The CSR Committee comprises of three directors:
| Sr. No. | Name of Director | DIN | Designation |
|---|---|---|---|
| 1. | Mr. Piyush Gogad | 00187426 | Chairman |
| 2. | Mr. Pranjul Gogad | 08275991 | Member |
| 3. | Mr. Ayush Gogad | 09319894 | Member |
CSR can be defined as Company's sense of responsibility toward the community and environment (Both Ecological and Social) in which it operates. The activities (in areas or subject, specified in schedule VII) are undertaken by the company to achieve its CSR obligations. Which includes in (but not limited to)-waste and pollution reduction processes, contribution in educational and social programs, being environmentally friendly and undertaking activities of similar nature– ranging from community outreach and neutralizing their carbon footprint to socially responsible business practices in employment, sourcing, product design and manufacturing.
CSR covers the entire process by which an organization approaches, defines and develops its relationships with stakeholders for the common good, and demonstrates its commitment in this regard by adoption of appropriate strategies and projects.
This CSR Policy is framed in terms of the Companies Act, 2013 (hereinafter referred to as 'the Act') read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 (hereinafter referred to as 'the CSR Rules'), as amended from time to time.
To develop social wealth for the communities we engage with. Through sustainable measures, 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.
Activities, projects and program (hereinafter collectively referred to as 'CSR Activities') carried out in this regard are the subject matter of this Policy.
The Company has identified the following areas as listed in Schedule VII of the Companies Act, 2013 for carrying out its CSR
(i) Eradicating hunger, poverty and malnutrition, ‘‘promoting health care including preventive health care’’ and sanitation including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe drinking water.
(ii) Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the 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 centers 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 including contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga.
(v) Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional art and handicrafts;
(vi) Measures for the benefit of armed forces veterans, war widows and their dependents, Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows;
(vii) Training to promote rural sports, nationally recognized sports, Paralympic sports and Olympic sports
(viii) Contribution to the prime minister's national relief fund or Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) or any other fund set up by the central govt. for socio economic development and relief and welfare of the schedule caste, tribes, other backward classes, minorities and women;
(ix) (a) Contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government; and
(b) Contributions to public funded Universities; Indian Institute of Technology (IITs); National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE); Department of Biotechnology (DBT); Department of Science and Technology (DST); Department of Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH); Ministry of Electronics and Information Technology and other bodies, namely Defense Research and Development Organization (DRDO); Indian Council of Agricultural Research (ICAR); Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).
(X) Rural development projects
(Xi) Slum area development.
Explanation.- For the purposes of this item, the term `slum area' shall mean any area declared as such by the Central Government or any State Government or any other competent authority under any law for the time being in force.
(Xii) Disaster management, including relief, rehabilitation and reconstruction activities.
The Company shall ensure that in identifying its CSR Projects, preference shall be given to the local area and areas around which the Company operates. However, this shall not bar the Company from pursuing its CSR objects in other areas.
Company has constituted Corporate Social Responsibility Committee (the “CSR Committee”) in line with Section 135 of the Companies Act, 2013 (the “Act”).
The Board of Directors of the Company may re-constitute the Committee, as and when required to do so, by following the sections, sub-sections, rules, regulations, notifications issued or to be issued, from time to time, by the Ministry of Corporate Affairs or the Central Government of India.
As per amendment inserted by the Companies (Amendment) Act, 2020, Notification dated 28th September, 2020 if the amount to be spent by a company for CSR does not exceed fifty lakh rupees, the requirement for constitution of the Corporate Social Responsibility Committee shall not be applicable to the company and the functions of such Committee provided under this section shall, in such cases, be discharged by the Board of Directors of such company
The Company's CSR Activities will be implemented:
(a) Directly by the Company; or through
(b) A Company established under section 8 of the Act, or registered public trust or a registered society, registered under section 12A and 80 G of the Income Tax Act, 1961 (43 of 1961), established by the Company, either singly or along with any other Company; or
(c) A Company established under section 8 of the Act or a registered trust or a registered society, established by the Central Government or State Government; or
(d) Any entity established under an Act of Parliament or a State legislature; or
(e) A Company established under section 8 of the Act, or a registered public trust or a registered society, registered under section 12A and 80 G of the Income Tax Act, 1961, and having an established track record of at least three years in undertaking similar activities.
