Corporate Social Responsibility Policy

In present business environment, a corporate entity cannot function in isolation. The touch-stone of a corporate functioning is how it balances its economic and financial goals and optimization of shareholder value with maximization of social benefits to the community and accomplishing environmental protection.

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The European Commission views CSR as "being socially responsible not only fulfilling legal obligations but also going beyond compliances and investing more into human capital, the environment and relation with stake holder"

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The World Business Council for Sustainable Development defines Corporate Social Responsibility (CSR) as "Continuing Commitment by the Corporate Houses to behave ethically and contribute to economic development while improving the quality of life of work force, their families local community and society at large".

Concept of CSR involves corporate behavior voluntarily adopted that goes beyond legal obligations.

CSR Statement

Reaching out to people who need assistance is part of the values of our Corporation. The objective we intend to achieve through our CSR program aims at developing communities and environment sustainability and to create a protected future for the generations to come. Our activities are to cover a wide gamut of services such as Health, Education, Women empowerment, Environment sustainability and other activities as permitted under The Companies Act, 2013, all aimed at creating a meaningful difference in the society where we live and operate in.

In tune with the Companies Act, 2013, read with regulatory requirements in the Companies (Corporate Social Responsibility Policy) Rules, 2014, the following points need to be observed while undertaking the CSR activities:

  1. Company's CSR corpus is to include i) at least 2% of the average net profit of the immediate three preceding financial years; ii) any income arising from CSR activity; and iii) surplus funds or unspent CSR funds.
  2. The CSR Policy will cover the activities to be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013 and the expenditure incurred thereon, excluding activities undertaken in pursuance of normal course of business of the Company.
  3. The CSR Committee of the Board shall institute a transparent monitoring mechanism for implementing the projects/ programs /activities proposed to be undertaken by the Company.
  4. For implementation of approved CSR activities of the Company, the services of any Government or non-government organizations can be utilized. The Company shall disclose the contents of the CSR Policy in its website and publish it in its Annual Report.
  5. In case the Company fails to spend the mandatory required amount earmarked, the Board shall, in its report under Section 134 of the Act, specify the reason for not spending the amount.
  6. CSR projects/ programs will focus on integrating business models with social and environmental priorities and processes in order to create shared value.
  7. The Company will ensure that the surplus if any arising out of the CSR activity will not form part of the business profits of the Company.

Vision

  1. To identify and implement CSR projects aimed at uplifting the weaker sections of the social strata and to support the needy and elderly people.
  2. To empower children, youth and women through skill building programs.
  3. To be involved in activities that can build a sustainable environment for future generations.

CSR Committee

CSR Committee of the Board

Every company having a net worth of Rupees Five Hundred Crore or more, or a turnover of Rupees One Thousand Crore or more or a net profit of Rupees Five Crore or more during any financial year shall constitute a Corporate Social Responsibility Committee.

Consistent with the above, the CSR Committee of the Board currently has the following members:

Shri Debaraj Panda
Managing Director (Chairman)
Shri Saroj Kanta Patra
Director (Member)
Shri Saroj Kumar Sethi, IAS
Director (Member)

Terms of Reference:

The following shall be the terms of reference of the Committee:

  • Formulate and recommend to the Board a CSR Policy which shall indicate the activity or activities to be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013.
  • Approve the amount of expenditure to be incurred on CSR activities.
  • Monitor and review the CSR Policy of the Company from time to time and make necessary changes.

The Company is to spend in every financial year at least 2% of the average net profits of the Company made during the three immediately preceding financial years in pursuance of its CSR policy. Where the company fails to spend such amount, the Board shall in its report specify the reasons for not spending the amount.

CSR Cell for monitoring/implementation

It is recommended that the CSR Committee of the Board may form a CSR Cell. The CSR Cell would be responsible for implementation, monitoring and administrative functions related to CSR activities. The CSR Cell shall be housed in HR Department and will be headed by the Head - HR.

Geographical Coverage

In the initial years, the company will extend its CSR activities across all the Districts of Odisha where the construction works are located. This will be applicable to any project undertaken by the company.

Identification of CSR Projects

Scope of projects

The Companies Act, 2013 specifies that at least 2% of the average net profit of the immediately preceding three financial years has to be allocated for CSR activities. The core focus of our CSR projects would revolve around social development programs. Other critical areas include de-addiction, destruction of Hemp Cultivation through District Collectors, ensuring environmental sustainability, empowerment of women, promoting education, employment, training for rural sports, setting up public libraries, contribution to relief funds for socio-economic development, etc.

Identification of Projects

The CSR Committee of the Board will decide on a theme which can vary from year to year to have a meaningful focus on CSR initiatives. Based on the theme, suitable projects shall be identified and approved by the CSR Committee of the Board. Any required assistance for identification of projects may be taken up through professional agencies appointed for the purpose from time to time. The final decision rests with the CSR Committee of the Board for approving or rejecting a particular proposal to be taken up for implementation. All projects will be identified in a participatory manner so as to understand the needs of the community. The approved projects will receive necessary funding out of the CSR Corpus drawn up every year as approved by the CSR Committee of the Board. A CSR Budget will be allocated to such activities based on the projects so identified and approved.

Implementation of Projects and Modalities of Execution

Implementation through Employee Involvement

The company perceives CSR programs as an avenue for employee engagement and development and will devise schemes like voluntary day off which will help employees contribute to CSR programs. For implementation of approved CSR projects, the services of Government Recognized Trust can be utilized.

