This CSR Policy has been framed by Alok Masterbatches Private Limited (“the Company”) in accordance with Section 135, Schedule VII of the Companies Act, 2013, and CSR Rules issued by the Ministry of Corporate Affairs on February 27, 2014. Unless the context otherwise requires, the definitions mentioned in the notification dated February 27, 2014, and the Companies Act 2013 shall apply to this CSR Policy.
The Companies Act, 2013 formally introduced Corporate Social Responsibility to Indian Companies. The Government of India has given a separate section for CSR, providing legal recognition to their community development approach.
Alok Masterbatches Private Limited supports and appreciates the decision taken by the Government of India. The legal framework of CSR is an edge to corporate Charitable/Reformative approach towards the society around operations.
The management of Alok Masterbatches Private Limited expresses its willingness to and support for the CSR concept and its legal framework and shall abide by it.
The Company has constituted a Corporate Social Responsibility Committee (“the Committee”) comprising the following members:
Mr. Krishan Lal Puri (director) is hereby appointed as the Chairperson of the Committee. The Board of Directors of the Company may reconstitute the Committee, as and when required to do so, by following the sections, sub-sections, rules, regulations, and notifications issued or to be issued, from time to time, by the Ministry of Corporate Affairs or the Central Government of India. The Committee shall exercise powers and perform the functions assigned to it by the Board of Directors of the Company pursuant to section 135 of the Companies Act, 2013 and the CSR Rules notified concerning it
Alok Masterbatches Private Limited may, subject to the recommendation of the CSR Committee and approval from the Board of Directors, undertake any other CSR activity as specified in Schedule VII of the Act from time to time.
The Company shall allocate the budget for CSR activities. The minimum budgeted amount for a financial year shall be 2% of the average net profit of the three immediately preceding financial years. The Company may allocate more funds than the amount prescribed under section 135 of the2 Companies Act, 2013, for the CSR activities for any financial year. The Committee shall calculate the total fund for the CSR activities and recommend them to the Board for approval. The Board shall approve the total fund to be utilized for CSR activity for the respective financial year.
CSR expenditure shall include all expenditures including contributions to the corpus for projects or programs relating to CSR activities approved by the Board on the recommendation of its CSR Committee but does not include any expenditure on an item not in conformity or not in line with activities which fall within the approved CSR activities.
Out of the approved CSR activities, the Committee shall decide which activity/ project should be prioritized for the respective financial year. While arriving at the decision of the activity to be undertaken for the respective year, the Committee shall analyze the basic need of the community/ area in which the Organization operates or at the place where its registered office is situated. The Committee shall record its findings and prioritize the CSR activities.
After prioritizing the activity, the Committee shall finalize the detailed implementation project/program, including planning for expenses against the total budget allocated for CSR activities.
The approved CSR activities, projects and programs shall be carried out directly or in any of the following ways as the Board, on the recommendation of the CSR Committee in its absolute discretion, may decide:
The Company may also undertake CSR projects or activities in collaboration with other corporates. The implementing organization will also be screened based on the Alok Masterbatches Private Limited screening criteria to ascertain the organization's credibility and its ability to execute the project effectively.
The Board of Directors shall constantly monitor the implementation of the CSR activities. The CSR committee shall place a progress report, including details of expenses, before the Board quarterly. The Board shall review the same and suggest recommendations, if any, to the committee about the implementation process.
All CSR Projects/Activities shall be monitored directly by the Board and the CSR Committee through the CSR Team. The Board certifies that the funds disbursed for CSR projects or activities have been utilized for the said purpose.
The Board of Directors, Management, and all employees subscribe to the philosophy of compassionate care. We believe and act on an ethos of generosity and compassion, characterized by a willingness to build a society that works for everyone. This is the cornerstone of our CSR policy.
Our Corporate Social Responsibility policy conforms to the relevant section of the Corporate Social Responsibility, Rules made under the Companies Act, 2013 and amendment(s) to be made thereto in the future.
The Company is contributing to sustainable development through its economic activities combined with the fulfillment of its social responsibilities relating to education, health, safety, and environmental aspects.
At the organizational level for the implementation of the agreed CSR activity, the committee may constitute an implementation team or authorize any of the departments of the Company to organize3 the implementation of the CSR activity. The team or respective department shall monitor the implementation process from time to time on behalf of the CSR committee and place a report to the Committee regarding the progress of the activity implementation on a quarterly basis. The respective department or implementation team would be responsible for reporting any irregularity to the Committee immediately.
