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.5crore, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility activities. The CSR must be with respect to any of the activities mentioned in Schedule VII of the 2013 Act.
The roles and responsibilities of the CSR Committee include:
Companies covered by CSR Rules are required to constitute a Corporate Social Responsibility Committee. Accordingly, the Board constituted a CSR Committee with the following Directors as 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 comp any. All projects/programs/ activities will be in the areas of:
institutions which are approved by the Central Government. Any projects/programs activities in areas other than the above will be taken with the approval of CSR committee. 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 Company shall earmark a s CSR Budget, at least 2% of the average of net profits of the company made during the three immediately preceding financial years.
To implement the Company's CSR Programmes through Comp any 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 in come 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.