This Policy has been developed in order to provide a framework for the planning and execution of a Corporate Social Responsibility (CSR) strategy and its programs within Rasi Seeds (P) Limited so that it delivers the maximum benefit to society in India while remaining true to Rasi’s values. In addition, the policy provides a framework for adhering to the CSR provisions in the Companies Act, 2013.
1. PHILOSOPHY, VISION AND OBJECTIVES
The approach of Rasi Seeds (P) Limited (‘the Company’) towards social development will focus on under-privileged sections of the society and with this aim, it shall attempt to bring the backward people into the mainstream by providing them facilities for their education, healthcare and Improving the standard of living.
The Company is committed to operating in an economically, socially and environmentally sustainable manner while recognising the interest of its stakeholders. The aim of CSR Policy is to identify and lend a helping hand to the under-privileged and economically weaker sections of the society and to contribute to their growth and development.
The policy on CSR will be adopted by the Company to align its philosophy to initiate measures and pursue socially useful programs with the objectives and activities of CSR envisaged and incorporated in the Companies Act, 2013 and the Rules made there under. This policy has been formulated and recommended by the CSR Committee and adopted by the Board of Directors at its Meeting held on 3rd September 2019. The terms, rules and regulations mentioned in this policy are as per the Companies Act, 2013 and Rules made there under.
• Board means the Board of Directors of the Company.
• Corporate Social Responsibility or CSR means and includes but is not limited to:-
a) Projects or programs relating to activities specified in Schedule VII to the Companies Act, 2013; or
b) Projects or programs relating to activities undertaken by the Company in pursuance of the recommendations of the CSR Committee and approved by the Board as per this policy.
• CSR Committee means Corporate Social Responsibility Committee constituted by the Board pursuant to Section 135 of the Companies Act, 2013.
• Company means Rasi Seeds (P) Limited.
• Net Profit means the net profit of the Company computed in accordance with the applicable provisions of the Companies Act, 2013 but shall not include the following viz: –
c) Any profit from any overseas branch or branches of the Company whether operated as a separate Company or otherwise and
d) Any dividend received from other Companies in India, which are covered under and complying with the provisions of Section 135 of the Companies Act, 2013.
e) Words and expressions used in this Policy and not defined herein but defined under the Companies Act, 2013 shall have the meanings respectively assigned to them therein.
3. CONSTITUTION, COMPOSITION AND ACTIVITIES OF CORPORATE SOCIAL RESPONSIBILTY COMMITTEE and CSR COUNCIL
• The CSR initiatives/activities of the Company will be identified, recommended to the board by the CSR Committee.
• The Board of Directors at its Meeting held on 24.10.2014 constituted a Committee known as Corporate Social Responsibility Committee as required under Section 135 of the Companies Act, 2013 to decide on and monitor the implementation of the projects /programs to be carried out as Corporate Social Responsibility within the purview of Schedule VII of the said Act.
• The CSR Committee consists of the following Members, who are the Directors of the Company: –
I. Mr.M. Ramasami
II. Mr.R. Rajendran
III. Mr.S. Senthilnathan
• The CSR Committee Chairman shall be elected by the members of the CSR Committee.
• The Committee shall recommend to the Board the amount of expenditure to be incurred by the Company on CSR activities and the Board will ensure that the activities as are included in CSR Policy are undertaken by the Company subject to and in accordance with the provisions of Section 135 of the Companies Act, 2013.
• The CSR Committee may delegate its role of identification and implementation of CSR activities to a CSR Council.
• The CSR Council consists of the following Members, who are the employees of the company: –
I. Mr Nanna Batcha A S – Vice President (Production and processing)
II. Mr Suresh Babu R – Vice President (Sales and Marketing)
III. Mr Binu Paulose – Chief Financial Officer
• The composition of the CSR Committee shall be disclosed in the Board’s Report.
4. CSR ACTIVITIES
• Rural Transformation
To work towards bridging the developmental gap between rural ‘Bharat’ and urban India by improving livelihood, addressing poverty, hunger and malnutrition. Key initiatives include:
a) Supporting Farm and non-farm livelihoods
b) Improving water conservation and rainwater harvesting
c) Using technology towards delivering need-based information for improving quality of life.
d) Improving food security and enhancing nutrition
e) Developing Community infrastructure
To address issues around affordability and accessibility of quality healthcare and bring about improvement in awareness and health seeking behavior in various parts of India, enabling a better living, through initiatives such as:
a) Primary, secondary and tertiary care facilities
b) Conducting need-based health camps and providing consultation, medicines etc.
c) Working on maternal and child health
d) Behavioral change for improved mother and child health
e) Improving healthcare delivery through innovative outreach programs
f) Working for the visually impaired
g) Working in the areas of Communicable and non-communicable diseases
h) Using technology for training, competency evaluation and clinical decision support for medical professionals with a view to improve quality of healthcare
To work on several educational initiatives to provide quality education, training, skill enhancement for improving the quality of living and livelihood. Initiatives are aimed at:
a) Promoting primary and secondary education
b) Enabling higher education through merit cum means scholarships, including for differently abled across the country.
