“Corporate Social Responsibility” (CSR) is a way of conducting business, by which corporate entities visibly contribute to the social good. The essence of CSR is to integrate economic, environmental and social objectives with the company’s operations and growth. It is the “continuous commitment by the business to behave ethically and contribute to economic development while improving the quality of life of work force and their families as well as local community and society”. It is the responsibility of the corporate entity toward the society in consideration of the support given and sacrifice made by the society. CSR is the concept where by organizations serve the interest of the society by taking the responsibility for the impact of their activities on customers, employees, shareholders, communities, environment in all aspects of their operation.
The Objectives of the CSR Policy will be as follows:
The policy would pertain to all activities undertaken by the Company towards fulfilling its CSR objectives. The policy would also ensure compliance with Section 135 of the Companies Act, 2013 (“The Act”) and would include the activities as covered under Schedule VII to the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014 and as amended from time to time (collectively “CSR Laws”).
The Board of Directors are responsible for the development and implementation of our CSR policy.
CSR Policy approved by the Board of Directors on September 27, 2023.
The total CSR Expenditure shall not be less than 2% of the average net profit made during three immediately preceding financial years. Any surplus arising out of the CSR activities shall not form part of the business profit of the Company and shall be ploughed back into the same project or shall be transferred to unspent CSR Account and spent in accordance with the CSR Policy.
If during any financial year the company spends an amount in excess of 2% of its average net profits, the same will be considered as excess CSR spends for the financial year and will be set-off in the immediately succeeding three financial years subject to fulfilment of conditions prescribed under the 2013 Act and the CSR Rules, if the Board decides to do so.
The CSR activities undertaken in India only shall amount to CSR Expenditure.
The Company may build CSR capacities of their own personnel as well as those of the external implementing agencies as approved under this policy, but such expenditure shall not exceed 5% (five percent) of total CSR expenditure of the Company in one financial year.
The Company proposes to undertake its CSR activities from the projects/ activities, as contemplated under Section 135 of the Act read with Schedule VII thereto or as may be permitted under the CSR Laws from time to time and also such other activities including but not limited to the
following:
(a) Contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government; AND
(b) Contributions to public funded Universities; Indian Institute of Technology (IITs); National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE); Department of Biotechnology (DBT); Department of Science and Technology (DST); Department of Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH); Ministry of Electronics and Information Technology and other bodies, namely Defense Research and Development Organisation (DRDO); Indian Council of Agricultural Research (ICAR); Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs)”.
xii. Disaster management, including relief, rehabilitation and reconstruction activities. Contribution made to State Disaster Management Authorities to combat COVID-19 or other Pandemics of similar nature.
CSR project / activities shall not include the following:
1. Activities undertaken in pursuance of the normal course of business of the Company.
2. Any activity undertaken by the Company outside India except as specified under CSR Laws.
3. Activities benefitting employees of the Company.
4. Activities supported by the Companies on a sponsorship basis for deriving marketing benefits for its products or services.
5. Activities carried out for the fulfillment of any other statutory obligations under any law in force in India
The Company may undertake the CSR activities either on its own or through other entities fulfilling the criteria laid down under the CSR Laws.
The Company may also collaborate with other companies for undertaking projects or programs or CSR activities in accordance with the Act and the applicable rules.
Education, Environment, Health care and Sustainable Livelihood are most basic requirements and needs of the all sections of the society. To ensure that these requirements reach each and every section of the society is a responsibility of society as a whole. In most of the places, the weaker section of the society always gets deprived of at least one of the above basic necessities. Accordingly, the Company is willing to contribute and perform its CSR in a way which will enhance the possibilities of meeting these requirements of each member of the weaker section of the society.
In order to adhere to its CSR, the Company is exploring various eligible organizations that are working towards upliftment of the weaker sections of the Society. The Company proposes to fulfill its CSR in following manner:
In Education, our endeavour is to contribute to:
In Environment our endeavour is to contribute to:
In Health Care our endeavour is to contribute to:
In Sustainable Livelihood our endeavour is to contribute to:
The Board of Directors shall monitor the implementation of the CSR Policy through periodic reviews of the CSR activities.
The respective CSR personnel will present their annual budgets along with the list of approved CSR activities conducted by the Company to the Board of Directors together with the progress made from time to time as a part of the evaluation process under the monitoring mechanism.
The Company may engage external agencies to evaluate the CSR projects and monitor its progress.
The Chief Financial Officer of the Company shall certify to the Board that the funds disbursed have been utilised for the purposes and in the manner as approved by the Board.
The Board of Directors shall decide on the locations for CSR activities and formulate approve CSR annual action plan, which shall contain all matters which are required under Applicable Law and any other matters as the Board of Directors may deem fit from time to time.
The Board may modify the annual action plan at any time during the financial year, based on reasonable justification.
The Board Report of a Company shall include an Annual Report on CSR containing particulars specified in Annexure to the CSR Rules as per the prescribed format.
The Board of Directors of the Company shall mandatorily disclose CSR Policy and Projects approved by the Board on their website, if any, for public access.
The Board of Directors may in their discretion, make any changes/modifications and/or amendments to this Policy from time to time. In the event of any conflict between the provisions of this Policy and of the Act or any other statutory enactments, rules, the provisions of such Act or statutory enactments, rules shall prevail over and automatically be applicable to this Policy and the relevant provisions of the Policy would be amended/modified in due course to make it consistent with the law.
