CORPORATE SOCIAL RESPONSIBILITY (CSR)
M.R. Organisation Limited (MRO) has prepared CSR Policy in alignment with its objective, principle and value, its responsibility towards society as a corporate citizen. The Policy lays down the principles and mechanism for undertaking various programs in accordance with the provisions of Section 135 of the Companies Act, 2013 read with Schedule VII to the Companies Act, 2013 and The Companies (Corporate Social Responsibility Policy) Rules, 2014.
CSR Policy intends to
- Strive for economic development that positively impacts society at large with minimal resource footprint.
- Embrace responsibility for the Company’s actions and encourage a positive impact through its activities on hunger, poverty,
malnutrition, environment, communities, stakeholders and society.
Every Company 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] shall constitute a Corporate Social Responsibility
Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director.
CSR Committee consists of the following,
- Mayur Kamdar, Managing Director
- Pranali Kamdar, Whole-time Director
- Tejas Shah, Independent Director
RESPONSIBILITY OF COMMITTEE
The responsibilities of the CSR Committee include:
- Formulating and recommending to the Board of Directors the CSR Policy and indicating activities to be undertaken
- Recommending the amount of expenditure for the CSR activities
- Monitoring CSR activities from time to time.
Areas for undertaking
- CSR For undertaking CSR activities and programmes, the Company shall give preference to the areas where it has strong employee presence. The Company may also choose to undertake CSR activities and programmes at other places in India.
- Long-term, medium-term and short-term activities.
- The Company may, depending on the programs, activities and needs, decide and undertake long-term, medium-term and short-term CSR activities and accordingly plan the implementation.
The Company will identify suitable activities and programs for implementation in line with CSR activities as prescribed in Schedule VII of Companies Act, 2013. These activities and programs may be implemented by one or more of the following modes:
- Through a registered trust or society or a company under section 8 of the Companies Act, 2013 (Companies with charitable objects) having an established track record of three years in undertaking similar programs or projects; or
- Through associate companies in India of the Company; or
- By collaborating with other companies for undertaking projects or programs or CSR activities; or
- Directly undertake CSR activities by building CSR capacities of the Company’s personnel
The Policy recognizes that corporate social responsibility is not merely compliance; it is a commitment to support initiatives that measurably improve the lives of underprivileged sections of the society by one or more of the focus areas. To attain its CSR objectives in a professional manner and integrated manner, the company may undertake one or more of the following activity:
- (i) Eradicating hunger, poverty and malnutrition, promoting preventive health care, support programs that address all types of cancer and in particular child cancer care and sanitation and making available safe drinking water.
- Promoting education, including special education, digital literacy and employment enhancing vocation skills especially among children, women, elderly, and the differently-abled and livelihood enhancement projects.
- Ensuring environmental sustainability, ecological balance, protection of flora and fauna, conservation of natural resources and maintaining quality of soil, air and water.
- 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.
- (v) Contributions or funds provided to technology incubators located within academic institutions which are approved by the central Government.
Funding in a financial year, the Company shall spend at least 2% of the average net profits of the company made during the three immediately preceding financial years. The Annual CSR Budget will be approved by the Board of Directors of the Company upon recommendation by the CSR Committee.
Surplus arising out of the CSR activities and programmes shall not form a part of the business profits.
The board shall ensure that the administrative overheads shall not exceed five percent of total CSR expenditure of the company for the financial year.
For effective implementation of CSR activities and programs, an internal monitoring mechanism as approved by the CSR Committee will be put into force. Internal Monitoring Mechanism shall ensure the following:
- Prior approval for each spending
- Define Process Owners for each activity/ different levels within each activity
- Periodic reporting to CSR Committee on the amount spent and activity/ies undertaken
- Impact measurement
- Report consolidation and communication to the Board of Directors
- Annual review of CSR activities by the Board of Directors/ the CSR Committee