CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY
1. Stecol Philosophy
By introducing a separate section 135 for Corporate Social Responsibility (CSR) in the Companies Act, 2013, the Government has given legal recognition to their community development approach. Stecol International Private Limited (hereinafter to be referred as “SIPL”) also consider CSR as an integral part of our commitment towards the society. SIPL actively believe in assisting in improvement the quality of life of people in communities, giving preference to local areas around our business operations.
2. Policy Objectives
The main objective of the CSR Policy is to lay down guidelines for CSR activities in the areas around our business operations. This Policy covers the proposed CSR activities to be undertaken by the Company and ensuring that they are in line with Schedule VII of the Act as amended from time to time. It covers the CSR activities which are being carried out in India only and includes strategy that defines plans for future CSR activities.
3. Corporate Social Responsibility (CSR) Committee
Pursuant to section 135 of the Companies Act 2013, the Board of Directors have constituted Corporate Social Responsibility (CSR) Committee comprising of following Members:
– Mr. Shivramkrishnan Hariharan (Whole-time Director & CEO)
– Mr. Krishnan V Anantha (Whole-time Director)
– Ms. Neeru Abrol (Independent Director)
The Board have the powers to 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.
4. Functions and Powers of Committee
To effectively implement the CSR objectives of the Company, the Committee shall exercise the powers and perform the following functions assigned to it by the Board of Directors of the Company pursuant to section 135 of the Companies Act, 2013 and CSR Rules notified with regard thereto:
a. Formulate CSR Policy and recommend the same to the Board of Directors of the Company for approval
b. Recommend CSR activities as stated under Schedule VII of the Act.
c. Approve to undertake CSR activities, if necessary, in collaboration with group companies/other Companies/firms/NGOs etc., and to separately report the same in line with the CSR Rules
d. Recommend the CSR Budget
e. Spend the allocated CSR amount on the CSR activities once the budget is approved by the Board of Directors of the Company in accordance with the Act and the CSR Rules
f. Create transparent monitoring mechanism for implementation of CSR initiatives in India
g. Submit the Reports to the Board in respect of the CSR activities undertaken by the Company
h. Monitor CSR Policy from time to time
j. Authorize executives of the Company for spending CSR amount and to do such other activities as required to attaining the CSR objective.
5. CSR Committee Meetings:
For smooth functioning of the Committee, the members shall meet at least once in a year to discuss such matters and to take such decisions as may be necessary. The quorum for the CSR Committee Meeting shall be one-third of its total strength (any fraction contained in that onethird be rounded off as one) or two members, whichever is higher. The Members of the Committee may participate in the meeting either in person or through video conferencing or other audio visual means as may be convenient.
6. CSR Activities:
SIPL proposes to adopt one or more of the following CSR activities as prescribed by applicable laws, including Schedule VII of the Companies Act, 2013, as amended from time to time:
1. 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
2. Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects
3. 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
4. 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 Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga
5. 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 arts and handicrafts
6. measures for the benefit of armed forces veterans, war widows and their dependents
7. training to promote rural sports, nationally recognised sports, paralympic sports and Olympic sports