c) Using sports as a tool for development of students in both urban and rural settings
d) Promoting higher education including setting up and supporting universities
e) Skill development and vocational training
To enable enhanced livelihood and quality of life, promote environment sustainability through various initiatives for:
a) Ecological sustainability
b) Promoting biodiversity
c) Conservation of natural resources
d) Maintaining quality of soil, air and water
e) Promoting renewable energy
f) Developing gardens and river front
Protection of national heritage, art and culture
To work towards preserving the rich heritage, arts and culture of India for its future generation and make conscious efforts to ensure its continuity and enhance avenues for livelihoods of traditional artisans and craftsmen. Key initiatives include:
a) Working towards protecting and promoting India’s art, culture and heritage through various promotional and developmental projects and programs.
b) Support and promotion of artists and craftsman
c) Promotion and preservation of traditional art and handicraft
d) Documenting India’s rich heritage for the benefit of future generations
• Disaster Response
Organizing timely relief and rehabilitation of communities affected by natural calamities.
Key initiatives include:
a) Building capacities of local communities to respond to disasters
b) Developing expertise and resources to respond to disaster
c) Contributing to relief funds
• Other Initiatives
To undertake other need-based initiatives in compliance with Schedule VII of the Companies Act, 2013.
5. AMOUNT OF EXPENDITURE TO BE INCURRED ON THE CSR ACTIVITIES
• The Company will endeavor to spend the following amounts for CSR activities in pursuance of this Policy:
i) In every financial year, at least two per cent of the “average net profits” of the Company made during the three immediately preceding financial years. The “average net profits” shall be calculated in accordance with the provisions of section 198 of the Companies Act, 2013 and the rules made there under from time to time.
ii) Any income arising from the activities mentioned above.
iii) Surplus arising out of CSR activities.
• Amount spent on CSR activities shall include all expenditure including contribution to corpus for projects or programs relating to CSR activities approved by the Board on the recommendation of its CSR Committee, but will not include any expenditure on an item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Companies Act, 2013.
• Any surplus arising out of the CSR activity will not be part of the business profits of the Company.
• The CSR Committee will approve the expenditure on CSR activities within the monetary limits sanctioned by the Board for such activities.
6. MODALITIES OF EXECUTION/IMPLEMENTATION
• CSR activities may be initiated / implemented/ executed:
i) By the Company; or
a) A registered trust, registered society or a company established by the Company or its holding or subsidiary or associate company under Section 8 of the Companies Act, 2013.
b) If such trust, society or company is not established by the Company or its holding or subsidiary or associate company, the eligible CSR activities will be undertaken in collaboration with a specialized organization, institution or agency which has an established track record of at least three years in undertaking CSR projects or in carrying on permissible CSR activities.
c) An agreement / contract or any other written communication will be executed by the Company.
• CSR Committee shall have full discretion to specify or modify the modalities of execution of CSR projects or programs and to determine implementation schedules.
• The Company’s CSR activities may focus on the upliftment of under- privileged people and will give preference to the local area and areas around, where it operates, for spending the amount earmarked for CSR activities.
• The CSR activities shall be undertaken within India.
• The CSR projects or programs or activities that benefit only the employees of the Company and their families or activities undertaken in pursuance of normal course of business of the Company shall not be considered as CSR activities in accordance with this policy or under Section 135 of the Companies Act, 2013.
7. MONITORING AND IMPLEMENTATION OF THIS CSR POLICY
• It will be the responsibility of the CSR Committee to monitor periodically the implementation of the projects / programs / activities under this CSR policy and to ensure compliance of the provisions related to CSR mentioned in the Companies Act, 2013 and rules made there under from time to time.
• The progress of CSR initiatives and activities will be reported to the Board on a regular basis.
8. ROLE OF BOARD
The role and responsibility of the Board shall include:
• Approval of CSR policy after taking into account the recommendations of the CSR Committee.
• Reporting in the Board’s report brief outline of this CSR policy including overview of projects or programs, composition of CSR Committee, average net profits of the Company for the last three financial years and prescribed CSR expenditure as required under the Companies Act, 2013 and rules made thereunder along with
i) the total amount spent on CSR activities in the financial year and
ii) amount unspent, if any.
• Specify in the Board’s report the reasons, if the required amount is not fully spent in CSR activities.
• Ensure that the CSR activities are undertaken and executed by the Company as per this CSR policy and the applicable laws.
The following activities shall not be considered as CSR activities:
• Contribution of any amount directly or indirectly to any political party under the provisions of the Companies Act, 2013
• Any activity undertaken in pursuance of normal course of business of the Company.
10. EXCEPTIONS AND DEVIATIONS
Any exceptions and deviations to this policy shall be recommended by the CSR Committee and approved by the Board
Based on the recommendations of the CSR Council and the CSR Committee, the Board of Rasi Seeds (P) Limited can modify this policy unilaterally at any time to maintain compliance with laws.