CSR Policy
1. Preface
Corporate Social Responsibility (CSR) is the way and mean through which corporates can repay the
obligations made by the Society by contributing the resources in its various forms as required for the
efficient operation of the Business. Corporate Social Responsibility is strongly connected with the
principles of sustainability. Organization should make decisions based not only on financial or
operational factors, but also on the social and environmental consequences. Therefore, it is the core
corporate responsibility of company (“SSIZ”) to practice its corporate values through its commitment
to grow in a socially and environmentally responsible way, while meeting the interests of its
stakeholders.
2. Objective and Purpose
The key purpose of this Policy is to:
a) Outline the development areas in which the Company shall get involved in.
b) Define governance structure for CSR management within the Company.
c) Serve as a guiding document aiding in identification, execution and monitoring the CSR
projects.
d) Describe the treatment of surpluses from CSR activities.
e) Define the approach and direction given by the Board of the Company.
f) Provide guiding principles for selection, implementation and monitoring of activities
g) Formulate an Annual Action Plan every year as per applicable rules.
3. Alignment with SSIZ Values
We believe to drive our CSR policy with the same values which directs SSIZ. Hence, this CSR Policy
absorbs SSIZ’s core values and is aligned in the following manner to its CSR strategy:
Being Accountable for what we do: SSIZ considers itself accountable for contributing back in a
meaningful way to the society/ Nation.
Embrace Diversity: SSIZ believes in embracing diverse views and opinions which lead to a better
solution. Accordingly, for execution of its CSR objectives SSIZ plans to partner, where necessary, with
NGOs/ other charitable organizations to meet the CSR objectives.
Collaborate to Win: Collaborating with other NGOs/ charitable organizations, with footprint/ expertise
in areas selected, is a key aspect of SSIZ’s strategy to make a positive impact in its CSR activities.
4. Applicability
CSR Policy is applicable to SSIZ is mandated with the CSR expenditure obligations as per Section 135
of the Companies Act, 2013 (‘the Act’) read with the Companies (Corporate Social Responsibility
Policy) Rules, 2014, as amended from time to time.
(On the letter head of the Company)
5. Scope of CSR Policy
This Policy applies to all CSR projects that will be undertaken by SSIZ and shall fulfil all the requirements
of Section 135 of the Companies Act, 2013 and rules made thereunder. SSIZ shall ensure all these
activities are over and above the normal course of business and are in line with Schedule VII of the
Companies Act, 2013. This Policy will be periodically reviewed and updated in line with the relevant
codes of legislation and best practices that can be adopted by SSIZ.
6. Undertaking CSR activities
SSIZ will undertake CSR activities either in partnership with a company established under section 8 of
the Act, or a registered public trust or a registered society, registered under section 12A and 80G of
the Income Tax Act, 1961 or such other entities prescribed under the Act, who are engaged in activities
or programs which fall within the purview of SSIZ’s CSR Policy and areas of focus, or directly through
a company established under section 8 of the Act, or a registered public trust or a registered society,
registered under section 12A and 80 G of the Income Tax Act, 1961, that may be established by SSIZ,
either singly or along with any other company, for the purpose or both.
7. Governance Structure:
A governance structure at SSIZ is responsible for implementing and administering CSR Policy, in
compliance with the requirements of Section 135 of the Companies Act, 2013 and rules made
thereunder. The Board of Directors of the Company are ultimately accountable for the CSR projects
undertaken by SSIZ. As amount to be spent for CSR activities does not exceed Rs. 50 lakhs, there is no
requirement for constitution of CSR committee, function of such committee can be done by the board
of the company. However if the amount exceeds Rs. 50 lacs in any year company shall mandatorily
constitute CSR Committee.
8. CSR Budget
The total budget for the CSR projects in each financial year will be decided by the Board in accordance
with applicable provisions of the Act and the CSR Rules and the Board will approve the amount of
expenditure to be incurred on the activities. For any reason if the Board is not able to follow the
allocation agreed on in any of the Areas to Emphasize described above, the same shall be utilized in
such other Areas to Emphasize as the CSR team may recommend with the reasons therefor, and the
Board may approve.
9. CSR Contributions
The Company will endeavour to contribute and spend at least 2% of the average net profits of the
Company made during the three immediately preceding financial years or such amount as may be
recommended by the Board from time to time in pursuance of this Policy.
10. Treatment of Surplus
Any surplus arising out of the CSR activities shall not form part of the business profit of the Company
and shall be ploughed back into the same project or shall be transferred to the Unspent CSR Account
and spent in pursuance of CSR policy and annual action plan of the Company or transfer such surplus
amount to a Fund specified in Schedule VII, within such period and with such terms and conditions as
may be prescribed under Section 135 of the Act read with relevant rules applicable.
(On the letter head of the Company)
11. CSR Expenditure
If the Company spends an amount in excess of the requirements provided under the Act, then the
Company may set off such excess amount against the requirement to spend under sub-section 5 of
Section 135 for such number of succeeding financial years and in such manner, as may be prescribed
under the Act and rules made thereunder.
This CSR Policy is subject to such changes and amendments as may be notified by the Ministry of
Corporate Affairs under Section 135 of the Companies Act, 2013 and rules made thereunder and the
same shall be read in line with the provisions of the Act applicable to the Company from time to time.
