Corporate Social Responsibility (CSR) Policy
The Companies Act 2013 has brought the concept of Corporate Social Responsibility
in the limelight for all the qualifying companies through its “Comply –or – Explain
mandate.” The concept of Corporate Social Responsibility has gained prominence from
all avenues. Organizations have realized that Government, alone will not be able
to get success in its endeavor to uplift the downtrodden of Society. With the rapidly
changing corporate environment, more functional autonomy, operational freedom etc.
Company has adopted CSR as a strategic tool for sustainable growth. For Company in
the present context, CSR means not only investment of funds for Social Activity but
also Integration of Business processes with Social processes.
The concept of CSR provisions put formal and a greater responsibility on the Companies
to set out clear framework and process to ensure strict compliance.
The main objective of CSR policy is to lay down guidelines for the companies to make
CSR a key business process for sustainable development for the Society. It aims at
supplementing the role of the Government in enhancing welfare measures of the society
based on the immediate and long term social and environmental consequences of their
activities. Company will act as a good Corporate Citizen, subscribing to the principles
of Global Compact for implementation.
CONSTITUTION OF CSR COMMITTEE
In terms of section 135 of the Companies Act, 2013 and the Rules made thereunder,
Board of Directors of the Company at its meeting held on 8th May 2014 has constituted
a CSR Committee and the following are its members;
Pierre D’souza Director
Joseph D’souza Director
POWERS OF THE COMMITTEE FOLLOWING ARE THE POWERS OF THE CSR COMMITTEE:
(i) Formulate CSR Policy and recommend the same to the Board of Directors of the
Company for approval
(ii) Recommend CSR activities as stated under Schedule VII of the Act
(iii) Approve to undertake CSR activities and to separately report the same in accordance
with the CSR Rules
(iv) Recommend the CSR Budget
(v) 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
(vi) Create transparent monitoring mechanism for implementation of CSR Initiatives
(vii) Submit the Reports to the Board in respect of the CSR activities undertaken
by the Company
(viii) Monitor CSR Policy from time to time
(ix) Monitor activities/charter of Joint Working Group (JWG) who are authorized to
ensure that the CSR activities of the Company are implemented effectively
(x) Authorize executives of the Company to attend the CSR Committee Meetings
AREAS TO BE COVERED
While we intends to undertake all or any suitable activity as specified in Schedule
VII to the Act, currently, we focus to support and implement the following Sectors
as our thrust areas.
Old Aged Homes and Orphans Homes;
Promoting and development of Art and Culture;
Protection of National Heritage;
Promotion and development of rural sports;
Contribution to 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
Any other area as may be prescribed by Schedule VII amended from time to time;
The Company will review the sectors from time to time and make additions/deletions/clarifications
to the above sectors.
ALLOCATION OF FUNDS
The Company shall spend not less than 2% of its average net profits for the immediately
preceding three financial years or such other minimum amount as specified under the
Provided further that the allocation of the funds for CSR activities shall not be
at the cost of or in place / stead of the statutory / contractual obligations of
the Company towards the government, banks and financial institutions
Provided further that the surplus arising out of the CSR Projects or Programs or
Activities shall not form part of the business profits of the Company
This CSR Policy will be implemented from the succeeding year of a Financial Year
in which the Company shows the net profits as per its audited annual financial statements.
Based on the net profits, if any, every year, the CSR Committee will identify the
CSR activities including the thrust areas, annual budget, planned expenditure and
implementation schedule etc.
The preference for CSR activities shall be given the local areas where registered
office of the Company is situated.
However, this shall not bar the Company from pursuing its CSR activities in any other
CSR IN COLLABORATION OR THROUGH A MEDIUM
The Company will undertake its CSR activities as approved by the CSR Committee, through
itself or through a registered trust or registered society or a Company established
by the Company under Section 8 of the Companies Act, 2013.
The CSR Committee will decide the mode of execution of such activities /projects
i.e. whether such activities will be carried out by a registered and approved trust
or society or a company with an established track record of not less than three years
in undertaking similar programs or projects or they will be carried out by team of
persons specifically formed for such purpose(s) or such other mode as is within the
scope of the CSR Provisions and most suitable for execution of that particular activity
The CSR Committee may also decide to contribute the entire or part of the amount
to any fund as is within the scope of CSR Provisions