“Corporate Social Responsibility” is a company’s sense of responsibility towards the community and environment in which it operates. It is a way of conducting business, by which corporate entities visibly contribute to the social good/betterment. CSR is the process by which an organization thinks about and evolves its relationships with society for the common good and demonstrates its commitment by giving back to the society for the resources it used to flourish by adoption of appropriate business processes and strategies.
ROLE/ OBJECTIVES OF CSR COMMITTEE
The Board of Directors of the Company has constituted a Corporate Social Responsibility (CSR) Committee of Directors. The CSR Committee will play the following role in fulfilling the Company’s CSR objectives:-
- To Formulate and recommend to the Board, the Corporate Social Responsibility Policy indicating the activities to be undertaken by the company as specified in the policy.
- To Recommend the amount of expenditure to be incurred on the CSR activities.
- To formulate transparent monitoring mechanism for ensuring implementation of the projects/ programmes/ activities proposed to be undertaken by the Company or the end use of the amount spent by it towards CSR activities.
- Monitor and implement this policy from time to time.
- Annually report to the Board, the status of CSR activities and contributions made by the Company.
- Any other requirements mandated under the Act and Rules thereto.
The Company shall ensure that it spends, in every financial year, at least 2% of its average net profit made during the three 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 there under.
Net profits mentioned herein above means, the net profit as defined in the Companies (Corporate Social Responsibility Policy) Rules, 2014.
For the purpose of this Policy, the first CSR spending financial year would be 2014-15 and the net profit shall mean average of the annual net profits of the financial years 2011-12, 2012-13 and 2013-14.
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