POLICY ON CORPORATE SOCIAL RESPONSIBILITY (CSR)
Corporate Social Responsibility Philosophy
The Company strives to be a socially responsible company and strongly believes in development which is beneficial for the society at large. As a Corporate Citizen receiving various benefits out of society, it is our co-extensive responsibility to pay back in return to the society in terms of helping needy people by providing food, clothes, medical facilities etc., keeping the environment clean and safe for the society by adhering to the best practices and technologies. It is the Company’s intent to make a positive difference to society in which the Company lives and operates.
The objective of this Policy is to set guiding principles for carrying out CSR activities by the Company and also to set up process of execution, implementation and monitoring for the CSR activities to be undertaken by the Company.
List of Activities/Projects
The Company shall undertake any of the following Activities/Projects or such other activities / projects as may be notified by the Ministry of Corporate Affairs from time to time as a part of the Corporate Social Responsibility (“CSR”):
Rural development projects
Any other activities in relation of the above and all other activities which forms part of CSR as per Schedule VII of the Companies Act, 2013 (the “Act”) as amended from time to time. (Collectively referred to as “CSR Activities”) The Company shall under take CSR Activities only in India. Provided that the preference shall be given to the local areas and areas where the Company operates for undertaking the CSR Activities.
Quantum of Amount to be spent on CSR Activities
The Company shall strive to spend in every financial year at least 2% (two percent) of the average net profits of the Company made during the three immediately preceding financial years.
Any surplus arising out of CSR Activities shall not form part of the business profit of the Company and same shall be spent for undertaking any above mentioned CSR activities only.
Implementation of CSR Activities
Procedure for CSR Activities
Role of the Committee
The Committee shall carry out of the following functions:
Words and expressions used and not defined in this Policy shall have the same meanings respectively assigned to them in the Act and the Rules.