Pursuant to the provisions of Section 135 (3)(a) of the Companies Act, 2013, the CSR Policy of the Company formulated and recommended by the Corporate Social Responsibility Committee , and adopted by the Board is as follows:
Commitment to the Principles of Corporate Social Responsibility
The Company is fully committed to the concept and principles of Corporate Social Responsibility in letter and spirit, and shall endeavor to play a meaningful role in discharging its responsibility.
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 Health Care, and establishing hospitals, nursing homes and dispensaries to provide basic and advanced health care to the community
2) Creating awareness about hygiene and cleanliness – both personal and community.
3) Promoting Education (general and technical) and skill development, with particular focus on the tribal community.
4) Setting up public libraries, Development of traditional arts and handicrafts
5) Establishing, managing and/or supporting facilities for the welfare of the old aged persons, orphans and physically and mentally handicapped persons.
60 % of the CSR Funds shall be reserved for deployment in the CSR activities within a radius of 50 kms from the location of the plant or project site of the Company, and remaining 40% of CSR Funds may be utilized for deployment in the CSR activities beyond a radius of 50 kms from the location of the plant or project site of the Company.
Selection of Beneficiaries
For the four years after the commencement of the formal CSR Policy, under the Act, i.e. for the years 2016-17 through 2019-20, at least 50% of the CSR funds shall be earmarked for supporting and further strengthening the CSR activities which are already operating as part of the company’s voluntary CSR efforts. This policy is consciously adopted to ensure sustained development of such activities which have been commenced.
Criteria for Selection of Beneficiaries
For institutions and entities other than the those coming under Para 4 above, the following criteria shall be adopted before sanctioning any support from the CSR Fund:
The prospective beneficiary should submit to the CSR Committee, the following documents:
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 time-lines
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
6) Recurrence of the support to an existing beneficiary shall be considered only upon its submitting a satisfactory report on performance.
Procedure for Sanctioning Support
A formal request for contribution from CSR Fund shall be made by the prospective beneficiary, along with the documents listed in Para 5 above.
The prospective beneficiary will also have to make a full disclosure of the nature of association, if any, of any Director, executive or employee or their relatives with the beneficiary. In case such association does not exist, a declaration that no such association exists shall be made.
The CSR Committee shall meet at least once six months to consider the pending requests, and make allocation of funds to the aspiring beneficiaries.
The CSR Fund shall not be deployed for supporting activities which are meant for the exclusive benefit of any particular race or religion.
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