Corporate Social Responsibility represents a Company’s acknowledgement of its responsibility to contribute to improving the society and environment in which it operates. It includes the Company’s resolve to conduct its business ethically and to develop the capabilities of the staff working for the Company. The vision of the Company to take up inter alia “education and educational facilities for under privileged or differently abled children” and ecological improvement as the primary themes of its corporate social responsibility.
The Company’s CSR policy will focus first on addressing the educational needs of the marginalized under-privileged children of the society. Besides educational needs of under privileged children, the Company will also contribute to other causes for the betterment of the ecology and environment and will have flexibility to respond to different situations and challenges appropriately and flexibly, subject to the activities enumerated in Schedule VII of the Companies Act, 2013.
Role of CSR Committee:
The CSR Committee will play the following role in fulfilling the Company’s CSR objectives:
- Formulate and review the CSR Policy and recommend the same to the Board for its approval;
- Recommend the amount of expenditure to be incurred on the CSR activities;
- Ensure overall governance and compliance for CSR; and
- Annually report to the Board of Directors of the Company, the status of the CSR activities and contributions made by the Corporation.
The company would undertake the CSR activities primarily through contributions to NGOs or Trusts involved in the activities meeting the Company’s CSR policy objectives or contribution to specific funds maintained by the Central/ State Government of India, like Prime Minister’s Relief Fund etc.
All the aforementioned organisations will be referred as “Partnering NGOs” in this Policy.
The Company shall endeavour to spend in every financial year, 2% of its average net profits made during the 3 immediately preceding financial years, in pursuance of its corporate social responsibility and subject to Section 135 of the Companies Act, 2013 and the Rules made thereunder from time to time. Any surplus arising out of CSR activities shall not form part of the business profit of the Company
Composition of CSR Committee:
The CSR Committee will consist of Mr. Rajeev Gupta and Mr. Raj Kumar Kataria, whole time directors of the Company.
The Company will set up appropriate monitoring process corresponding to contribution made for a particular cause or the partnering NGO.
The CSR Committee will meet at least twice a year to review progress in the chosen activity and will report to the Board annually.