The board of directors (“Board”) of the Company has adopted this Corporate Social Responsibility Policy (“Policy”) which sets out the guidelines for the Company to discharge its responsibility towards making the Company a responsible corporate citizen in accordance with the provisions of the Companies Act 2013 (“CA 2013”), the Companies (Corporate Social Responsibility Policy) Rules, 2014 (“Rules”) and the notifications issued thereunder.
The Corporate Social Responsibility Committee (“Committee”) of the Board will monitor and oversee the implementation and effectiveness of this Policy and the annual plan setting out the projects and activities to be undertaken as part of the Policy (“Annual Plan”).
A) Company’s Commitment to Corporate Social Responsibility
The Company is committed to spend, in one or more of the activities described in Annexure-A, in every financial year, at least 2% (two percent) of its average net profits during the 3 (three) immediately preceding financial years (“Mandatory Allocation”) to undertake projects and activities that are in compliance with requirements of the CA 2013, the Rules and any notifications issued thereunder and to further ensure that any surplus arising from such activities shall also be spent on activities specified under this Policy and the Annual Plans.
B) Operational Guidelines
- With sales presence across India and global presence in Russia and SAARC markets, the Indian brand is reaching out to the global frontier, with innovative products that challenge the status quo.
- The Committee will formulate the strategy for execution of each project and activity included in the Annual Plan (as approved by the Board) along with targets and key performance indicators for on-going monitoring of the Annual Plan.
- The Committee will ensure compliance by the Company with the Mandatory Allocation requirement and all other conditions specified by CA 2013, the Rules and any notifications issued there under.
- CSR activities undertaken by the Company shall be monitored on an on-going basis by the Committee to ensure due implementation of projects and activities proposed to be undertaken by the Company in accordance with pre-determined targets.
- The expenditure incurred by the Company in connection with the implementation of each project and activity specified under the Annual Plan shall be monitored by the Committee on an on-going basis. The Committee may seek such reports from the Company as it may deem appropriate in this regard. Further, the surplus arising out of CSR activities shall not form part of the business profits of the Company.
- The Committee shall provide a report to the Board semi-annually on the implementation and expenditure incurred by the Company on CSR activities and whether such expenditure is resulting in the achievement of the targets identified in the Annual Plan
- In the event the annual Mandatory Allocation is not spent by the Company in any financial year, the Committee shall provide a report to the Board stating the reasons for the failure of the Company to spend the budgeted amount.
- An annual report of the CSR activities undertaken by the Company in the form set out in the Rules shall be included in the annual report of the Board.
- The Committee will re-evaluate social responsibility objectives of the Company, from time to time, in light of changes in the Company’s objectives, industry best practices and evolving priorities and needs of the local communities in locations where the Company operates and sources materials and recommend to the Board modifications to the CSR Policy and the Annual Plan, considering its suitability, adequacy and effectiveness. Any recommendations for improvements or modifications of the CSR Policy and the Annual Plan will be presented to the Board for its consideration.
- Any amendment or waiver of any provision of this Policy must be approved in writing by the Board.
Annexure A- CSR Policy
- Eradicating hunger, poverty and malnutrition, promoting 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 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, alt 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 the benefit of armed forces veterans, war widows and their dependents
- Training to promote rural sports, nationally recognised sports, paralympic 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, 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.