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CSR

 

Enabling lives,

living and livelihood

for a stronger and

inclusive India

 

“Our mission is to continue growing as a

responsible organisation that believes in

enriching lives of those around us.”

 

Name:

Late Shree Bapulal ji Bhandari

 

 

1. Sustainability & Corporate Social Responsibility Policy

Vasant Masala Pvt Ltd believes that Corporate Social Responsibility (CSR) extends beyond the ambit of business and should focus on a broad portfolio of assets - human, physical, environmental and social. 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’.

2. CSR Vision

To accomplish passionate commitment to the social obligation towards communities, fostering Sustainable and Integrated Development, thus improving Quality of Life.

3. CSR & Group Values

Courage:  To embrace new and Innovative ideas for betterment of people

Trust:  Believe in all stakeholders

Commitment: Stand by our promises and adhere to high standard of work in all CSR activities

 

4. CSR & Group Culture: (PRIDE)

Passion:  Performing with enthusiasm and Energy and true passion

Result:  Consistently achieve goals, Resourcefulness which brings desired results

Integration:  Working across functions and businesses to create Synergy with integrity

Dedication:  Working with commitment in the pursuit of our aim

Entrepreneurship:  Seizing opportunity with initiative and ownership.

                                 Evolving replicable models

5. Core CSR Commitments (Programs/Activities)

➢Addressing identified needs of the underprivileged through initiatives directed towards

  • improving livelihood,
  • alleviating poverty,
  • promoting education,
  • empowerment through vocational skills and
  • promoting health and well-being.

➢Preserve, protect and promote art, culture and heritage

  • promoting India’s art, culture and heritage,
  • conducting promotional and developmental activities / programs.

➢Ensuring environmental sustainability, ecological balance and protection of flora and fauna

  • conducting activities which promote biodiversity,
  • conducting activities which promote ecological sustainability.

➢Any other activity falling within the scope of Schedule VII of the Companies Act, 2013 which would enable the Company to achieve its 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.

6. 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.

7. 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. The Project/ program Manager is 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
  • Provide reasons for deviations.
  • 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.

 

8. CSR Reporting and Communication

An Annual CSR Report and plan will be included in the Directors Report within the Annual Financial Statement of the Company and will be placed before the CSR Committee and the Board for approval at the end of every financial year. The report will adhere to the requirements of Section 135 of the Companies Act, 2013 and the rules thereunder.

In respect of international locations, the respective subsidiary/associate companies would comply with the local CSR reporting requirements, if any.

9. 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 Board would approve and adopt any changes in the CSR Policy subject to prevailing provisions of laws in this regard. The CSR Committee is responsible for decision making with respect to the CSR Policy.
  • The CSR Committee will meet as appropriate to review and monitor the implementation of CSR programs /activities of the Company.
10. 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.
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