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20/01/2022
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05/01/2022
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Article Details
Corporate Social Responsibility
Brief note on Corporate Social Responsibility under Companies Act, 2013

Section 135: Corporate Social Responsibility

1. Every Company having
 
   1. Net worth => Rs.500 Crore or
   2. Annual Turnover => Rs.1000 Crore or
   3. Net profit => Rs.5 Crore
 
Shall constitute Corporate Social Responsibility committee (CSR Committee)

2. CSR Committee shall consist three or four Directors. Out of which alteast One Director should     be an Independent Director

3. The Board of Directors’ Report should disclose the composition of CSR Committee

4. The responsibility of CSR Committee is
 
4.1 formulate and recommend to the Board of Directors of the Company, Corporate Social Responsibility Policy. The CSR policy shall contain the activities to be undertaken by the    Company. These activities are specified in Schedule VII of the Companies Act, 2013
 
4.2 recommend the amount of expenditure to be incurred on the activities as  specified in Schedule VII
 
4.3 monitor the CSR policy of the Company from time to time

5. The Board of Directors of the Company shall approve the CSR policy after considering the recommendation of CSR Committee
 
6. It shall disclose the contents of such CSR Policy on the website of the Company if any
  
7. The Board of Directors should ensure that the activities of CSR Policy should actually undertaken by the Company
 
8. In every financial year, the Company should spend at least 2% of the average net profit of the Company made during the 3 immediately preceding financial year
 
9. If Board of Directors fail to spend such amount, it shall specify the reasons for not spending the amount in the Directors’ Report
 
 
Schedule VII – Activities which may be included by Companies in their Coporate Social Responsibility Policies
 
Activities relating to
 
(i) eradicating hunger, poverty and malnutrition, (promoting health care including preventive health care) and sanitation and making available safe drinking water;
 
(ii) promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and differently abled and livelihood enhancement projects;
 
(iii) promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
 
(iv) ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal, welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water;
 
(v) protection of natural heritage, art and culture including restoration of buildings and sites of historical importance and work of art; setting up public libraries; promotion and development of traditional arts and handicrafts;
 
(vi) measures for benefits of armed forces veterans, war widow and their dependents; (vii) training to promote rural sports, national recognized sports, paralympic sports and Olympic sports;
 
(viii) 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 Caste, the Scheduled Tribes, other backward classes, minorities and women;
 
(ix) contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government;
 
(x) Rural development projects;
 
(xi) Slum area development
 
Explanation - For the purpose of this item, the term ‘slum area’ shall mean any area declared as such by Central Government or any State Government or any other competent authority under any law for the time being in force
 
Format for the Annual Report on CSR Activities to be included in the Board's Report
 
1. A brief outline of the Company’s CSTR policy, including overview of projects pr programs proposed to be undertaken and a reference to the web-link to the CSR Policy and projects or programs
 
2. The Composition of CSR Committee
 
3. Average Net Profit of the Company for last Three financial years
 
4. Prescribed CSR Expenditure (Two percentage of the amount as in item 3 above)
 
5. Details of CSR spent during the financial year:
 
(a) Total amount to be spent for the financial year
(b) Amount unspent, if any,
(c) Manner in which the amount spent during the financial year is detailed below
 
1 2 3 4 5 6 7 8
SR No. CSR Project or activity identified Sector in which the Project is covered Projects or Programs
(1) Local Area or other
(2) Specify the State and District where projects or programs was undertaken
Amount outlays (budget) project or programs-wise Amount spent on the projects or programs Sub-Heads:
 
(1) Direct expenditure on projects or programs
 
(2) Overheads:
Cumulative expenditure upto the reporting period Amount spent: Direct or through implementing agency*
1            
2          
3          
           
  Total            
*Give details of implementing agency
 
6. Incase the Company has failed to spend the two percentage of the average net profit of the last three financial years or any part thereof, the Company shall provide the reasons for not spending the amount in its Board Report
 
7.A Responsibility statement of the CST Committee that the implementation and monitoring of CST Policy, is in compliance with CST objects and Policy of the Company
 
SD/-
 
(Chief Executive Officer or Managing Director or Director)
 
SD/-
 
(Chairman CSR Committee)
 
SD/-
 
(Person specified under clause (d) of sub-section (1) of section 380 of the Act)
 
 
(wherever applicable)