary or incidental activities required to be performed to undertake any of the projects mentioned above subject to the prior approval of the CSR Committee
The above list is illustrative and not exhaustive. All activities under the CSR activities shall be environment friendly and socially acceptable to the local people and Society.
5. CSR Budget:
Company may allocate an amount which is not less than 2 % of the average net profits of the immediately preceding 3 financial years. However in any financial year, if for any reason, Company is unable to spend an amount as stated above, Company shall provide suitable explanation stating the reasons thereof to the Board of Directors and the Board shall include the same in the Directors’ Report of the Company. The Net profit for the purpose shall be calculated in accordance with the Companies Act 2013.The Company may collaborate or pool resources with other organizations or companies to undertake CSR activities.
6. Implementation Process:
The Company may implement the CSR activities directly or through agency/ies including but not limited to registered society, trust or Company established by the company as a subsidiary or associate company under section 8 of the Companies Act 2013. The Company may enter into partnership with the Government, charity partners, civil society, social enterprise and communities to create multiplier effect of its social projects.
The mode of implementation of CSR programme will include a combination of direct implementation and implementation through own foundation, charity partners, registered societies etc.
The Company may use services of expert agencies, consultancy firms etc wherever required for carrying out base line surveys, guidance on project design and implementation, impact assessment surveys etc.
7. CSR Monitoring:
The CSR committee shall monitor and initiate steps to check whether the activities are progressing as per the guidelines of the CSR policy and statutory requirements and shall initiate corrective actions if there are any deviations.
8. CSR Project Reporting and Display
The Board shall report the CSR activities in its report as per the Companies (Corporate Social Responsibility policy) Rules 2014;
The CSR policy shall be displayed in the website of the Company
The surplus arising out of the CSR projects or programs or activities shall not form part of the business profit of the Company. The Committee will review the Policy from time to time based on changing needs and aspirations of the target beneficiaries and make suitable modifications, as may be necessary.