Social Responsibility is one of the many responsibilities of a Corporate to contribute something from its earnings for the development of the society without any anticipation. Society requires some support for its advancement. A growth of economy without any corresponding growth of society has no meaning where only some people will be capable of reaping the growth fruits and others will be lagging behind. A growth in the Country to be inclusive and all rounds. Hence, every citizen including corporate need to shoulder some social responsibility for the progress of the society. Now this responsibility has been legitimized for the corporate to earmark some profits for social development.
Objectives of the policy:
We will mobilise the core competencies for better project planning using our understanding for the promotion and betterment of people belonging to various sectors in the society.
The main focus of the company will be
In line with the Provisions of Section 135 of the Companies Act 2013 and relevant Rules made thereof, the Board of Directors of the Company at their meeting has constituted a CSR Committee comprising of two members of the Board under the Chairmanship of the Managing Director of the Company Mr. K. Gandhirajan, with the following terms of reference:
- Formulation and recommendation of CSR Polices to the Board of Directors for approval,
- Recommending any amendments to the CSR Polices from time to time.
- Recommending the amount of expenditure to be incurred on the activities as specified in this policy
- Monitor the Corporate Social Responsibility Policy of the company from time to time
Composition of CSR Committee includes
|S.No||Committee Member||Type||Category in the Board|
|1||Mr. KARUPPANNAN GANDHIRAAJHAN||Chairman||Managing Director|
|2||Mrs. GANDHIRAAJHAN MALATHI||Member||Director|
The Company shall spend at least 2% of the average net profits of the company made during the three immediately preceding financial years, in pursuance of this Corporate Social Responsibility Policy towards various enumerated social activities.
“Net Profit” means the net profit of Company as per its financial statement prepared in accordance with the applicable Provisions of the Act, but shall not include the following namely:
The Company shall undertake the following activities within the frame work of Schedule VII to the Companies Act 2013
The Company shall extend financial assistance to the students of economically challenged sections for pursuing their education irrespective of caste, greed, Religion etc., subject to the conditions being decided by the board from time to time:
The Company shall sponsor for renovation / repair of a School Campus or providing various basic infrastructure facilities for effective learning of the Students such as:
The Company shall purchase and distribute the Stationeries to the Students of public School.
The Company shall conduct various kinds of competitions among the students at such Schools and distribute the prizes to the winners.
The Company shall present either cash prizes or sponsor for the studies of the students of any Standard in the Schools and Colleges who are securing top three ranks.
The Company shall organize on its own or sponsor in association with Educational Trust and/ or any other Registered Trust, affiliated Institutions, any courses for developing the vocational skills of the people of underprivileged Section in and around Erode Region.
The Company shall embark itself for the following health activities:
- Organizing periodical health camps at the local areas/remote villages to offer medical consultations at free of cost.
- Providing financial assistance to the deserved people for any treatment / surgery.
- Setting up of the community hospital at such villages for treatment of any ailments
- Launching of such projects to diagnose and eradicate such diseases
- Providing the required amenities to the hospitals and
- Provide Covid-19 vaccines to hospitals inorder to reduce/ prevent the spread of the Corona Virus.
In order to empower the women in this Competitive world, the Company shall contribute for the empowerment of the women in the following ways
Extending financial assistance to deserved Woman Self help groups for commencing/ running any business activities.
Distribution of sewing machines or such other necessary items to the women at free of cost for self earning.
Sponsoring for studying vocational courses for skill development.
Organizing various literacy programme.
Organizing various awareness programme to enlighten women’s potentialities and competencies and
Organizing free counseling / free consultations for women developments
The Company shall contribute for protection and sustainability of the clean environment in the following means:
- Plantation of the saplings in the local and remote villages and nearby hills.
- Extending financial assistance for establishing harvesting facility
- Sponsoring for the construction of Check Dams etc.,
- Supporting the causes for cleaning ponds and lakes etc.,
- Conducting awareness programmes in the villages on the importance of protection of environment and
- Construction of drainages and such amenities in the villages
- Conducting various kinds of vocational courses like computer application, cutting & tailoring & beauty culture for livelihood and income generation Activities for the disadvantaged sections of society.
- Establishment of Vocational & Technical Training Centre for youth.
The Company shall contribute such amount as earmarked for CSR Spending from its profits to the Corpus of any other Trust, Associations, Section 8 Company in respect of the Projects or programs relating to the CSR Activities as approved by the Board.
The Company shall build CSR capacities of its own personnel as well as those of their implementing agencies through Institution with established track record of at least three financial years but such expenditure shall not exceed five per cent of the total expenditure of the Company in one financial year.
More preferences will be given to the local areas and People of the Local Regions in all kinds of the Social projects / Programs being undertaken by the Company from time to time.
The aforesaid activities shall be carried out either directly or in association with Educational Trust or any other Trust / any association or Section 8 Companies or any Trust including the Trust promoted by promoters of Sunraja Oil Industries Private Limited.
The Company shall undertake only activities as approved by the Board in pursuance of stipulated activities under Schedule VII.
The Composition of the CSR Committee.
|S.No||Committee Member||Type||Category in the Board|
|1||Shri K. Gandhirajan||Chairman||Managing Director|
|2||Shrimathi G. Malathi||Member||Director|
The above composition of the CSR Committee duly complied with the Provisions of Section 135 of the Companies Act 2013 viz., a Corporate Social Responsibility Committee of the Board shall be consisting of three or more directors, out of which at least one director shall be an independent director. Since your company private limited do not have independent director.
Details of the amount spent during the financial year 2021-22 are detailed below:
|S.No||CSR Project/ activity Identified||Sector in which the Project is covered||Location||Amount outlay||Amount spent on projects||Cumulative expenditure up to reporting period||Direct or through implementing agency|
|Rs. in Lacs||Rs. in Lacs||Rs. in Lacs||Rs. in Lacs|
|1||Rural development||Rural development||Erode District||1.60||8.27||0||0|
Reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5):
During the year while calculating the CSR spent amount, the company was inadvertently taken the fully value of CSR spent amount inclusive of GST value and later that was disallowed by the auditors. Now the unspent CSR Obligation during the year was Rs.3,30000/-. The board decided to transfer the unspent CSR amount to Prime Minister’s National Relief Fund within 6 months from the closure of the financial year our company as specified under Schedule VII of section 135 of the companies Act, 2013.