Corporate Social Responsibility has been long talked about and many of the companies in the corporate world are already engaged with their program for social services and upliftment of the society. It is in the new Corporate Law promulgated in 2013 which has enveloped all such other corporate to shoulder government’s endeavour to uplift the weaker section of the society, which corporate have qualified themselves in such a position under the specified norms.
Our CSR Vision and Mission
To actively contribute to the Social, Economic and Environmental Development of the community in which we operate ensuring participation from the community and thereby create value for the nation. Our mission is to ensuring socio-economic development of the community through different various initiatives in the best interest of the poor and deprived sections of the society so as to help them to become self reliant and build a better tomorrow for themselves.
We also ensure environmental sustainability through ecological conservation and regeneration, protection & re growth of natural resources like water, forest, air, soil and promoting biodiversity.
Our activities would be in line with our mission with special emphasis on local and state level issues under statutory guidelines and possibly beyond that. Though we will not confine our activities in any specific area, still our main focus area will be as under:
Promoting employment based education and vocational skill among children, women, elderly and differently able persons.
Ensuring environmental sustainability, ecological balance, protection of flora and fauna, conservation of natural resources and maintaining the quality of air, soil and water
Promoting healthcare, preventive healthcare by opting various training, awareness and educational program and eradicating malnutrition
Measures for benefit of armed forces veterans, war widows and their dependents
Contribution or funds provided to technology incubators located within academic institutions duly approved by the Central Government
As said before, we are not confined to above activities but all such other activities as to be recommended by the CSR Committee and decided by the Board from time to time within and not restricted to the statutory framework and include activities like promoting gender equality and empowering women, rural development projects and other incidental activities required form time to time. The overall CSR activities will include projects and programs relating to activities specified in Schedule VII of the Companies Act, 2013 and any amendment thereof but will not confined to these.
The Company will implement all its projects under CSR on its own to the extent possible. However, for more efficient compliance, we will collaborate with various organizations; NGO’s and trusts specially working in line with the guidance of CSR under the Companies Act, 2013. Also contribute to various funds which are aligned with our mission like Prime Minister’s Nation Relief Fund, other funds set up by the Central Government for welfare of schedule cast, schedule tribe, other backward classes, minorities and women and for socio- economic development and relief etc. The Company will also implement its projects through other Trusts, Foundations and Section 8 companies that may be established by the Company from time to time or through its own formed trust and associated Trusts like Prakash Foundation and Uma-Baleshwar Charitable Trust and others.
The corpus for the purpose of carrying on the aforesaid activities would include the followings:
2% of the average Net Profit made by the Company during immediately preceding three Financial Years
Any income arising there from
Surplus arising out of CSR activities carried out by the company and such surplus will not be part of business profit of the company
CSR expenditure shall include all expenses including contribution to corpus or on projects and programs relating to CSR activities but does not include any expenditure on an item not in conformity with activities which fall within the purview of Schedule VII of the Companies Act, 2013.
Monitoring and Governance
The Board shall seek progress report in brief from the CSR Committee depending upon the nature of projects undertaken. Every year, the CSR Committee will place for the Board's approval, a CSR Plan delineating the CSR Programmes to be carried out during the financial year and the specified budgets thereof. The Board will consider and approve the CSR Plan with any modification that may be deemed necessary.”