Corporate Social Responsibility Policy
Recognizing that business enterprises are economic organs of society and draw on societal resources, it is Company’s belief that a company’s performance must be measured by its Triple Bottom Line contribution to building economic, social and environmental capital towards enhancing societal sustainability. The Company believes that in the strategic context of business, enterprises possess, beyond mere financial resources, the transformational capacity to create game-changing development models by unleashing their power of entrepreneurial vitality, innovation and creativity. In line with this belief, the Company will continue crafting unique models to generate livelihoods and environmental capital. Such Corporate Social Responsibility (“CSR”) projects are far more replicable, scalable and sustainable, with a significant multiplier impact on sustainable livelihood creation and environmental replenishment. These initiatives are independent of the normal conduct of Company’s business. Programmes, projects and activities (collectively “CSR Programmes”) carried out in this regard are the subject matter of this Policy.
The Policy shall be read in line with the provisions of Section 135 of the Companies Act, 2013, Companies (Corporate Social Responsibility Policy) Rules, 2014 and such other rules, regulations, circulars, and notifications as may be applicable and as amended from time to time.
- “Act” means the Companies Act, 2013;
- Board means Board of Directors of the Company;
- Directors mean Director of the Company;
- Committee means Corporate Social Responsibility Committee of the Company as constituted or reconstituted by the Board;
- Company means PARAKH AGRO INDUSTRIES LIMITED.
CSR Policy :
It is Company’s policy:
To direct Company’s CSR Programmes, inter alia, towards achieving one or more of the following – enhancing environmental and natural capital; supporting rural development; promoting education; providing preventive healthcare, providing sanitation and drinking water; creating livelihoods for people, especially those from disadvantaged sections of society, in rural and urban India; preserving and promoting sports;
To develop the required capability and self-reliance of beneficiaries at the grass roots, especially of women, in the belief that these are prerequisites for social and economic development;
To engage in affirmative action interventions such as skill building and vocational training, to enhance employability and generate livelihoods for persons from disadvantaged sections of society;
To pursue CSR Programmes primarily in areas that fall within the economic vicinity of the Company’s operations to enable close supervision and ensure maximum development impact;
To carry out CSR Programmes in relevant local areas to fulfill commitments arising from requests by government/regulatory authorities and to earmark amounts of monies towards “Enterprise Social Responsibility (ESR)” activities and to spend such monies through ESR/CSR Cells of such administrative bodies of the government and/or directly by way of developmental works in the local areas around which the Company operates;
To provide equal opportunities to beneficiaries of the Company’s CSR Programmes as vendors or employees on merit;
To promote sustainability in partnership with industry associations, like the Confederation of Indian Industry (CII) or any other institutions.
To implement the Company’s CSR Programmes through Company personnel or through external implementing agencies or any other Trusts, Foundations and Section 8 companies that may be established by the Company from time to time. In such cases, the Company will specify the CSR Programmes which may be undertaken by those Trusts in accordance with their Objects and administrative and accounting processes laid down in the respective Trust Deeds/ Memoranda and Articles of Association.
The Committee shall be fully responsible for the monitoring and review of the implementation of this policy as per guidelines laid down from time to time. The Corporate Social Responsibility Committee shall provide recommendations as and when it deems necessary to the Board so as to amend/modify/revise the CSR Policy to be consistent with the needs of the Company and applicable statutory requirement.
At the end of every financial year, the CSR will submit its report to the Board.
CSR Expenditure :
CSR expenditure will include all expenditure, direct and indirect, incurred by the Company on CSR Programmes undertaken in accordance with the approved CSR Plan. Moreover, any surplus arising from any CSR Programmes shall be used for CSR. Accordingly, any income arising from CSR Programmes will be netted off from the CSR expenditure and such net amount will be reported as CSR expenditure.
The Company can form collaborative partnerships with the Government, the District Authorities, the Village Panchayats, NGOs and like-minded stakeholders after taking prior approval of the CSR Committee.
Information dissemination :
The Company’s CSR activities shall be disseminated on its website and in the Annual Report of the Company.
Spending limits :
All the expenditure relating to CSR shall be approved by the CSR committee. The Managing Director and/CFO/Company Secretary shall jointly monitor the utilization of funds for the purpose set forth.
The CSR committee will review the Policy from time to time based on changing needs and aspirations of the target beneficiaries and make suitable modifications, as may be necessary.