To actively contribute to the social and economic wellbeing of communities in the areas of our operations, thereby working towards upliftment of weaker sections of society.
With effect from April 1, 2014, every company, private limited or public limited, which either has a net worth of Rs 500 crore or a turnover of Rs.1,000 crore or net profit of Rs 5 crore, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility activities as per the requirement of Section 135 of the Companies Act, 2013 (“the Act”). The CSR must be with respect to any of the activities in the areas or subjects as mentioned in Schedule VII of the Act.
The roles and responsibilities of the CSR Committee include:
Companies Covered by CSR Rules are required to Constitution a Corporate Social Responsibility Committee. Accordingly a committee was formed with the following members:
The committee shall review the operations of the CSR Activities of the company and a report of the same shall be made available for discussion in the Board Meetings of the company
The CSR Policy does not include the activities undertaken in pursuance of normal course of business of a company
Subject to the necessary approvals, All projects/programs/ activities will be will be executed directly or through registered and accredited trust, section 8 Company, society or NGO or in collaboration with other companies in any of the following areas subject to the necessary approvals of the CSR Committee and the Board :
These projects/programs/activities shall be undertaken at areas which are in proximity to the operation areas of KITCO
In alignment with The Companies Act, 2013 the Corporation shall earmark as CSR Budget, at least 2% of the average of net profits (calculated as per Section 198 of the Act) of the company made during the three immediately preceding financial years.
To implement the Company's CSR Programmes through Company personnel or through external implementing agencies or through separate trust if required shall be formed for this purpose
CSR expenditure will include all expenditure, direct and indirect, incurred by the Company on CSR Programmes undertaken in accordance with the approved CSR Plan. Moreover, any surplus arising from any CSR Programmes shall be used for CSR. Accordingly, any income arising from CSR Programmes will be netted off from the CSR expenditure and such net. The surplus arising out of the CSR projects or programs or activities shall not form part of the business profits of the Company. amount will be reported as CSR expenditure
This CSR Policy shall be made available in the website of the Company.