Corporate Social Responsibility Policy
Corporate Social Responsibility Policy
This Corporate Social Responsibility Policy (“the CSR Policy”) has been framed by Alang Auto and General Engineering Company Private Limited (the Company) in accordance with the Section 135, Schedule VII of the Companies Act, 2013 and CSR Rules issued by the Ministry of Corporate Affairs on February 27, 2014.
Unless the context otherwise requires, the definitions mentioned in the notification dated February 27, 2014 and Companies Ac, 2013 shall apply to this CSR Policy
Company Philosophy for CSR Policy:
Companies Act, 2013 has formally introduced the Corporate Social Responsibility to the dash board of the Indian Companies. Alang Auto and General Engineering Company Private Limited is much positive and appreciate the decision taken by the Government of India. Legal framework of CSR is an edge to Corporate Charitable/ reformative approach towards the Society to which the Corporate is belonging to. By introducing the separate section for CSR in Companies Act, 2013, the Government has given legal recognition to their community development approach.
The management of the Alang Auto and General Engineering Company Private Limited expresses its willingness and support to the CSR concept, its legal framework and shall be abided to it.
CSR Activities:
Pursuant to Schedule VII of the Companies Act, 2013, the Committee has approved the following activities as “CSR Activities” to be undertake under the CSR policy of the Company. The Board of Directors has reviewed the said activities and express its consent to pursue the said activities under CSR policy of the Company under section 135 of the Companies Act, 2014, Schedule VII and other applicable rules, regulations, notifications etc., issued/ to be issued from time to time.
Approved CSR Activities:
1. Eradicating hunger, poverty and malnutrition, promoting health care including preventive health care
2. Promoting education, including primary, secondary and higher secondary education, as well as special education and employment enhancing vocational skills especially among children, women, elderly and the differently abled and livelihood enhancement projects.
3. Training to promote rural sports, nationally recognized sports, paraolympics sports and Olympic sports
4. Promoting Gender equality and empowerment of women
Budget for CSR Activity & CSR Expenses:
The Company shall allocate the budget for CSR activities. The minimum budgeted amount for a financial year shall be 2% of the average net profit of three immediately preceding financial years. The Company will allocate the said fund/ amount than the amount prescribed under section 135 of the Companies Act, 2013, for the CSR activities for any financial year. The executive director shall calculate the total fund for the CSR activities and recommend to the Board for the approval. The Board shall approve the total fund to be utilized for CSR activity for respective financial year.
CSR expenditure shall include all expenditure including contribution to corpus for projects or programs relating to CSR activities approved by the Board on the recommendation of its directors, but does not include any expenditure on an item not in conformity or not in line with activities which fall within the approved CSR activities.
Identification of activities/projects:
Out of approved CSR activities, the directors shall decide which activity/ project should be given priority for the respective financial year. While arriving at the decision of the activity to be undertaken for the respective year, the board shall analyze the basic need of the community/ area in which the Organization operates
Implementation process:
After
prioritizing the activity,
the directors shall
finalize the detail
implementation project/ program,
including planning for expenses against
the total budget allocated for CSR activities.
Organizational Responsibility:
At organizational level for implementation of agreed CSR activity, the board may constitute an implementation team or authorized any of the director of the Company to organize for the implementation of the CSR activity. The team or respective director shall monitor the implementation process from time to time, on behalf of the board of directors and place a report to the same, regarding the progress of the activity implementation, on an annual basis. The respective director or implementation team would be responsible for reporting of any irregularity to the board of directors on immediate basis.
Management Commitment:
Our Board of Directors, our Management and all of our employees subscribe to the philosophy of compassionate care. We believe and act on an ethos of generosity and compassion, characterized by a willingness to build a society that works for everyone. This is the cornerstone of our CSR policy.
Our Corporate Social Responsibility policy conforms to the relevant section of the Corporate Social Responsibility, Rules made under Companies Act, 2013 and amendment(s) to be made thereto in future.
Presently Affiliated Organizations for Social Work:
The Company is contributing to social development by its economic activities for fulfillment of its social responsibilities relating to the education, health, sports, eradicating poverty & hunger etc.
· Anand Vatika Bhagini Mandal
· Ankur Special School for Mentally Retarded Children- Trust
· Bhavnagar Sadvichar Seva Samiti
· Mangal Charitable Trust
· Rainbow Foundation
· Rotary Club (Society) of Bhavnagar
· Shree Parshva Bhakti Charitable Trust
· Shree Prathana Health & Education Trust
· Shri. Shah K.L Institute for Deaf Trust
· Shri.K.K. School and Home for Blind
· Sneha Foundation