CSR POLICY OF RUNGTA INDUSTRIES PRIVATE LIMITED
FOR FY 2021-2022
| Serial No | PARTICULARS | PAGE NO. |
|---|---|---|
|
1.
|
APPLICABILITY |
1 |
|
2. |
PHILOSOPHY |
1 |
|
3. |
OBJECTIVE AND REGULATORY FRAMEWORK |
1 |
|
4. |
SCOPE OF CSR POLICY
|
2 |
|
5. |
CSR FOCUS AREA |
2 |
|
6. |
CSR PROJECT AND ITS IMPLEMENTATION |
3 |
|
7. |
CSR FUND
|
4 |
|
8. |
SURPLUS FROM THE CSR ACTIVITIES |
4 |
|
9. |
GOVERNANCE |
4 |
|
10. |
LIMITATION AND AMENDMENT |
5. |
1. APPLICABILITY
Pursuant to Section 135 of the Companies Act, 2013, the Corporate Social Responsibility (hereinafter referred to as ‘CSR’) provisions shall be applicable to Companies having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during the immediately preceding financial year. Rungta Industries Private Limited (hereinafter referred to as ‘the Company’) has triggered the CSR provisions by having Net Profit exceeding rupees five crore in the preceding financial year 2021-2022. The Company is obliged to comply with all the requirements including framing this CSR Policy in terms of the Companies Act, 2013 (hereinafter referred to as ‘the Act’) read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 (hereinafter referred to as ‘the CSR Rules’), as amended from time to time.
2. PHILOSOPHY
Rungta Industries Private Limited (hereinafter referred to as ‘the Company’) has formulated CSR Policy containing the approach and direction given by the Board of the Company. The Company is having approach towards CSR as a process by which an organization thinks about and evolves its relationships with stakeholders for the common good, and demonstrates its commitment in this regard by adoption of appropriate business processes and strategies. Thus, CSR is not charity or mere donations. CSR is a way of conducting business, by which corporate entities visibly contribute to the social good. Socially responsible Companies do not limit themselves to using resources to engage in activities that increase only their profits, they use CSR to integrate economic, environmental and social objectives with the Company’s operations and growth.
3. OBJECTIVE AND REGULATORY FRAMEWORK
Pursuant to Sec 135 (9) of the Companies Act, 2013, if the amount to be spent by a Company does not exceed fifty lakh rupees, the requirement to constitute of CSR committee shall not be applicable and the functions of such committee shall be discharged by the Board of Directors of the Company.
The current structure of the Board of Directors is:
- Rajesh Kumar
- Rungta Renu Rungta
The Board is performing its functions voluntarily to:
A. formulate Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the Company.
B. decide the amount of expenditure to be incurred on the activities referred to in clause (a); and
C. monitor the Corporate Social Responsibility Policy of the company from time to time.
This CSR Policy of the Company, as approved by the Board of Directors, outlines a clear agenda through which we will continue to contribute to society. The objective of this Policy is to set the direction for the CSR activities of the Company by defining the governance, implementation, and monitoring framework of the activities to ensure effectiveness.
4. SCOPE OF CSR POLICY
The scope of this CSR policy will extend to all those CSR initiatives that are undertaken and proposed to be taken up by the Company which falls under the purview of Schedule VII of the Act as may be amended from time to time.
5. CSR FOCUS AREA
A. The Company has following focus areas for undertaking its CSR activities:
a. Eradicating Hunger & Malnutrition
b. Helping Socially & Economically Backward Groups
c. Promoting Healthcare Initiatives
d. Philanthropic Activities for Elderly
e. Welfare for differently Disabled Persons
f. And to such poor and needy people.
Subject to the legal provisions, the Board shall have the discretion to take a call on whether any activity falls within the entries above and in Schedule VII and its decision shall be final.
The Company shall give preference to the local areas and areas around it where it operates, for spending the amount earmarked for CSR activities for the year.
B. Activities excluded from the purview of the Company’s CSR spending:
a. Activities which are exclusively for the benefit of employees of the Company or their family members;
b. Any activity undertaken by the company outside India except for training of Indian sports personnel representing any State or Union territory at national level or India at international level;
c. Activities undertaken in pursuance of normal course of business of the Company;
d. Direct or indirect contribution to political parties, if any;
e. Activities supported by the companies on sponsorship basis for deriving marketing benefits for its products or services;
f. Expenditure on item/s not in conformity with Schedule VII of the Companies Act 2013, as amended;
g. Activities carried out for fulfilment of any other statutory obligations under any law in force in India.
