Corporate Social Responsibility Policy
Corporate Social Responsibility is strongly connected with the principles of Sustainability. An organization should make decisions based not only on financial factors but also considering the social and environmental consequences. As a Corporate Citizen receiving various benefits out of society, it is our co-extensive responsibility to pay back in return to the society in terms of helping needy people by providing foods, clothes, etc., keeping the environment clean and safe for the society by adhering to the best industrial practices and adopting best technologies, and so on. It is the Company’s intent to make a positive contribution to the society in which the Company operates.
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This policy, which encompasses the Company’s philosophy for delineating its responsibility as a corporate citizen and lays down the guidelines and mechanism for undertaking socially useful programmes for welfare 86 sustainable development of the community at large, is titled as the “Bhartia Infra Projects Limited CSR Policy”. It has been prepared keeping in mind the Company’s Business Ethics and to comply with the requirements of Companies Act, 2013 (hereinafter called as “the Act”) and the Companies (Corporate Social Responsibility Policy) Rules, 2014, notified by the Ministry of Corporate Affairs vide Notification dated 27th February 2014.
This policy shall apply to all CSR initiatives and activities taken up at the various work-centers, projects, and locations of the Company, for the benefit of different segments of the society, specifically the deprived, under-privileged and differently abled persons.
The main objective of CSR Policy is to lay down guidelines for Corporate Social Responsibility activities of Bhartia Infra Projects Limited (BIPL). The Policy is formulated in compliance with the requirements of the Companies Act, 2013 and rules made thereunder.
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The Board of Directors has constituted a Corporate Social Responsibility Committee (CSR Committee or the Committee) with one of its member being an Independent Director of the Company.
The Committee shall identify programs/projects in which the CSR activities can be undertaken and recommend to Board from time to time.
The programs/projects can be undertaken through a Trust established by the Company.
CSR activities may also be undertaken in collaboration with other Companies in The Group.
The programs/projects which benefit only to the employees of the company and their families shall not be considered for CSR activities.
The Company shall not make any payment directly or indirectly to Political Party (ies) for CSR Activities.
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The activities to be undertaken by the Company as CSR activities shall be the projects/programs relating to the activities/ subjects specified enumerated in the Schedule VII of the Companies Act, 2013 or any amendment thereto or modification thereof.
The committee may from time to time decide/recommend to the Board on, CSR activities to be undertaken, the geographical area covered, agencies or trusts or NGO’s with which the projects/activities are to be undertaken, amount to be spent or various projects whether ongoing or fresh.
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The Committee shall monitor the above projects, programs and implementation and execution of the same from time to time and report the same to the Board of Directors on a periodical basis.
The committee shall on completion of every Financial Year, submit to the Board, details of the CSR spent during the Financial Year and reasons for the actual spent being less than the limits prescribed by the law if any.
The report on CSR shall form part of Directors Report of the Company.
The Committee shall recommend changes/editions to be carried out in the policy to the Board from time to time.
The activities undertaken by the Company in pursuance of its normal course of business shall not be considered as CSR activities.
The surplus arising out of the CSR projects or programs or activities shall not form part of the business profits of the company.
In case of any doubt with regard to any provision of the policy and also in respect of matters not covered herein, a reference to be made to CSR Committee. In all such matters, the interpretation & decision of the Committee shall be final.
Any or all provisions of the CSR Policy would be subject to revision/ amendment in accordance with the guidelines on the subject as may be issued from Government, from time to time.
The CSR Committee reserves the right to modify, add, or amend any of provisions of this Policy subject to the approval of the Board.