On 12.7.2021, The Chairman of the Corporate Social Responsibility ( CSR ) Committee explained that recommendations were made to the Board to expend the amount in respect of Corporate Social responsibility for the Financial Year 2021 – 2022 in the following projects:
Contribution to the Hosur Industries Association – For Skill Development Centre amounting to Rs.8,31,600.
Contribution to the general public in and around Hosur for their Covid Vaccines amounting to Rs.9,45,000.
The Committee members discussed on the same and agreed on recommending to the Board the contribution of the part of CSR amount to the Hosur Industries Association – Skill Development Centre for Rs.8,31,600 and the balance amount of Rs.9,45,000 for the General Public in and around Hosur as contribution to their Covid Vaccines.
The Board has agreed the above and resolution passed accordingly.
The provisions of Section 135 of the Companies Act 2013 was amended by the Companies (Amendment) Act 2020 according to which section 135(9) was inserted wherein it provides that where the amount to be spent by a company for CSR does not exceed fifty lakh rupees, the requirement under sub-section (1) for constitution of the Corporate Social Responsibility Committee shall not be applicable and the functions of such Committee shall, in such cases, be discharged by the Board of Directors of the company. Since the CSR expenditure is not expected to be more than fifty lakhs, the CSR Committee has been dissolved w.e.f. 15.07.2022 and the functions of the Committee are being discharged by the Board.
Raja Crowns and Cans Private Limited has always been committed for the betterment of the society and fully understands its responsibility to contribute to the welfare of the society and be a part of a cleaner environment. The Board of Directors have pledged their commitment to the betterment of the society and proposes to undertake Corporate Social responsibility activities that may be covered under any of the categories listed below:
(i)Eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation] and making available safe drinking water.
(ii) promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects.
(iii) promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups.
(iv) ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water 4[including contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga.
(v) protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional art and handicrafts;
(vi) measures for the benefit of armed forces veterans, war widows and their dependents, Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows;
(vii) training to promote rural sports, nationally recognised sports, paralympic sports and olympic sports.
(viii) contribution to the Prime Minister’s National Relief Fund, or Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) or any other fund set up by the central govt. for socio economic development and relief and welfare of the schedule caste, tribes, other backward classes, minorities and women;
(ix) (a) Contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government; and
(b) Contributions to public funded Universities; Indian Institute of Technology (IITs); National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE); Department of Biotechnology (DBT); Department of Science and Technology (DST); Department of Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH); Ministry of Electronics and Information Technology and other bodies, namely Defence Research and Development Organisation (DRDO); Indian Council of Agricultural Research (ICAR); Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).]
(x) rural development projects
(xi) slum area development.
(xii) disaster management, including relief, rehabilitation and reconstruction activities.
Pursuant to section 135 of the Companies Act 2013 every year the Company will spend atleast 2% of the average Net Profits of the preceding three years. However, if the company fails to spend such amount, the Board shall, in its report made under clause (o) of sub-section (3) of section 134, specify the reasons for not spending the amount and shall transfer such unspent amount to a Fund specified in Schedule VII, within a period of six months of the expiry of the financial year.
Where a company spends an amount in excess of requirement provided under sub-section (5) of section 135, such excess amount may be set off against the requirement to spend under sub-section (5) of section 135 up to immediate succeeding three financial years subject to the conditions that –
(i) the excess amount available for set off shall not include the surplus arising out of the CSR activities, if any, in pursuance of sub-rule (2) of this rule.
(ii) the Board of the company shall pass a resolution to that effect.
This CSR Policy of the Company shall be reviewed annually by the Board and suitable changes may be made therein.