Only duly registered agencies on MCA portal with a valid registration number will be hired for CSR project implementation.
The implementation and monitoring of Corporate Social Responsibility Policy is in compliances with the CSR Objectives and policy of the Company.
The company may also collaborate with other companies for undertaking projects or programs or CSR activities in such a manner that the CSR committees of respective companies are in a position to report separately on such projects or programs in accordance with these rules.
The CSR Committee will review, monitor and provide strategic direction to the Company's CSR practices towards fulfilling its objectives.
The CSR committee of the Board shall formulate and recommend to the Board, an annual action plan in pursuance of its CSR policy, which shall include the list of CSR projects or programs that are approved to be undertaken in areas or subjects specified in Schedule VII of the Act;, the manner of execution, the modalities of utilization of funds and implementation schedules for the projects or programs, monitoring and reporting mechanism for the projects or programs, details of need and impact assessment, if any, for the projects undertaken by the company.
The CSR Committee will review the progress report and keep the Board apprised, time to time, on the status of implementation of the CSR Activities. Board of Directors may alter Annual action plan of CSR activities at any time during the financial year, as per the recommendation of its CSR team, based on the reasonable justification to that effect.
A report on CSR activities shall be prepared by the Committee on a yearly basis which shall be included in the Annual Report of the Company.
(a) Company shall spend, at least two per cent of the average net profits of the company made during the three immediately preceding financial years in pursuance of its Corporate Social Responsibility Policy.
(b) The board shall ensure that the administrative overheads shall not exceed five percent of total CSR expenditure of the company for the financial year.
(c) Where a company spends an amount in excess of the requirement such excess amount may be set off against the requirement to spend up to immediate succeeding three financial years subject to the conditions that –
(i) The excess amount available for set off shall not include the surplus arising out of the CSR activities, if any,
(ii) The Board of the company shall pass a resolution to that effect.
(d) any surplus arising out of the CSR activities shall not form part of the business profit of a company and shall be ploughed back into the same project or shall be transferred to the Unspent CSR Account and spent in pursuance of CSR policy and annual action plan of the company or transfer such surplus amount to a Fund specified in Schedule VII, within a period of six months of the expiry of the financial year.
(a) In case of any unspent amount is arising in any financial year out of the CSR Activities, other than ongoing Activities, the reasons thereof will be outlined as per section 134 (3) (o) of the Act to be shared with all the stakeholders through the Annual Report and unless the unspent amount relates to any ongoing project transfer such unspent amount to a Fund specified in Schedule VII, within a period of six months of the expiry of the financial year.
(b) Where the unspent amount is in respect of any ongoing CSR Activities, the company shall within thirty days from the end of the financial year transfer such unspent amount to a separate account called Unspent Corporate Social Responsibility Account to be opened in any scheduled bank by the Company for that financial year. The company shall utilize such unspent amount for the ongoing projects within a period of three financial years from its transfer, failing which such amount shall be transferred to a fund specified in Schedule VII of the Act within 30 days from the end of the third financial year.
This Policy will be reviewed by the Board of Directors, suo-moto on the recommendation of the CSR Committee, as and when deemed necessary.
Any subsequent amendment / modification to the CSR provisions as contained under the Act or Rules framed thereunder or other applicable laws in this regard shall automatically apply to this Policy and the Policy shall be deemed to have been amended accordingly.
In the event of any inconsistency between this Policy and the applicable laws, the applicable laws will prevail.
This Policy will be hosted on the Company's website at “http://www.pranjulfashion.in/” and web link thereto will be disclosed in the Board's Report of the Company.