CSR Policy

POLICY ON CORPORATE SOCIAL RESPONSIBILITY (CSR)

Pursuant to the provisions of Section 135(3)(a) of the Companies Act, 2013, the CSR Policy of the Company has been formulated and recommended by the Corporate Social Responsibility (CSR) Committee and adopted by the Board of Directors. This policy outlines the Company’s commitment to undertake CSR activities in line with the statutory requirements and ethical standards aimed at contributing to the social and economic development of the community.

1. Vision:

The Company will ensure sustainability by doing what is right, through the adoption of sustainable business practices, employee policies and technologies. We endeavour to protect the interests of all our stakeholders and contribute to society at large, by making a measurable and positive difference.

2. Activities to be undertaken:

The Company shall concentrate its efforts on the following CSR activities among the activities specified in schedule VII to the Companies Act, 2013:

  • i. Promoting education, including special education and employment enhancing vocation skills,
  • ii. Addressing poverty/ hunger/ malnutrition, promoting health care and sanitation and making available safe drinking water,
  • iii. Setting-up infrastructures for the benefit of society and public.
  • iv. Promoting gender equality/ empowering women.
  • v. Rural development activities or projects.

Note: The above list is illustrative and not exhaustive. The CSR committee of Board of Directors is authorized to consider also CSR activities which are not included in this list but given under Schedule VII of the Companies Act, 2013.

3. Resources:

We will utilize 2% of the average net profits of the Company made during 3 immediate preceding financial years. Any surplus arising out of Corporate Social Responsibility (“CSR”) projects, programmes or activities shall not form part of the business profit of the Company and would be ploughed back for CSR activities.

4. Geographical Location:

The Act provided that the Company shall give preference to the local area and areas around it where it operates, for spending the amount earmarked for Corporate Social Responsibility. However, the CSR Committee of the Company may identify such areas other than stated above, as it may deem fit, and recommend it to the Board for undertaking CSR activities.

5. Implementation and Monitoring Mechanism:

  • i. Evaluation of CSR Activities by the CSR Committee – The CSR Committee will be responsible for evaluating CSR proposals and initiatives suggested by various stakeholders (e.g., Board members, employees, external organizations, community members, etc.).
  • ii. Selection of CSR Projects – After evaluating the CSR activities, the CSR Committee will select the most suitable CSR projects and recommend them to the Board for approval.
  • iii. Monitoring of Approved Projects and Fund Disbursements – The CSR Committee will be directly responsible for monitoring all CSR projects that have been approved by the Board, including overseeing the disbursement of funds for these initiatives.
    A transparent monitoring and reporting mechanism will be established to ensure that projects are being implemented effectively and efficiently. This mechanism will include tracking progress,
    financial management, and reporting on the status of each project, ensuring accountability and transparency.
  • iv. Review of Completed CSR Projects – Upon completion of a CSR project, the CSR Committee will conduct a review to assess the outcomes and impact of the project. This review ensures that the CSR activities align with the organization’s objectives and deliver the expected benefits.
  • v. Report to Board – On a periodic basis, the CSR Committee will submit a detailed report to the Board on the project’s results, challenges, and outcomes.
  • vi. Support to Institutions/Entities – Support to any external institutions or entities involved in CSR projects will be provided only after receiving a detailed report on their performance. The CSR Committee must be satisfied with the performance of the beneficiary institution/entity before any further assistance or funding is extended.

6. Institution Selection Mechanism:

For any institutions and entities that wish to apply for CSR (Corporate Social Responsibility) support, the following documents should be verified before sanctioning any support from the CSR fund:

  • i. The charter document like the Registration Certificate, Memorandum of Association, Registration with Registrar of Companies etc.
  • ii. A report on the past activities before approaching the Company for support.
  • iii. Details of the project or venture for which the support is sought.
  • iv. Measurable goals to be achieved specifying timelines.
  • v. Proposed budget for the activities planned, and the details of funds committed, and the shortfall sought to be met by the contribution from the Company.

Recurrence of the support to an existing beneficiary shall be considered only upon its submitting a satisfactory report on performance.

7. Amendments to the Policy

This CSR Policy shall be reviewed periodically and may be amended by the Board of Directors based on the recommendations of the CSR Committee to align with regulatory changes or to include new areas of focus.

8. Approval and Adoption

This CSR Policy was approved by the Board of Directors on 13/11/2024 and shall come into force with immediate effect.

9. Composition of CSR Committee

The Company has constituted the CSR Committee on in its (2/2024-25) Board Meeting held on 27/08/2024.

The Committee consists of the following members.

  1. Mr. Ashven Datla, Chairman
  2. Mr. U.S. Murthy, Member