Corporate Social Responsibility (“CSR”) is strongly connected with the principles of sustainability; an organization should make decisions based not only on financial factors but also on the social and environmental consequences. Therefore, it is the core corporate responsibility “to practice its corporate values through its commitment to grow in a socially and environmentally responsible way, while meeting the interests of its stakeholders. CSR is defined as the integration of business operations and values, whereby the interests of all stakeholders including investors, customers, employees, the community, and the environment are reflected in the Company’s policies and actions. Hence, the CSR commitment of “Caryaire Equipments India Private Limited” positions its social and environmental consciousness as an integral part of its business plan and its commitment to all its stakeholders.
The Policy has been formulated as per the Notifications issued by Ministry of Corporate Affairs regarding Companies (Corporate Social Responsibility Policy) Rules, 2014 from time to time (“Notifications”); Schedule VII and Section 135 of Companies Act, 2013 relating to Corporate Social Responsibility (including any amendments thereof) which is to be effective from 01st April 2014 and defined the following activities which may be included by the companies in their CSR Policies:
(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 Defence Research and Development Organisation (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);
2. POLICY STATEMENT
The CSR Policy of the Company aims to achieve, consolidate and strengthen Good Corporate Governance including socially and environmentally responsible business practices that balance financial profit with social well-being.
3. SCOPE AND APPROACH
The strategies for designing, implementing and monitoring the CSR activities of THE COMPANY are based on activities suggested in the Notifications; Schedule VII and Section 135 regarding Corporate Social Responsibility of Companies Act, 2013. These strategies will help in standardizing the CSR related processes to be essential in the context of THE COMPANY.
5. GUIDING PRINCIPLES
6. INSTITUTIONAL SETUP
7. IMPLEMENTATION MECHANISM
8. ALLOCATION OF FUNDS
9. REVIEW AND REPORTING
CSR Sub-Committee will meet on regular basis, to review the progress of proposed activities as per agreed targets and timelines.
An annual report of the activities undertaken under the CSR initiatives will be prepared as prescribed by law and suitably integrate into the Board’s Report of THE COMPANY.
CSR Committee will evaluate the CSR activities.
The CSR committee will provide regular progress report through CSR sub-committee to the board. This report will include achievement since last progress report/during the last quarter in terms of coverage compared to the target and reasonsf or variance, plans to overcome shortfalls if any and support required from the CSR committee/board to overcome the shortfalls.