6. CSR FOCUS AREA
The Company’s values shape its culture, always encouraging to develop and deliver disruptive innovations, as well as define relationships with clients, employees and community as a whole. Considering its duties towards community and to give back to the society, the Board approves to contribute to a Non-Profit Organisation engaging in Eradicating hunger, poverty and malnutrition, promoting education, including special education and employment enhancing vocation skills, promoting gender equality, empowering women, measures for reducing inequalities faced by socially and economically backward groups, etc. As a corporate player, it is a duty to make the world more effortless for the underprivileged, we take CSR one step further and call ourselves CSRs or Caring for Society Representatives. It is not just a corporate responsibility for us, but a core human moral to care and share with the ones around us.
Achieving the milestone by creating a place in the heart of people through our CSR initiatives, we are more actively looking to contribute in such a way to help people to our maximum potential. Thus, the Board approves to contribute to ‘Omkar Andh-Apang Samajik Sanstha’ which is registered Public Trust with Section 12A and Section 80G registration under the Income Tax Act, 1961 and CSR registered entity.
7. CSR FUND
The Board of the Company shall ensure that the Company spends, in every financial year as and when CSR obligation arises, at least two per cent. of the average net profits of the company made during the three immediately preceding financial years in pursuance of its Corporate Social Responsibility Policy.
The surplus arising out of the CSR activity will not be part of business profits of the Company. The Corpus would thus include the 2% of average net profits, as aforesaid, any income arising there from and surplus arising out of CSR activities.
If the Company spends an amount in excess of the requirements provided under sub-section 5 of Section 135 of the Companies Act, 2013, such Company may set off such excess amount against the requirement to spend under this subsection for such number of succeeding financial years and in such manner, as may be prescribed.
8. SURPLUS FROM THE CSR ACTIVITIES
The CSR activities undertaken/to be undertaken by the Company are not expected to lead to any additional surplus. However, if any additional surplus is generated, it would be dealt in compliance with the provisions of the Act.
9. GOVERNANCE
The Board oversight and monitors compliance with the CSR Policy, commitments, and the applicable CSR provisions from time to time.
The Board shall ensure that the CSR activities to be undertaken by the company itself or through other eligible entities to undertake CSR activities under the provisions of the Act.
10. LIMITATION AND AMENDMENT
The Board of the Company may, in their discretion, make any changes/modifications and/or amendments to this Policy from time to time. In the event of any conflict between the provisions of this Policy and statutory requirements, the law shall prevail over and automatically be applicable to this Policy. In the event of any amendment to the Act, this Policy shall be deemed to have been amended accordingly.
10. LIMITATION AND AMENDMENT
The Board of the Company may, in their discretion, make any changes/modifications and/or amendments to this Policy from time to time. In the event of any conflict between the provisions of this Policy and statutory requirements, the law shall prevail over and automatically be applicable to this Policy. In the event of any amendment to the Act, this Policy shall be deemed to have been amended accordingly.
FOR FY 2022-2023
| Serial No | PARTICULARS | PAGE NO. |
|---|---|---|
|
1.
|
APPLICABILITY |
1 |
|
2. |
PHILOSOPHY |
1 |
|
3. |
OBJECTIVE AND REGULATORY FRAMEWORK |
1 |
|
4. |
SCOPE OF CSR POLICY
|
2 |
|
5. |
CSR FOCUS AREA |
2 |
|
6. |
CSR PROJECT AND ITS IMPLEMENTATION |
3 |
|
7. |
CSR FUND
|
4 |
|
8. |
SURPLUS FROM THE CSR ACTIVITIES |
4 |
|
9. |
GOVERNANCE |
4 |
|
10. |
LIMITATION AND AMENDMENT |
5. |
1. APPLICABILITY
Pursuant to Section 135 of the Companies Act, 2013, the Corporate Social Responsibility (hereinafter referred to as ‘CSR’) provisions shall be applicable to Companies having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during the immediately preceding financial year.
Rungta Industries Private Limited (hereinafter referred to as ‘the Company’) has triggered
the CSR provisions by having Net Profit exceeding rupees five crore in the preceding financial
year 2022-2023. The Company is obliged to comply with all the requirements including
framing this CSR Policy in terms of the Companies Act, 2013 (hereinafter referred to as ‘the
Act’) read with the Companies (Corporate Social Responsibility Policy) Rules, 2014
(hereinafter referred to as ‘the CSR Rules’), as amended from time to time.
2. PHILOSOPHY
The Company has formulated a CSR Policy containing the approach and direction given by the Board of the Company. The Company is taking an approach towards CSR as a process by which an organization thinks about and evolves its relationships with stakeholders for the common good, and demonstrates its commitment in this regard by adoption of appropriate business processes and strategies. Thus, CSR is not charity or mere donations. CSR is a way of conducting business, by which corporate entities visibly contribute to the social good. Socially responsible Companies do not limit themselves to using resources to engage in activities that increase only their profits, they use CSR to integrate economic, environmental and social objectives with the Company’s operations and growth.
