Corporate Social Responsibility
 
Social and environmental responsibility has always been at the forefront of Companies operating philosophy. As a responsible corporate citizen, we try to contribute for social and environmental causes on a regular basis. We believe that to succeed, an organization must maintain highest standards of corporate behaviour towards its employees, consumers and societies in which it operates. We are of the opinion that CSR underlines the objective of bringing about a difference and adding value in our stakeholders’ lives. Corporate Social Responsibility Policy is rooted in the Company’s core values of quality, reliability and trust guided by international standards and best practices, and driven by our aspiration for excellence in the overall performance of our business.

Further before implementation on CSR policy Our Company itself involve in the CSR activity since long in many core areas like, Education, Medical Aid, Woman Empowerment, Poverty Control, Environmental sustainability.

 
Develop meaningful and effective strategies for engaging with all Stakeholders;
Consult with local communities to identify effective and culturally appropriate development goals;
Partner with credible organizations like trusts, foundations etc. including non-government organizations;
Check and prevent pollution; recycle, manage and reduce waste, manage natural resources in a sustainable manner;
Ensure efficient use of energy and environment friendly technologies;
Promotion and protection of national heritage, art and culture including restoration of building and sites of historical importance and works of art;
 

The Board of Directors of the Company formed a Corporate Social Responsibility Committee (hereinafter referred to as the (‘CSR Committee). The Committee will report to Board of Director. The CSR Committee consists of the following Directors:

  • Clemens Rochus Hofmann
  • Gaurang Pradyumna Joshipura
  • Pravin Patel is permanent invitee of CSR Committee.

     
    Keeping in line with Section 135 of the Companies Act, 2013 and the Rules thereunder (hereinafter referred to as “the Act”), the Board of Directors of the Company shall form a Corporate Social Responsibility Committee (hereinafter referred to as the “CSR Committee”) to inter alia, carry out the following functions:
    To 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 and rules made there under;
    To recommend the amount of expenditure to be incurred on the CSR activities;
    To monitor the implementation of framework of CSR Policy and;
    To carry out any other function as mandated by the Board from time to time and / or enforced by any statutory notification, amendment or modification as may be applicable or as may be necessary or appropriate for performance of its duties.
     
    The Company will carry out/ get implemented its CSR activities/projects/programs through its in-house team comprising the CSR Officer along with the assistance of CSR Committee The CSR activities we pursue will be in line with our stated Vision and Mission, focused not just around our plants and offices, but also in other geographies based on the needs of the communities, we intend to undertake Corporate Social Responsibilities (CSR) initiatives as permissible activities under Companies Act, 2013 in following areas.
    Eradicating hunger, poverty and malnutrition, promoting preventive health care including preventive health care and sanitation and making available safe drinking water;
    Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects;
    Promoting gender equality, empowering women, setting up homes, and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
    Ensuring environment 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 building and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional art and handicrafts;
    Measures for the benefit of armed forces veterans, war widows and their dependents;
    Training to promote rural sports, nationally recognized sports, Paralympics sports and Olympic sports;
    Contribution to Prime Minister’ 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, the 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 Development areas
    Such other activities as Board may consider deems fit.

    The CSR projects/ activities undertaken by Company will be in the lines with Schedule VII activities and will also include terms incorporated as per amendments to the Schedule VII through subsequent notification, circulars etc. released by appropriate authority.

     
    IMPLEMENTATION OF CSR PROJECTS:

    The Company shall implement the identified CSR Projects by the following means:

    The Company may itself implement the identified CSR Projects presently within the scope and ambit of activities areas as defined in the Policy.
    The CSR Officer designate may engage external professionals/firms/agencies if so required, for the purpose of implementation of its CSR Projects.
    The Company may collaborate with other companies if required, for fulfilling its CSR objects through the Direct Method, provided that the CSR Committees of respective companies are in a position to monitor separately such CSR Projects.
    The Company may implement the identified CSR Projects through Agencies, subject to the condition that:
     
    The Agency has an established track record of at least three years in undertaking similar programs or projects;
     
    The Agency has an established track record of at least three years in undertaking similar programs or projects, and;
     
    The Company has specified the Project/(s) to be undertaken through the Agency which shall preferably be in Thrust Areas, the modalities of utilization of funds on such Projects and the monitoring and reporting mechanism which shall be at least once in three months.
    The Company may collaborate with other companies, if so required, for fulfilling its CSR objects through the Indirect Method provided that the CSR Committees of respective companies are in a position to monitor separately such Projects.
     
    CSR SPEND: 
    The Company has under taken to spend on its CSR activities every year, 2% of its average Net Profits during every block of three years. ‘Net Profit’ shall be calculated in the manner prescribed by the Act and the CSR Rules. Any ‘Income’ or ‘Surplus’ that may arise from its CSR activities would also be included in the CSR corpus and will not form part of business profits of the Company. The CSR activities of the Company shall not include any benefits which are exclusively for the employees of the Company or their family members.
     
    MONITORING OF CSR PROJECTS:
    The CSR Committee of the Board has devised a “transparent monitoring mechanism” for various CSR Projects / Programs / Activities undertaken by the Company including conduct of impact studies of CSR Projects / Programs on a periodic basis, through independent third party agencies as and when necessary. Simultaneously, it also obtains feedback from various beneficiaries of CSR Projects /Activities / Programmes undertaken by the Company to measure their benefits.
     
    At the beginning of each financial year, the CSR Committee of the Board will prepare a list of CSR Projects/ Activities/Programmes which the Company proposes to undertake during the financial year, specifying the modalities of execution in the areas/sectors chosen with implementation schedules for approval of the Board. The current CSR Activities /Projects/Programs of the Company with their execution modalities and implementation schedules is appended below as Annexure A to this Policy. The Company may take up other activities/Projects/Programs as it may consider appropriate.
     
    The Company shall disclose this Policy on its website and a web-link thereto shall be provided I the Annual Report of the Company
     
    AMENDMENTS TO THE POLICY:
    The Company is committed to continuously reviewing and updating our policies and procedures to channelize its vision. Therefore, this policy is subject to modification. Any amendment of any provision of this policy must be approved in writing by the Company’s Board as per the recommendations of the CSR Committee and promptly disclosed on the Company’s website and in applicable regulatory filings pursuant to applicable laws and regulations, together with details about the nature of the amendment.
     
     
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