CSR is defined as the integration of business operations and values, whereby the interests of all stakeholders including investors, customers, employees, the community and the environment are reflected in the company’s policies and actions.
Any organization operates in social environment and the Corporate Social Responsibility (CSR) is the way and mean through which corporates can repay the obligations which the society has made by contributing the resources in its various forms as required for the efficient operation of the Business. Corporate Social Responsibility is strongly connected with the principles of sustainability; an organization should make decisions based not only on financial factors, but also on the social and environmental consequences. Therefore, it is the core corporate responsibility of Medusind Solutions India Private Limited to practice its corporate values through its commitment to grow in a socially and environmentally responsible way, while meeting the interests of its stakeholders.
This CSR Policy (“Policy”) demonstrates our commitment to Corporate Social Responsibility through which we aim to align our business values, purpose and strategy with the needs of the society as a whole in which the Company operates, whilst embedding such responsible and ethical principles into everything we do.
Guiding Principles
Medusind Solutions India Private Limited is vigilant in its enforcement towards corporate principles which the Government of India has mandated pursuant to Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014 and is committed towards sustainable development and inclusive growth. The company endeavors to make CSR a key business process for sustainable development. It constantly strives to ensure strong corporate culture which emphasizes on integrating CSR values with business objective. It also pursues initiatives related to quality management, environment preservation and social awareness.
Commitment
We are committed to:
- Continuous improvement in our Corporate and Social Responsibility (CSR) strategy;
- Encouraging our business partners to strive for matching performance;
- Acting in a socially responsible way;
- Supporting a number of local communities and social / charitable causes;
- Continually improving our performance and meeting all relevant legislation;
- Encouraging our staff to be mindful of the effect of their actions on any natural resource;
Purpose and Aims
- The purpose of the Policy is to make clear to all stakeholders what we mean by CSR and how we propose to work towards achieving it. The Policy applies throughout all the activities undertaken in the organization and governs our approach to all our activities;
In implementing this Policy we aim to:
- Be responsible;
- Be an exemplar of good practice.
Eligible Areas of CSR under the Companies Act, 2013
- Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making available sale drinking water;
- Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently-abled and livelihood enhancement projects;
- Promoting gender equality, empowering women, setting up homes and hostels for women and orphans, setting up old age homes, daycare centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
- Ensuring environmental sustainability ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining the quality of soil, air and water;
- 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 arts and handicrafts;
- Measures for the benefit of armed forces veterans, war widows and their dependents
- Training to promote rural sports, nationally recognized sports, paralympics sports and Olympic sports;
- Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women;
- Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government;
- Rural development projects.
- Slum area development. Explanation – for the purposes of this item, the term ‘slum area’ shall mean any area declared as such by the Central Government or any State Government or any other competent authority under any law for the time being in force.
Implementation process
Stage I: Identification of projects:
All projects to be undertaken under this Policy are to be identified by the CSR Committee. The Company may undertake any program or project in the areas listed as eligible CSR activities falling under Schedule VII of the Companies Act under the supervision and guidance of the CSR Committee considering the area of concern from time to time.
Stage II: CSR Contributions:
- The Company will endeavor to contribute and spend at least 2% of the average net profits of the Company made during the three immediately preceding financial years or such amount as may be recommended by the CSR Committee from time to time in such projects/activities as may be determined by the CSR Committee in pursuance of this Policy.
Stage III: Modalities of Utilization of Funds:
The CSR Activities can be undertaken by the Company through any of the following mode:
- By Contributing to the Registered Trust or the Registered Society having an established track record of three years in Undertaking the Eligible CSR Activities;
- By Contributing to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women;
- Through the Company established for the Charitable and such other purposes under Section 25 of the Companies Act, 1956 or Section 8 of the Companies Act, 2013 incorporated by the Company or the Holding or Subsidiary or the Associate Company;
- By Collaborating with such other Companies which is undertaking the same or similar CSR Activities as may be decided by the CSR Committee of the Company from time to time for the purpose of having synergy of resources for the better social upliftment of the Society.
- By making direct contribution(s) to NGO(s) engaging in activities falling under Schedule VII of the Companies Act.
Stage IV: Implementation Schedule:
- Each CSR Project will be undertaken under the supervision and guidance of CSR Committee of the Board.
- Unless the Contribution be made in the Prime Minister’s National Relief Fund or such other recognized Funds of Central Government, the CSR Projects will be undertaken in the phased manner as may be determined by the CSR Committee from time to time considering the nature of activity to be undertaken at the relevant point of time.
Stage V: Compliance, Monitoring and Reporting:
- Compliance with this Policy will be continuously monitored and subject to review by the Board of Medusind Solutions India Private Limited. Compliance will be reported to stakeholders through the Director’s Report in its annual Corporate Social Responsibility Report.
- Each local manager or sub-committee, if any, is responsible for ensuring that the principles set out in this Policy are communicated to, understood and observed by all employees and for ensuring compliance in their area of responsibility;
- When the CSR projects are undertaken by contributing the CSR Funds in the Registered Society or through Registered Trust or by undertaking a joined projects with any other Organization carrying on the same/similar CSR Activities, then the periodical follow up measures and /or periodical visit to such sites supported by the progress report as received from the said Society / Trust be placed before the CSR Committee;
- The Policy may be reviewed and amended as requested with the approval from the board of directors/ CSR Committee.
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