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CORPORATE SOCIAL RESPONSIBILITY POLICY |
Social and environmental responsibility has always been at the forefront of PowerSpack’s operating philosophy. We believe in the spirit of the concept “CSR”, which means not only investment of funds for social activity but to contribute to the society by way of social and cultural development and having business policies that are ethical, equitable, environmentally conscious, gender sensitive, and sensitive towards the differently abled. Programmes, projects and activities (collectively "CSR Programmes") carried out in this regard are the subject matter of this Policy.
Our vision – "to actively contribute to the social and economic development of the communities in which we operate. In so doing build a better, sustainable way of life for the weaker sections of society and raise the country's human development index".
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CSR POLICY |
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To direct PowerSpack Group CSR Programmes, inter alia, towards supporting in one or more of the following areas
- Supporting rural development;
- Promoting education;
- Providing preventive healthcare,
- Providing sanitation and drinking water;
- Grants/donations/financial assistance/sponsorships to NGOs of the society/locality doing/involve in the upliftment of the standard of the society.
- Reliefs to victims of natural calamities like Earthquake, Cyclone, Draught and Flood situation.
- creating livelihoods for people, especially those from disadvantaged sections of society, in rural and urban India; and more specifically and not limited to eradication of poverty and hunger;
- Persons with disability and Women’s Empowerment are cross cutting themes in these focus areas.
- To develop the required capability and self-reliance of beneficiaries at the grass roots in the belief that these are prerequisites for social and economic development;
- To engage in affirmative action interventions such as skill building and vocational training, to enhance employability and generate livelihoods for persons from disadvantaged sections of society;
- To pursue CSR Programmes in India though preference shall be given to the areas that fall within the economic vicinity of the Company's operations to enable close supervision and ensure maximum development impact;
- To preserve the Indian Culture and Heritage sites.
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Implementation |
To implement the Company's CSR Programmes through an internal dedicated team and/or through external implementing agencies and other Trusts, Foundations and Section 8 companies that may be established by the Company. In such cases, the Company will specify the CSR Programmes which may be undertaken by the internal dedicated team and/or Trusts/foundation and section 8 Companies in accordance with their Objects and administrative and accounting processes laid down in the respective Trust Deeds/ Memorandum and Articles of Association.
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Governance |
- Every year, the CSR Committee will recommend and place for the Board's approval, a CSR Plan delineating the CSR projects and Programmes to be carried out during the financial year and the specified budgets thereof. The Board will consider and approve the CSR Plan with any modification that may be deemed necessary.
- The CSR Committee will assign the task of implementation of the CSR Plan within specified budgets and timeframes to such persons or bodies as it may deem fit.
- The persons/bodies to which the implementation is assigned will carry out such CSR Programmes as determined by the CSR Committee within the specified budgets and timeframes and report back to the CSR Committee on the progress thereon at such frequency as the CSR Committee may direct but which shall not be of more than 3 months time period.
- The CSR Committee shall review the implementation of the CSR Programmes once each quarter and issue necessary directions from time to time to ensure orderly and efficient execution of the CSR Programmes in accordance with this Policy.
- Once every six months the CSR Committee will provide a status update by means of report to the Board of Directors on the progress of implementation of the approved CSR Programmes carried out during the six months period. It shall be the responsibility of the Board to review such reports and keep the Company apprised of the status of implementation of the same.
- The necessary disclosure w.r.t the programmes and projects and the details w.r.t the implementation of the same shall be given in the Board Report for the relevant financial year.
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CSR Budget and Expenditure |
CSR Committee will recommend the Annual Budget of the total expenditure to the Board for its consideration and approval.
CSR expenditure will include all expenditure, direct and indirect, incurred by the Company on CSR Programmes undertaken in accordance with the approved CSR Policy. Moreover, any surplus arising from any CSR Programmes shall only be utilised for CSR activities. Accordingly, any income arising from CSR Programmes will be netted off from the “CSR expenditure” and any excess of such amount shall only be utilized for CSR activities. The Company shall open a separate Bank Account and transfer all the funds allocated for CSR expenditure to the said account.
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Board |
The Board of Spack Automotives Private Limited will be responsible for:
- approving the CSR policy as formulated by the CSR Committee
- ensuring that in each financial year the Company spends at least 2% of the average net profit before taxation excluding profits, if any, arising from overseas branches made during the three immediate preceding financial years or as may be prescribed uder the law from time to time.
- ensuring that every financial year funds committed by the Company for CSR activities are utilized effectively through regular monitoring of implementation.
- disclosing in its Annual Report the names of CSR Committee members, the content of the CSR policy and ensure annual reporting of its CSR activites on the Company website.
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CSR Committee |
- The CSR Committee shall consist of Three Directors.
- The CSR Committee shall be responsible:
- To formulate and recommend to the Board, a CSR policy which shall indicate the activities to be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013;
- To review and recommend the amount of expenditure to be incurred on the activities to be undertaken by the company;
- To monitor the CSR policy of the Company and its implementation from time to time
- Any other matter as the CSR Committee may deem appropriate after approval of the Board of Directors or as may be directed by the Board of Directors from time to time.
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