PARI strongly believes that development of the society is a key to sustained growth and development of the corporate community. PARI therefore strives to run its business in an environment friendly manner with a commitment, to provide social upliftment to the people thru creation of direct and indirect employment opportunities.
It is continuing corporate practice of PARI, to value its commitments and grow in a socially and environmentally responsible way which values the interests of all stakeholders including the society. PARI firmly believe that Corporate Social Responsibility (CSR) is a very significant initiative in order to achieve a development on a wider scale at grass root level.
PARI have been contributing to the societal wealth creation by several ways and activities like innovation, employment generation, employee’s welfare, infrastructure development, contributions to various NGO’s etc. However, in line with the regulatory expectations, we are putting in place a formal policy as a guide towards our social commitment going forward.
KEY WORDS & MEANINGS
➢ Act- means the Companies Act, 2013 as amended from time to time
➢ CSR- means Corporate Social Responsibility
➢ CSR Policy– means the policy approved by the board as the Corporate Social Responsibility policy of the company as amended from time to time.
➢ CSR Rules or Rules – means Companies (Corporate Social Responsibility Policy ) Rules 2014
The objective of the CSR Policy (“Policy”) is to lay down the guiding principles in undertaking various programs and projects by or on behalf of the company relating to Corporate Social Responsibility (“CSR”) within the meaning of section 135 of the Companies Act,2013 read with Schedule VII of the Act and the CSR Policy Rules 2014.(“Rules”)
The policy shall be applicable to all CSR activities of the company whether carried by it directly or through any Implementation agency with effect from 10thAugust, 2015.
CSR Committee means the committee of the board constituted in terms of Section 135 of the Companies Act, 2013 read with Rule 5 of the rules.
ROLE OF THE COMMITTEE INCLUDE
• Draft the CSR policy and recommend the same to the Board for approval.
• Review and recommend any new CSR initiatives to be taken up by the company including the Selection / appointment of implementation agencies.
• Review the progress of CSR projects already undertaken by the company and the utilization of budgets for each such project.
• Review and recommend the CSR report to be included in the board’s report.
• Review and recommend any amendments to be made in the CSR policy of the Company.
• To carry such other functions as may be delegated to it by the board relating to CSR activities of the company.
As part of the CSR program, company is desirous of carrying out CSR activities primarily in the area of social upliftment, rural infrastructure development & employment oriented education to the underprivileged. This can potentially involve projects which are socially relevant for the nearby locality surrounding of Factory Premises as well as other selected locations which can benefit significantly from such CSR program. The company will undertake / fund project, programs or activities which shall fall under the schedule VII of the Act 2013, the activities as per schedule VII of the Act 2013 is attached herewith as Annexure 1.
EFFECTS OF INTERPRETATIONS/CLARIFICATIONS AND AMENDMENTS ON PROJECTS/ PROGRAMS /ACTIVITIES
The objective of the policy is to act as a guideline for the company in its endeavor to undertake various activities under the umbrella of CSR, which should result in achievement of overall CSR objective established by the company and the larger social objectives visualized by the government i.e. creation of social wealth and assets for the common good & upliftment of society. The list of activities shall be interpreted in a manner that will advance the objective of CSR. The policy shall be deemed to have been amended or modified to the extent of any modification/amendments or clarifications issued by the Central Government from time to time in relation to the Corporate Social Responsibility Activity.
EXECUTION OF PROJECTS/PROGRAMS
The company may undertake one or more projects or programs or activities provided in the policy either as its own or through any implementation agency. It can also acquire the services of experts in respective fields by appointing them as consultants in a particular program or project. While engaging a third party agency for implementing a project or program covered in the CSR policy, the CSR committee shall ensure the eligibility of such agency.
The company may undertake programs in collaboration with other companies only in cases where such programs are separately reportable in the CSR report of each of the participating companies.
MONITORING OF CSR ACTIVITIES
CSR committee of the company will be responsible for the monitoring of various CSR projects or programs undertaken by the company directly or indirectly. The committee shall ensure that;
➢ Company undertakes the CSR activities as provided in the CSR policy
➢ The projects/ programs are implemented as per the program approved by the board
➢ The budget allocated for each of the project is utilized for the projects as per the approved plans.
➢ The objective of the project/program is achieved as per the plans
➢ Wherever projects/programs are undertaken in partnership with one or more organizations, the part of the project or program undertaken by the company shall be distinguishable and necessary supporting documents in respect of the same shall be obtained from the other partners/implementing agency on an annual basis.
Company shall provide necessary resources and human capital for implementation and the effective monitoring of the CSR projects and programs, as may be directed by the CSR committee. The services of any external agencies or persons, who have experience in the same or similar projects or programs undertaken or proposed to be undertaken by the company may also be made available for successful implementation an monitoring of the project.
SURPLUS ARISING OUT OF CSR
Surplus arising out of any CSR project or program or activities shall not form part of the business profit of the company.
AMENDMENT OF POLICY
The CSR policy of the company may be amended at any time by the board of the company on there commendation of the CSR committee.
On approval of the CSR policy or any amendments thereof, the contents of the policy shall be included in the Boards’ report and the same shall be displayed on the web site of the company. At the end of each financial year, the CSR committee shall prepare a report of the CSR program in the prescribed form relating to the financial year and submit to the board for its inclusion in the Board’s report.
Activities as per schedule VII of the Act 2013
➢ Eradicating hunger, poverty and malnutrition, Promoting preventive healthcare, sanitation & hygienic practices & making available safe drinking water;
➢ Promoting education, including special education and employment enhancing vocation skills especially among children, woman, elderly and differently a bled and livelihood enhancement projects;
➢ Promoting gender equality, empowering women, setting up homes and hostels for woman and orphans; setting up old age homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backwards groups;
➢ Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agro forestry, conservation of natural resources and maintaining quality of soil, air and water;
➢ Protection of national heritage, art and culture including restoration of building and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional arts and handicrafts;
➢ Measures for the benefit of armed forces veterans, war widows and their dependents;
➢ Training to Promotion of rural sports, nationally recognized sports, Paralympics sports and Olympic sports;
➢ Contribution to the 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 Schedule Tribes, Other Backward class, , minorities and women;
➢ Contributions or funds provided to technology incubators located within academic institutions approved by the Central Government.
➢ Sponsoring and supporting rural development projects.
➢ Development of slum area