NCL VEKA PRIVATE LIMITED (Formerly NCL VEKA LIMTED)
POLICY ON CORPORATE SOCIAL RESPONSIBILITY (CSR)
NCL VEKA Private Limited (‘Company’) has developed its Corporate Social Responsibility Policy (‘Policy’) in accordance with Section 135 of the Companies Act, 2013 (‘Act’) and the rules made there under.
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:
1. Promoting education, including special education and employment enhancing vocation skills,
2. Eradicating poverty/ hunger/ malnutrition, promoting health care and sanitation and making available safe drinking water,
3. Setting-up public libraries, development of traditional arts and handicrafts,
4. Promoting gender equality/ empowering women and measures reducing inequalities faced by socially and economically backward groups,
5. Rural development activities or projects,
In addition to above the company may take any other activities specified in schedule VII to 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 Management 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 Mechanism:
We shall implement the CSR activities by supporting the institutions and entities which are already beneficiaries of the Company’s voluntary CSR effort. This policy is consciously adopted to ensure sustained development of such institutions and entities.
However, such support shall be extended only after receiving a detailed report of the institutions/ entities concerned, and the Board is satisfied with the performance of the beneficiary.
6. Monitoring Mechanism:
The Board will be responsible for monitoring approved projects and fund disbursals for such projects. The Board will put in place a transparent monitoring and reporting mechanism for ensuring effective implementation of the projects, programmes and activities proposed to be undertaken by the Company.
For institutions and entities other than those coming under para 5 above, the following documents of the prospective beneficiary shall be verified before sanctioning any support from the CSR fund:
1. The charter document like the Registration Certificate, Memorandum of Association etc.
2. A report on the past activities before approaching the Company for support.
3. Details of the project or venture for which the support is sought.
4. Measurable goals to be achieved specifying timelines.
5. 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.
The Board of Directors can amend this policy as and when required and deemed fit. Any or all provisions of CSR policy would be subjected to revision/ amendment in accordance with the regulations on the subject as may be issued from relevant statutory authorities, from time to time.