3. OBJECTIVE AND REGULATORY FRAMEWORK
Pursuant to Sec 135 (9) of the Companies Act, 2013, if the amount to be spent by a Company does not exceed fifty lakh rupees, the requirement to constitute a CSR committee shall not be applicable and the functions of such committee shall be discharged by the Board of Directors of the Company.
The current structure of the Board of Directors is:
- RAJESH KUMAR RUNGTA
- RENU RUNGTA
The Board is performing its functions voluntarily to:
A. formulate Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the Company.
B. decide the amount of expenditure to be incurred on the activities referred to in clause (a); and
C. monitor the Corporate Social Responsibility Policy of the company from time to time.
This CSR Policy of the Company, as approved by the Board of Directors, outlines a clear agenda through which we will continue to contribute to society. The objective of this Policy is to set the direction for the CSR activities of the Company by defining the governance, implementation, and monitoring framework of the activities to ensure effectiveness.
4. SCOPE OF CSR POLICY
The scope of this CSR policy will extend to all those CSR initiatives that are undertaken and proposed to be taken up by the Company which falls under the purview of Schedule VII of the Act as may be amended from time to time.
5. CSR FOCUS AREA
A. The Company has following focus areas for undertaking its CSR activities:
a. Eradicating Hunger & Malnutrition
b. Helping Socially & Economically Backward Groups
c. Promoting Healthcare Initiatives
d. Philanthropic Activities for Elderly
e. Welfare for differently Disabled Persons
f. And to such poor and needy people.
Subject to the legal provisions, the Board shall have the discretion to take a call on whether any activity falls within the entries above and in Schedule VII and its decision shall be final.
The Company shall give preference to the local areas and areas around it where it operates, for spending the amount earmarked for CSR activities for the year.
B. Activities excluded from the purview of the Company’s CSR spending:
b. Any activity undertaken by the company outside India except for training of Indian sports personnel representing any State or Union territory at national level or India at international level;
c. Activities undertaken in pursuance of normal course of business of the Company;
d. Direct or indirect contribution to political parties, if any;
e. Activities supported by the companies on sponsorship basis for deriving marketing benefits for its products or services;
f. Expenditure on item/s not in conformity with Schedule VII of the Companies Act 2013, as amended;
g. Activities carried out for fulfilment of any other statutory obligations under any law in force in India.
6. CSR PROJECT AND ITS IMPLEMENTATION
The Company’s values shape its culture, always encouraging to develop and deliver disruptive innovations, as well as define relationships with clients, employees and community as a whole. Considering its duties towards community and to give back to the society, the Board approves to contribute to a Non-Profit Organisation engaging in Eradicating hunger, poverty and malnutrition, promoting education, including special education and employment enhancing vocation skills, promoting gender equality, empowering women, measures for reducing inequalities faced by socially and economically backward groups, etc. As a corporate player, it is a duty to make the world more effortless for the underprivileged, we take CSR one step further and call ourselves CSRs or Caring for Society Representatives. It is not just a corporate responsibility for us, but a core human moral to care and share with the ones around us.
Achieving the milestone by creating a place in the heart of people through our CSR initiatives, we are more actively looking to contribute in such a way to help people to our maximum potential. Thus, the Board approves to contribute to ‘ANVI MEDICAL AND EDUCATIONAL FOUNDATION’ which is registered Public Trust with Section 12A and Section 80G registration under the Income Tax Act, 1961 and CSR registered entity.
7. CSR FUND
The Board of the Company shall ensure that the Company spends, in every financial year as and when CSR obligation arises, at least two per cent. of the average net profits of the company made during the three immediately preceding financial years in pursuance of its Corporate Social Responsibility Policy.
The surplus arising out of the CSR activity will not be part of business profits of the Company. The Corpus would thus include the 2% of average net profits, as aforesaid, any income arising there from and surplus arising out of CSR activities.
If the Company spends an amount in excess of the requirements provided under sub-section 5 of Section 135 of the Companies Act, 2013, such Company may set off such excess amount against the requirement to spend under this subsection for such number of succeeding financial years and in such manner, as may be prescribed.
8. SURPLUS FROM THE CSR ACTIVITIES
The CSR activities undertaken/to be undertaken by the Company are not expected to lead to any additional surplus. However, if any additional surplus is generated, it would be dealt in compliance with the provisions of the Act.
9. GOVERNANCE
The Board oversight and monitors compliance with the CSR Policy, commitments, and the applicable CSR provisions from time to time.
The Board shall ensure that the CSR activities to be undertaken by the company itself or through other eligible entities to undertake CSR activities under the provisions of the Act.
10. LIMITATION AND AMENDMENT
The Board of the Company may, in their discretion, make any changes/modifications and/or
amendments to this Policy from time to time. In the event of any conflict between the
provisions of this Policy and statutory requirements, the law shall prevail over and
automatically be applicable to this Policy. In the event of any amendment to the Act, this
Policy shall be deemed to have been amended accordingly.