Sustainability and Corporate Social Responsibility Policy
We will be committed to the cause of social service and shall channelize a part of its resources and activities, such that it positively affects the society socially, ethically and also environmentally. The Company shall take up Corporate Social Responsibility (CSR) initiatives and enhanced value in the society. Our vision is to actively contribute to the social and economic development of the communities in which we operate. In so doing to build a better, sustainable way of life for the weaker sections of society and raise the country's human development index.... Towards community development, we shall undertake programs focused on education and skills, healthcare and women empowerment. As a responsible corporate citizen, we shall try to contribute for social and environmental causes on a regular basis. We believe that to succeed, an organization must maintain highest standards of corporate behaviour towards its employees, consumers and societies in which it operates. We are of the opinion that CSR underlines the objective of bringing about a difference and adding value in our stakeholders’ lives.
The Company endeavours to facilitate livelihood opportunities & socio-cultural development in areas of its operations.
The Company intends to be a significant contributor to CSR initiatives in India by devising and implementing social improvement projects for the benefit of underprivileged communities, towns and villages. With the advent of the Companies Act, 2013 constitution of a Corporate Social Responsibility Committee of the Board and formulation of a Corporate Social Responsibility Policy became a mandatory requirement. Therefore, the Company seeks to formulate a robust CSR Policy which encompasses its philosophy and guides its sustained efforts for undertaking and supporting socially useful programs for the welfare & sustainable development of the society. This document sets out the Company’s commitment & approach towards Corporate Social Responsibility CSR u/s 135 of Companies Act based on our legacy of ‘Giving Back to Society’. Read More >
CSR Vision
To achieve a dedicated commitment to social responsibility within communities, promoting sustainable and integrated development, thereby enhancing the quality of life.
CSR and Group Values
Courage: Embrace new and innovative ideas to improve people's lives.
Trust: Have faith in all our stakeholders....
Commitment: Honor our promises and uphold high standards in all CSR activities.
CSR and Group Culture (PRIDE)
Passion: Performing with enthusiasm, energy, and genuine passion.
Results: Consistently achieving goals with resourcefulness that delivers the desired outcomes....
Integration: Collaborating across functions and businesses to create synergy with integrity.
Dedication: Committing fully to the pursuit of our objectives.
Entrepreneurship: Seizing opportunities with initiative and a sense of ownership. Evolving replicable models
Core CSR Commitments (Programs/ Activities)
Meeting the needs of the underprivileged through initiatives aimed at: Performing with enthusiasm, energy, and genuine passion.
- Enhancing livelihoods
- Reducing poverty
- Supporting education
- Empowering individuals with vocational skills....
- Conserving, protecting, and promoting art, culture, and heritage by:
- Advancing India's art, culture, and heritage
- Conducting promotional and developmental programs
- Ensuring environmental sustainability, ecological balance, and the protection of flora and fauna by:
- Promoting biodiversity
- Supporting ecological sustainability
- Engaging in any other activities within the scope of Schedule VII of the Companies Act, 2013 to achieve CSR objectives.
The CSR programs / activities of the Company, as above, are related / will relate to the activities included in Schedule VII of the Companies Act, 2013.
Governance
Vasant Masala Pvt Ltd.’s Sustainability and CSR governance is under the purview of the CSR Committee appointed by the Board. The CSR Committee oversees the development and implementation of a company-wide CSR programs....
It formulates and recommends the CSR policy, CSR activities and expenditure, and monitors the CSR activities. We have constituted a robust governance structure to oversee the implementation of the CSR projects, in compliance with the requirements of Section 135 of the Companies Act, 2013. The CSR governance structure of Vasant Masala Pvt Ltd is headed by CSR Committee of the Board. The CSR Committee grants auxiliary power to the Working Committee of the Company to act on their behalf.
Monitoring of CSR Activities
Vasant Masala Pvt Ltd shall adopt a monitoring mechanism that can primarily strengthen the effective implementation of the established initiatives and also redesign implementation strategies, if required, to best achieve our targeted goal....
responsible for implementation and reporting of the approved projects through established mechanisms.
The key elements of this mechanism include:
- Allocate responsibility
- Track progress and impacts
- Track progress and impacts
- Budgetary support
- Site visits to understand on ground achievements.
- Communicating progress internally and externally.
- Reporting to CSR Committee of the Board
The CSR Committee of the Company will recommend to the Board of Directors of the Company the amount of expenditure to be incurred on CSR programs/activities monitor the CSR Policy of the Company and review its implementation by the Company.
CSR Reporting and Communication
An Annual CSR Report and plan will be incorporated into the Directors' Report within the Company's Annual Financial Statement. This will be presented to the CSR Committee and the Board for approval at the end of each financial year....
The report will comply with the requirements of Section 135 of the Companies Act, 2013, and the associated rules.
For international locations, the respective subsidiary or associate companies will adhere to local CSR reporting requirements, if applicable.
Corporate Social Responsibility Committee (CSR Committee)
- The Board of Directors will constitute a CSR Committee consisting of 3 or more directors.
- The CSR Committee would formulate and recommend the draft CSR Policy to the Board of Directors and the Board of Directors would approve the Policy.
- The CSR Committee will meet as appropriate to review and monitor the implementation of CSR programs /activities of the Company.
CSR Funds
- The Board shall ensure that a minimum of 2% of the average net profits of the Company of the last 3 years, is spent on the CSR programs / activities of the Company.
- In case at least 2% of the average net profits of the Company of the last 3 years is not spent in a financial year, reasons for the same shall be specified in the Board’s report.
- All expenditure towards the CSR programs / activities will be diligently documented.
- Any surplus generated out of the CSR programs / activities of the Company will not be added to the normal business profits of the Company.
Corporate Social Responsibility Committee (CSR Committee)
The Board of Directors will constitute a CSR Committee consisting of 3 or more directors.
Omprakash
Bhandari
Rajkamal
Bhandari
Nirmit
Bhandari
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