Corporate Social Responsibility Policy of Harinagar Sugar Mills Limited
In accordance with Section 135 of the Companies Act, 2013 and the rules promulgated thereunder (collectively, the “CSR Requirements”), the Board of Directors (the “Board”) of Harinagar Sugar Mills Limited (the “Company”) has adopted this Corporate Social Responsibility Policy (the “CSR Policy”).CSR Projects and Programmes
CSR policy is aimed at demonstrating care for the community through its focus on education & skill development, health & wellness and environmental sustainability. Also embedded in this objective is support to the disadvantaged/marginalized cross section of the society by providing opportunities to improve their quality of life.The projects undertaken will be within the broad framework of Schedule VII of the Companies Act, 2013.
CSR activities also carried on by the Company on its own and through other society, trust, hospital, fund or organizations engaged in activities specified in Schedule VII of the said Act, subject to approval by the CSR Committee of the Board.
The Company shall undertake specific corporate social responsibility (“CSR”) projects and programmes, as approved from time to time by the CSR Committee of the Company, within the following CSR categories:
- Promoting education, including special education and employment enhancing vocational skills and livelihood enhancement projects;
- Ensuring environmental sustainability;
- Promoting gender equality and women’s empowerment;
- Promoting healthcare including preventive healthcare;
- Providing disaster relief under applicable items in Schedule VII of the CSR Requirements;
- Contributing to – or funding – educational institute / public charitable trust which are approved by the competent authorities from time to time engaged in above activities and
- Providing financial assistance to reputable non-governmental organisations (“NGOs”) working in any of the above indicated areas.
All CSR projects and programmes shall be carried out only in India.
No specific CSR projects or programmes shall be undertaken in pursuance of normal course of business of the Company.
In furtherance of specific CSR projects or programmes, the Company may collaborate with NGOs and other like-minded stakeholders, including other companies, registered trusts and societies, in order to leverage upon the collective expertise, wisdom and experience that such relationships may bring. Set forth on Appendix A to this CSR Policy are the specific projects and programmes approved by the CSR Committee/ the Board in furtherance of the above CSR categories.
Budget
For achieving its CSR objectives through implementation of meaningful & sustainable CSR programmes, the Company will allocate 2% of its average net profits made during the 3 immediately preceding financial years as its Annual CSR Budget.
The Annual CSR Budget shall be spent on activities laid down in this Policy.CSR expenditure shall include all expenditure including contribution to corpus of projects or programs relating to CSR activities as per CSR policy, but does not include any expenditure on an item not in conformity with the CSR Policy
Administration
The Company’s CSR projects and programmes shall be overseen by CSR committee of the Board.
Monitoring and Reporting
Under the direction of the Committee, the Company shall implement a monitoring mechanism over the Company’s CSR projects and programmes. Such monitoring mechanism shall, among other things ,make transparent the manner and details of the implementation of all CSR projects and programmes undertaken by the Company.
The Board shall receive periodic reports from the Committee on the status of the Company’s implementation of specific CSR projects and programmes.
On an annual basis, the Board shall report to relevant stakeholders on the Company’s CSR projects and programmes and related matters, as required by CSR Requirements.
Amendments to CSR Policy
The Committee shall review this CSR Policy on a periodic basis and shall update it as necessary or appropriate (subject to approval by the Board, if applicable) to ensure that it reflects CSR Requirements as well as the current interests of the Company and relevant stakeholders.
(as applicable from 31.03.2015)