CORPORATE SOCIAL RESPONSIBILITY POLICY Of
Prince Gold and Diamonds India Private Limited
The Corporate Social Responsibility Policy ('CSR Policy') of Prince Gold and Diamonds India Private Limited (‘the Company’)bearing CIN U36911TN2006PTC061041, has been formulated as company’s sense of responsibility towards the society and environment in which it operates, in accordance with section 135 of the Companies Act 2013 (“Act”) and the rules made there under. The CSR Policy shall apply to all the CSR activities undertaken by the Company.
Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development of the society at large and building capacity for sustainable livelihoods.
This Policy specifies the projects and programmes that can be undertaken, provides a list of CSR projects/ programmes in terms of the Schedule VII to the Companies Act, 2013, which the Company plans to undertake during the implementation years through registered Organizations and/or by the company on its own. The scope of the Policy has been kept as wide as possible, so as to allow the Company to respond to different situations and challenges appropriately and flexibly, subject to the activities enumerated in Schedule VII of the Companies Act, 2013.
“Corporate Social Responsibility Committee” (“CSR Committee”) is constituted in accordance with the provisions of Companies Act, 2013 and rules made thereunder. The CSR Committee will consist of 3 or more directors or such other number of directors as the Board of Directors of the Company may determine from time to time. The CSR Committee may meet at such intervals, in such manner and may carry out matters in such manner and function generally as per the Companies Act, 2013.
MEMBER OF THE COMMITTEE
1. Mr. Princeson Jose - Chairman of the Committee
2. Mrs. Sheeba Prince - Member
3. Mr. Joseph Prince - Member
4. Mr. Antony Prince - Member
ROLE OF THE CSR COMMITTEE
i) Formulate and recommend the CSR Policy and any amendments therein to the Board of Directors of the Company
ii) Develop and approve various CSR projects, programs and activities to be undertaken from time to time either directly by the Company or through other entities.
iii) Undertake all necessary steps to implement the CSR activities.
iv) Authorise and approve CSR expenditure from time to time subject to the limits approved by the Board of Directors
v) Review and monitor the progress of CSR projects already undertaken by the company and the utilization of budgets for each such projects the CSR activities in such manner as it deems fit.
vi) Review and recommend the CSR report to be included in the board’s report.
vii) To carry such other functions as may be delegated to it by the board relating to CSR activities of the company.
viii) To carry such other functions as may be mandated by applicable laws.
Without prejudice to the generality of the aforesaid, the Company may from time to time undertake any project, program and activity mentioned in Schedule VII of the Companies Act 2013, the entries in the said Schedule VII must be interpreted in letter and spirit so as to capture the essence of the subjects enumerated in the said Schedule. The items enlisted in the amended Schedule VII of the Act, are broad-based and are intended to cover a wide range of activities mentioned. The company would give preference to the local area and areas around it where it operates, for spending the amount earmarked for Corporate Social Responsibility activities.
i) Eradicating hunger, poverty & malnutrition, promoting preventive health care & sanitation “including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation” & making available safe drinking water;
ii) Promoting education, including special education & employment enhancing vocation skills especially among children, women, elderly & the differently unable & livelihood enhancement projects;
iii) Promoting gender equality, empowering women, setting up homes & hostels for women & orphans, setting up old age homes, day care centers & such other facilities for senior citizens & measures for reducing inequalities faced by socially & economically backward groups;
iv) Ensuring environmental sustainability, ecological balance, protection of flora & fauna, animal welfare, agro forestry, conservation of natural resources & maintaining quality of soil, air & water [including contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga”;
v) Protection of national heritage, art & culture including restoration of buildings & sites of historical importance & works of art; setting up public libraries; promotion & development of traditional arts & handicrafts;
vi) Measures for the benefit of armed forces veterans, war widows & their dependents Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows;
vii) Training to promote rural sports, nationally recognized sports, sports & Olympic sports;
viii) Contribution to the Prime Minister‘s National Relief Fund or [or Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) any other fund set up by the Central Government for socio-economic development & relief & welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities & women;
ix) (ix) (a) Contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government; and
(ix) (b) Contributions to public funded Universities; Indian Institute of Technology (IITs); National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE); Department of Biotechnology (DBT); Department of Science and Technology (DST); Department of Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH); Ministry of Electronics and Information Technology and other bodies, namely Defense Research and Development Organisation (DRDO); Indian Council of Agricultural Research (ICAR); Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).]
x) Rural development projects, etc
xi) Slum area development. 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.
xii) Disaster management, including relief, rehabilitation and reconstruction activities.
xiii) Collaborate and/or provide all sorts of assistance, with respect to organizations with aforementioned objectives.
EXECUTION OF PROJECTS/PROGRAMS
The company may undertake one or more projects or programs or activities provided in the policy either as its own or through any implementation agency. A CSR project shall be of a duration as defined in the Act. It shall be the endeavour of the company to build up necessary capabilities to implement the CSR projects on its own in the long run. It can also acquire the services of experts in respective fields by appointing them as consultants in a particular program or project. Where implementation agencies are appointed for a particular project, the company endeavor to acquire the necessary skills to run the program on its own within 3‐5 years from its implementation where it is a continuing program. While engaging a third party agency for implementing a project or program covered in the CSR policy, the CSR committee shall ensure that they have credible standing and experience in the respective fields for at least three preceding financial years.
CSR EXPENDITURE BUDGET:
· The Company will endeavour to spend at least 2% of the average net profits (Profit Before Tax as defined under Section 198 of the Companies Act, 2013) made during the immediate three preceding financial years (CSR Budget).
· Any unspent CSR budget will be kept in a CSR Fund (Corpus) created by the company. This Fund would also include any income arising there from and any surplus arising out of CSR activities. Unspent CSR amounts, if any, in respect of applicable ongoing projects approved by the Board of Directors shall be transferred to a separate bank account as defined in the Act and spent as per the provisions of the Act within specified timelines. Any unspent amount not pertaining to an ongoing project shall be transferred to a fund of the Government as specified under the act within specified prescribed timelines.
· Any surplus arising out of CSR projects shall not form part of business profits of the Company.
MONITORING OF CSR ACTIVITIES
The CSR committee of the company will be responsible for the monitoring of various CSR projects or programs undertaken by the company directly or indirectly. The CSR committee shall ensure that;
· Company undertakes the CSR activities as provided in the CSR policy
· The projects/ programs are implemented as per the program approved by the board
· The budget allocated for each of the project is utilized for the projects as per the approved plans.
· The objective of the project/program is achieved as per the plans
· Company shall provide necessary resources and human capital for implementation and the effective monitoring of the CSR projects and programs as may be directed by the CSR Committee. The services of any external agencies or persons who have experience in the same or similar projects or programs undertaken or proposed to be undertaken by the company may also be made available for successful implementation an monitoring of the project.
AMENDMENT OF POLICY
The CSR policy of the company may be amended at any time by the board of the company on the Recommendation of the CSR committee.
On approval of The CSR policy or any amendments thereof, the contents of the policy shall be included in the Boards’ report. At the end of each financial year, the CSR committee shall prepare a report of the CSR program in the prescribed form relating to the financial year and shall include in the Board’s report. Reasons for underspending if any shall be given in such report and approved by the Board of Directors. Forms as required to be filed in respect of CSR shall be filed with Ministry of Corporate Affairs.