Corporate Social Responsibility is strongly connected with the principles of Sustainability; an organization should make decisions based not only on financial factors, but also on the social and environmental consequences. A company's performance must be measured by its Triple Bottom Line contribution to building economic, social and environmental capital towards enhancing societal sustainability.
The objective of the JINDAL INDUSTRIES PRIVATE LIMITED (JIPL) CSR Policy is to:
1. Ensure an increased commitment at all levels in the organisation, to operate its business in an economically, socially & environmentally sustainable manner, while recognising the interests of all its stakeholders.
2. To directly or indirectly take up programmes that benefit the communities in & around its workentre and results, over a period of time, in enhancing the quality of life & economic well being of the local populace.
3. To generate, through its CSR initiatives, a community goodwill for JIPL and help reinforce a positive & socially responsible image of JIPL as a corporate entity.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE COMPOSITION :
The Corporate Social Responsibility Committee shall consists of four directors
1. Smt. Savitri Devi Jindal
2. Shri Mahabir Prasad Jindal
3. Shri Ratan Jindal
4. Shri Sunil Jain
Role of CSR Committee:
a. To formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013;
b. To recommend the amount of expenditure to be incurred on the activities referred to in clause (a) in a financial year;
c. To monitor the Corporate Social Responsibility Policy of the Company from time to time.
d. Any other matter/thing as may be considered expedient by the members in furtherance of and to comply with the CSR Policy of the Company.
The Board of Directors shall, after taking into account the recommendations made by the CSR Committee, approve the CSR Policy for the Company and disclose its contents in their report and also publish the details on the Company's website, if any, in such manner laid down in the Companies (Corporate Social Responsibility Policy) Rules, 2014.
The Board of Directors shall endeavor that the Company shall spends 2% of the average net profits of the Company calculated under Section 198 of the Companies Act, 2013 made during the three immediately preceding financial years in pursuance of its CSR Policy.
To implement the Company's CSR Programmes through Company personnel or through external implementing agencies or through registered trusts and section 8 companies. In such cases, the Company will specify the CSR Programmes which may be undertaken by those Trusts in accordance with their Objects and administrative and accounting processes laid down in the respective Trust Deeds/ Memoranda and Articles of Association.
The scope of the CSR activities of the Company will cover the following areas but not be limited to the same and may extend to other specific projects/ programs as permitted under the law from time to time:
a. Eradicating hunger, poverty and malnutrition;
b. Promoting health care
c. Making available safe drinking water & Sanitation;
d. Promoting education
e. Enhancing vocational skills &livelihood enhancement projects;
f. Women empowerment;
g. Promoting of home and hostels for women and orphans;
h. Reducing inequality faced by socially and economically backward groups;
i. Animal welfare /animal care;
j. Promoting Art & Culture;
k. Contribution to Prime Minister Relief Fund;
l. Rural development projects; and
m. Any other areas as may be identified by the CSR Committee from time to time.
SORUCE OF FUNDS
For achieving its CSR objectives through implementation of meaningful & sustainable CSR programmes, JIPL will allocate 2% of its average net profits calculated under Section 198 of the Companies Act, 2013 made during the three immediately preceding financial yerars, as its Annual CSR Budget.
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. Any surplus arising from CSR projects, programs or activities shall not form part of the business profit of the Company and shall be utilized for CSR activities only.
The Board's report, being a part of Annual Report shall disclose the composition of the Corporate Social Responsibility Committee, the contents of such policy and CSR initiatives undertaken. This CSR Policy shall also be placed on the website of the Company.
In case of any doubt with regard to any provision of the Policy and also in respect of matters not covered herein, a reference shall be made to CSR Committee. In all such matters, the interpretation and decision of the Committee shall be final. Any or all provisions of the CSR Policy would be subject to revision/ amendment in accordance with the guidelines on the subject as may be issued from Government from time to time. The CSR Committee reserves the right to modify, add or amend any provisions of this Policy subject to approval of the Board.