This Policy has been formulated in compliance with Section 135 of the Companies Act, 2013 read along with the applicable rules thereto.
The main objective of CSR policy is to make CSR a key business process for sustainable development of the society. Lokmat Media Private Limited will act as a good corporate citizen and aims at supplementing the role of Government in enhancing the welfare measures of the society within the framework of its policy.
- COMPOSITION OF CSR COMMITTEE:
The CSR Committee shall consist of the following directors:
- Mr. Devendra Darda, Chairman of the Committee
- Mr. Rishi Darda, Member
- Mr. Karan Darda, Member
- CSR ACTIVITIES:
The following is the list of CSR projects or programs which the Corporation plans to undertake pursuant to Schedule VII of the Companies Act, 2013:
- eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe 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, day care 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 quality of soil, air and water including contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga;
- 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 recognised sports, paralympic 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.
- Any other measures with the approval of Board of Directors on the recommendation of CSR Committee, subject to the provisions of Section 135 of Companies Act, 2013 and rules made there-under, which would enable the Company to achieve its CSR Activities.
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.
- DUTIES AND RESPONSIBILITIES OF COMMITTEE:
The CSR Committee shall –
- Formulate and recommend to the Board, a CSR policy which shall indicate the activities to be undertaken by the Company as per the Companies Act, 2013;
- To review and recommend the amount of expenditure to be incurred on the activities to be undertaken by the Company;
- To monitor the CSR policy of the Company from time to time;
- Any other matter as the CSR Committee may deem appropriate after approval of the Board of Directors or as may be directed by the Board of Directors from time to time.
- FREQUENCY OF MEETINGS:
The meetings of the Committee could be held at such periodic intervals as may be required.
The quorum of the Meeting shall be one-third of its total strength (any fraction contained in that one-third be rounded off as one) or two members, whichever is higher.
A specific budget is allocated for CSR activities and spending on CSR activities shall not be less than 2% of the average net profits of the Company made during the three immediately preceding financial years, in pursuance of this policy.
In case Company fails to spend such amount, the Board shall specify the reasons for not spending the amount.
Approving authority for the CSR amount to be spent would be the Managing Director of the Company after due recommendation of CSR Committee and approval of the Board of Directors of the Company.
The CSR Policy mandates that the surplus arising out of the CSR projects or programs or activities shall not form part of the business profit of a Company.
The CSR projects or programs or activities undertaken in India only shall amount to CSR expenditure.
CSR expenditure shall include all expenditure including contribution to corpus, for projects or programs relating to CSR activities approved by the Board on the recommendation of the CSR Committee, but does not include any expenditure on any item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Companies Act 2013.
Tax treatment of CSR spent will be in accordance with the Income Tax Act as may be notified by CBDT.
- INFORMATION DISSEMINATION:
As per the CSR Rules, the contents of the CSR Policy shall be included in the Directors’ Report and the same shall be displayed on the Company’s website.
The Committee shall annually review its CSR Policy from time to time and make suitable changes as may be required and submit the same for the approval of the Board.