CORPORATE SOCIAL RESPONSIBILITY POLICY
- Richard Mohan Wason
- Shibu Mohammed
- Amittathody Surendran
- Formulate CSR Policy and recommend the same to the Board of Directors of the Company for approval
- Recommend CSR activities as stated under Schedule VII of the Act
- Approve to undertake CSR activities and to separately report the same in line with the CSR Rules
- Recommend the CSR Budget
- Spend the allocated CSR amount on the CSR activities once it is approved by the Board of Directors of the Company in accordance with the Act and the CSR Rules
- Create transparent monitoring mechanism for implementation of CSR initiatives in India
- Monitor CSR Policy from time to time
- Authorize executives of the Company to attend the CSR Committee Meetings, if necessary.
- The activities undertaken in pursuance of normal course of business of a company.
- CSR projects/programs or activities that benefit only the employees of the Company and their families.
- Any contribution directly/indirectly to political party or any funds directed towards political parties or political causes.
- Any CSR projects/programs or activities undertaken outside India.
As per Section 135 of the Companies Act, 2013 and rules made thereunder, every Company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a Net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility (CSR) Committee. !
The CSR Committee shall 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.
The CSR vision of the Company is to build relationship of trust with local communities, society and other stakeholders to contribute to developing a sustainable society for future generations.
2. Composition of CSR Committee
The Corporate Social Responsibility Committee (CSR Committee) of the Board of Directors (Board) of the Company comprises of all directors on the Board of the Company, as indicated below:
3.Functions and Powers of Committee
To effectively implement the objectives of the Company with respect to CSR, the Committee is vested with the following functions and powers:
4. CSR Spend
The Companies Act, 2013 prescribes that the companies which meet the criteria specified U/s. Sec. 135 shall contribute 2% of its annual net profits (calculated as per Sec. 198) during the three immediately preceding financial years on CSR Activities that fall under the categories specified under Schedule VII of the Act.
Net profit for the purpose of allocation towards CSR means profit more fully described under Rule 2(f) of the CSR Rules. The CSR expenditure shall include all expenditure including contribution to corpus or on projects or programs relating to CSR activities approved by the Board of Directors on the recommendation of its CSR Committee but does not include any expenditure on an item not in conformity or not in line with activities stated under Schedule VII of the Act.
6. Exclusion from CSR
The following activities shall not form part of the CSR activities of the Company:-
7. Failure to spend the CSR Money
If the Company fails to spend the required amount in a particular financial year, it is the duty of the Committee to submit a report in writing to the Board of Directors specifying the reasons for not spending the amount, which in turn shall be reported by the Board of Directors in their Annual Report pertaining to that particular Financial Year.
Surplus, if any, arising out of the CSR projects or programs or activities shall not form part of the business profit of the Company.
8. Reporting and publication of CSR policy
As per the CSR Rules, the contents of the CSR Policy shall be included in the Directors’ Report and the same shall be displayed on the Company’s website, if any.
9. Implementation of the Policy:FY 2020-21:
|Average Net Profit of the company for the last three FYs (Rs.)||Total CSR Obligation(Rs.)||Amount Spent (Rs.)||Name of the Project||Amount Unspent (Rs.)||Name of Fund under Schedule VII & Date of Transfe|
|3,67,66,357.33||7,35,327.15||2,00,000||Covid-19 Health Care||5,35,400||Unspent amount transferred to PM Cares Fund on 16.09.2021|
The CSR policy of the company may be amended at any time by the Board of the company on the recommendation of the CSR committee.