The purpose of this policy is to articulate what CSR means to the Company, kind of projects to be undertaken, identifying broad areas of intervention, approach to be adopted to achieve the CSR goals and monitoring mechanism. The framework enables to put in place policies and practices in line with this policy. This document is an attempt to showcase the linkage of our social objectives with business strategy.
The CSR policy has been developed in consonance with Section 135 of the Companies Act, 2013 (referred to as the Act in this policy) on CSR and in accordance with the CSR rules (hereby referred to as the Rules) notified by the Ministry of Corporate Affairs, Government of India in 2014. The Policy shall apply to all CSR projects/programs undertaken by the Company in India as per Schedule VII of the Act.
In line with the Company’s vision, values and mission, the Board of Directors have identified the following core areas for CSR.
• Promoting preventive health care and sanitation.
• Promotion of Education (especially amongst children, women, elderly and differently-abled) Including special education and employment enhancing vocation skills and livelihood enhancement projects.
• Setting up homes and hostels for children and orphans; setting up old age homes, daycare 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, agroforestry, conservation of natural resources and maintaining quality of soil, air and Water; Skill enhancement projects especially for the rural population.
• To undertake or to contribute for rural development projects; Heritage buildings.
• To contribute to other approved Funds undertaking activities and efforts in the aforesaid areas.
The CSR corpus for the purpose of carrying on the aforesaid activities shall be arrived at on computation of two percent of the average net profits calculated in accordance with the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014. Any income arising therefrom and surplus generated from CSR projects undertaken by the Company shall be tracked and channelized into the CSR corpus. These funds shall be further used in the development of the CSR projects and shall not be added to the normal business profits. The CSR Committee shall recommend the project-wise annual budgeted expenditure to the Board for its consideration and approval. The CSR Committee shall monitor the project expenditure.
The Company shall strive to implement the aforesaid CSR activities on its own to the extent possible. At the same time, the Company recognizes the need to work in partnership with other agencies, charitable trusts specified under the CSR Rules. This would include:
• Collaborating with various organizations which are registered Trusts or Section 25 or Section 8 under the Companies Act or registered Societies that specialize in the aforesaid activities.
• Collaborating or pooling resources with other companies to undertake aforesaid CSR activities.