Association with NGO's, Trusts, etc.

Wherever the CSR Committee feels that the assistance of a registered society or registered trust is required for implementing identified projects, such assistance will be taken for effective implementation, with its approval, provided such organizations have an established track record of at least three years in carrying on activities in related areas. The projects or programs to be undertaken through these entities, the modalities of utilization of funds on such projects and programs and monitoring and reporting mechanism should be specified. The contribution to any such organization/Trust shall not exceed 10% of the amount expended for CSR purposes in a financial year.

Monitoring of the Projects

A quarterly report shall be submitted to the CSR Committee of the Board through the CSR Cell outlining the status of the CSR projects initiated, completed as well as breakup of the funds utilized for the purpose.

CSR Projects and Programs

The focus sectors and the general projects where the company will deploy CSR funds and efforts will be as per the Companies Act 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, an illustrative list of which is given in the table below. The Projects and Programs will be implemented by the total participation of the employees of the company.

Sectors Projects and Programs
i) Healthcare
  • Eradicating hunger and poverty, malnutrition, promoting preventive health care and sanitation and making available safe drinking water.
  • Contributing to cancer research, treatment of weaker sections suffering from serious ailments.
  • Sponsoring trauma care units including ambulances, counseling centers, dialysis centers, etc.
  • Partnering with public health services to provide amenities in large Government hospitals to help the poor.
  • Small housing projects for people living in slums under unhygienic conditions.
ii) Promotion of Education, Employment enhancing vocational training, Social development & Skill Building
  • Distribution of scholarships to eligible students belonging to the weaker sections of the social strata.
  • Promoting education, including special education and employment enhancing vocational skills especially among children, women, elderly and differently abled and livelihood enhancement projects.
  • Skill building workshops for farmers and people engaged in small scale industries.
  • Conduct of national level essay, quiz competition on Banking & Finance at school or college levels for elevating financial knowledge.
  • Financial literacy programs at select educational institutions/SHG's through employee involvement
  • Sponsoring brilliant students to the institutions of excellence for higher studies/research
  • Support to schools/educational institutions/ other institutions by way of providing books, other needy articles or required infrastructure for carrying out their education in a better way
  • Support to students who belong to the economically weaker sections of the society but with good merit for continuing education
  • Educational projects aimed at up-liftment of mentally retarded/ physically challenged students
iii) Gender Equality and Empowering Women
  • Promoting gender equality, empowering women, setting up homes and hostels for women and orphans, setting up old age homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups.
  • Rehabilitation homes.
  • Self-defense workshops for women.
  • Self-employment training programs for women.
iv) Environmental sustainability
  • Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agro forestry, conservation of natural resources and maintaining quality of air, water and soil.
  • Clean drive campaigns through employee involvement
  • Subsidizing purchase of Bio-treatment plants for poorer sections of the society
  • Awareness programs on conservation of nature and natural resources through employee involvement.
  • Renewable energy/Energy conservation campaigns afforestation programs.
  • Disaster Relief/Support programs in case of any national emergencies/natural calamities etc.
v) Protection of National heritage, art and culture
  • Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art, setting up public libraries, promotion and development of traditional arts and handicrafts
vi) Contributions to armed forces veterans
  • Measures for the benefit of armed forces veterans, war widows and their dependents.
vii) Promotion of Sports
  • Training to promote rural sports, nationally recognized sports, Para-Olympic sports, and Olympic sports.
viii) Contributions to Funds
  • Contribution to the Prime Minister's National Relief Fund or any other fund set up by the Central Government for socio-economic development and relief and funds for the welfare of the Scheduled castes, the scheduled tribes, other backward classes, minorities and women.
ix) Contributions or Funds provided
  • Contributions or funds provided to technology incubators located within academic institutions which are approved by the central government.
x) Rural Development Projects
  • Tribal welfare activities.
  • Solar lamps in tribal areas.
xi) Slum Development
  • No specific projects listed.
xii) Contribution to Swachh Bharat
  • To provide financial assistance to Government-aided Girls High Schools for toilet facilities.

* Up to 50% of the total amount to be spent in a year or any such amount to be fixed by the CSR Committee of the Board

Financials

For CSR activities, the company will earmark at least 2% of the average net profit for the immediately preceding three financial years as the budget for the financial year as mandated in the Companies Act, 2013. The CSR Committee of the Board can fix the maximum amount which can be expended for CSR purposes. The funds so allocated every year shall move into a CSR corpus fund from where planned expenses will be made. It shall be the endeavor of the company to fully utilize the budget allocated every year for CSR programs as per policy; however, any leftover amount for the year will move into a CSR corpus fund which will be used for the next year's CSR activities. The surplus arising out of CSR activity will not be part of the business profit of the company. The CSR corpus fund shall be accounted separately and the fund shall essentially comprise of three elements as under:

  1. At least 2% of the average net profit for immediately preceding three financial year's allocated as CSR budget every year;
  2. Any income arising from CSR activity; and
  3. Surplus funds or unspent CSR funds- (Leftover funds)

Disclosure in the Board of Directors Report

The board of directors report of the company which will be prepared under section 134 of the Companies Act, 2013 shall disclose the CSR activities in the following manner as prescribed in clause (o) of sub-section (3) of section 134 of the Act and Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014.

Download CSR Reports

Download CSR Report for 2021/22 Download CSR Report for 2022/23 Download CSR Report for 2023/24