Corporate Social Responsibility

Corporate Social Responsibility Policy

Under Section 135(1) of the Companies Act, 2013 read with The Company (Corporate Social Responsibility Policy) Rules ,2014 every company having a net worth of rupees five hundred crore or more or turnover of rupees one thousand crore or more or net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board of Directors consisting of three or more Directors of whom at least one shall be an Independent Director. Section 135(3) further envisages that the Corporate Social Responsibility Committee shall formulate and recommend to the Board a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the Company as specified in Schedule VII of the Companies Act. It is further envisaged under section 135(4) that the Board of every company referred to in sub section 1 shall ensure that the Company spends in every financial year at least two per cent of the average net profit of the company made during the three immediately preceding financial years , in pursuance of Corporate Social Responsibility Policy.