This Corporate Social Responsibility Policy shall be called the Premier Explosives Limited -Corporate Social Responsibility Policy, (hereinafter referred as the “CSR Policy”).This 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. Effective Date:
This policy shall be effective from the financial year beginning 1st April, 2014.Definitions:
The Corporate Social Responsibility Committee has been constituted at the Meeting of the Board of Directors held on 31st October, 2013 in accordance with the provisions of section 135 of the Companies Act, 2013.
The duties, functions and scope of the Committee:
Purpose of the Policy:
The following are the broad purposes of this policy:
Activities for social inclusive development
The Company shall undertake activities for economic and social development of communities, particularly in the vicinity of the areas where the facilities of the Company are located. Such activities may include:
The following activities and the amount, if any spent, shall not be considered as CSR activities and shall not be included in computing the CSR expenditure.
The CSR Committee shall be authorised to consider CSR activities within the CSR Rules framed by the Ministry of Corporate Affairs not falling in the above list. All activities under the CSR activities should be environment friendly and should be in the interest of the society and the local population where the Company’s units are situated. Any activity proposed to be undertaken as a CSR initiative, but not outlined in this Policy, may be undertaken only with the specific pre-approval from the CSR Committee.
The Company’s CSR activities, Composition of CSR Committee, CSR Policy shall be placed on website of the Company.
Corporate Social ResponsibilityCommittee (CSR Committee):
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.
Source of Fund:
For achieving its CSR objectives through implementation of meaningful and sustainable CSR programmes, the Company shall endeavor to allocate the following as its annual CSR corpus.
It is clarified that surplus arising out of CSR projects/programs shall not form part of business profits of the Company and shall be ploughed back into the same project or transfer to unspent CSR account and be spent within a period of 6 months of the expiry of year.
Mode of implementation:
CSR programs, project or activities, will be implemented through one or more of the following methods:
All the expenditure relating to CSR shall be pre-approved by the CSR Committee. The Managing Director, Director-Operations and CFO shall jointly monitor the utilization of funds for the purposes set forth.
The Board shall ensure that the administrative overheads shall not exceed five percent of total CSR expenditure of the company for the financial year.
If the Company fails to spend amount as per Section 135(5) of the Companies Act, 2013, the board shall, specify the reasons for not spending the amount in the Directors Report.
If the Company spends an amount in excess of the requirements provided under Section 135(5) of the Companies Act, 2013,, the Company may set off such excess amount against the requirement to spend up to immediately succeeding 3 financial years and in such manner, as may be prescribed.
If Company’s average CSR obligations is 10 crore rupees or more in the 3 immediately preceding FYs, shall undertake impact assessment, through an independent agency, of the CSR projects having outlays of 1 crore rupees or more, completed a year ago.
Impact assessment reports be placed before Board and annexed to the annual report on CSR.
Transfer of unspent CSR amount:
The Company shall transfer the Unspent CSR amount to fund as specified in Schedule VII.
Upkeep and Maintenance of assets created:
Maintenance of assets created under CSR would be the responsibility of the Company. Before any Capital investment is made, an undertaking would be taken from the representative of local community that they would be responsible for maintenance of the assets and the disposal of such assets shall not be made without the prior approval of the CSR Committee.
Documentation of CSR Activities:
It shall be the duty of the Company to keep all documents pertaining to the activities undertaken under CSR policy and submit the annual report to the CSR committee. The CSR activities will be reflected in the Annual Report and Accounts of the Company under (CSR). Revised format for the Annual Report on CSR activities to be included in Board’s Report for FY 2020-21 onwards.
The Board of Directors on its own and / or as per the recommendations of the CSR Committee may amend this Policy as and when deemed fit. Any or all provisions of this Policy would be subject to revision / amendment in accordance with the Rules, Regulations, Notifications etc., on the subject as may be issued by relevant statutory authorities, from time to time.
In case of any amendment(s), clarification(s), circular(s) etc., issued by the relevant authorities, which make the provisions laid down under this Policy inconsistent with such amendment(s),clarification(s), circular(s) etc., then such amendment(s),clarification(s), circular(s) etc., shall prevail upon the provisions hereunder and this Policy shall stand amended accordingly from the effective date as laid down under such amendment(s),clarification(s), circular(s) etc.,