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CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY
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CSR initiatives of the company intend to create social, environmental, and economic value, thereby making positive changes to society. The company commits to improving the quality of lives of people and believes in integrating with the local community by promoting growth. The policy aims to contribute towards sustainable development of society and environment to make the planet a better place for future generations.
The objective of this policy is to set the direction for the CSR activities of the Company and defines the governance and monitoring framework for ensuring the effectiveness of the policy.
The Companies Act, 2013 together with the rules notified thereunder (‘the Act’) and Schedule VII to the Act provides a framework for companies to define the focus areas in the CSR space. The law also guides companies to apply the scope as defined under Schedule VII liberally. Further, the Act also provides instructions on agencies eligible for implementation through which the Companies may spend its CSR expenditure. Company’s CSR Policy, focus areas, and the implementing agencies shall therefore remain within the boundary set by the law.
“Act” means the Companies Act, 2013.
“Board of Directors” or “Board” means the collective body of the directors of the company.
“Company” means “Hind Terminals Private Limited”.
“CSR Committee” means Corporate Social Responsibility Committee constituted by the Board.
“CSR Policy” means CSR Policy of Hind Terminals Private Limited.
“CSR Rules” means the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended.
“Implementing Agency” means any entity registered with Ministry of Corporate Affairs for undertaking CSR projects.
Any term used in this policy but not defined shall have the same meaning assigned under the Act and CSR Rules.
The company shall undertake CSR activities from time to time based on recommendations of the CSR Committee and approval of the Board. These activities may include: eradicating hunger and poverty, promoting education, gender equality, environmental sustainability, preserving heritage, disaster relief, research promotion, and more, in alignment with Schedule VII of the Companies Act.
The Annual Action Plan shall be action-oriented, measurable, relevant, and time-bound. It will be formulated and monitored based on guiding principles and may be altered by the Board during the financial year with reasonable justification.
CSR activities may be undertaken directly or through an eligible implementing agency. Due diligence on the agency must include review of their financial position, credibility, past experience, and legal history.
The company shall spend a minimum of 2% of its average net profits from the last 3 financial years on CSR. Surpluses from CSR are to be reinvested, not added to business profits. Excess spending can be set off in future years, and unspent amounts must be managed per CSR Rules.
Capital assets created through CSR should be held by project beneficiaries, trusts, or public authorities. These must be used for intended purposes and not disposed without the company’s prior approval.
CSR policy and activities shall be published on the company’s website in accordance with the Act and CSR Rules.
The CSR Committee shall monitor and review the implementation of the CSR policy as per applicable laws.