CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY
Our focus shall be on the empowerment of weaker, less privileged and marginalized sections of the society. Our company is committed to operate its business with emphasis on CSR in all areas of its operation. The company plans to integrate its business values and operations to meet the expectations of its shareholders, customers, employees, regulators, suppliers, community and take care of the environment with best interest.
Company will have a Board Level Sub-Committee hereinafter referred to as CSR Committee consisting of three Directors Mr.R.S. Raghavan, Mr.P.V.Krishnamurthy and Mr.M.Senthil Kumar.
Role / Responsibilities of CSR Committee:
- Formulate and recommend to the Board, a Corporate Social Responsibility Policy (CSRP) which shall indicate the activities to be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013.
- Recommend the amount of budgeted expenditure to be incurred on the activities referred to in Clause (1) above.
- Monitor the CSRP of the Company from time to time.
- Institute a transparent monitoring mechanism for implementation of the CSR Projects / Programs / activities.
- Monitor the implementation of CSR activities on periodical basis.
- Approve programs / projects/ activities in each case.
CSR FOCUS AREA PROJECTS/PROGRAMS/ACTIVITIES:
I. The Company’s CSR focus areas are inspired from national developmental policies of children, women and weaker sections.
All projects/programs/activities will be in the areas of:
- Skill Development.
- Environment & Community Development.
II. Any projects / programs activities in areas other than the above will be taken up with the approval of CSR Committee.
III. CSR projects / programs / activities will be implemented through implementing partners / specialized agencies. The implementing partner must be a registered society, trust, company or any specialized agency having minimum three years of experience post registration in handling activities of similar nature.
In case of finding a suitable partner seems difficult in the initial years, the objectives shall be achieved through contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government, to achieve the CSR objectives of the Company.
a) In alignment with the Companies Act, 2013 the Company shall earmark a CSR Budget, at least 2% of the average of net profits of the company made during the three immediately preceding financial years.
b) All expenditure towards the programs to be diligently documented
c) In case at least 2% of average net profit of the last 3 years is not spent in a financial Year, reasons to be specified in the CSR report.
d) Any surplus generated out of the CSR activities not to be added to the normal business Profits of the company.
Monitoring will be done periodically.