CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY
[Pursuant to clause (o) of sub-section (3) of section 134 of the Act and Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014]
1. Guiding Principle
CSR is the process by which an organization thinks about and evolves its relationship with stakeholders for the Common good, and demonstrate its commitment in this regard by adoption of appropriate business processes and strategies. Thus, CSR is not Charity or mere donations. CSR is a way of conducting business, by which corporate entities visibly contribute to using resources to engage in activities that increase not only their profits but contributes to overall development of the environment in which they operate. They use CSR to integrate economic, environmental and social objectives with the company’s operation and growth.
M/s MARION BIOTECH PRIVATE LIMITED (the Company) believes that a Company has responsibility towards Society, Community and Environment in which it operates. The Company is committed to well-being of all stakeholders and not just shareholders and employees.
At MARION BIOTECH PRIVATE LIMITED, social responsibility starts from the top management level itself and percolates down till the junior-most level. The Company strongly believe that apart from extending regular financial help to the needy, poor, weaker, and less privileged sections of the society, the most effective way of discharging the Corporate Social Responsibility by a Company shall be to adopt a business policy which includes actions and initiatives that are not though mandated by any statutes but are voluntarily taken so as to benefit the whole society.
At MARION BIOTECH PRIVATE LIMITED, we have voluntarily reduced the usage of paper to the maximum possible by using online facilities to send all official communication to our customers on a regular basis. We have also resorted to online facilities for all our internal communications like inter-office memos, all employees’ claims, all official notifications to employees etc. This way the Company has done its bit for the conservation of our environment by helping in preserving more trees.
3. CSR Vision Statement and Objective
3.1 Our mission is to improve quality of life of community in which we operate through integrated development
3.2 The Objectives of this policy is to:
- Promote a unified approach to CSR to incorporate under one umbrella the diverse range of the philanthropic activities, thus enabling maximum impact of the CSR initiatives.
- Ensure an increased commitment at all levels in the organization, to operate in an economically, socially and environmentally responsible manner while recognising the interests of all its stakeholders.
- Encourage employees to participate actively in the Company’s CSR and give back to the society in an organized manner through the employee volunteering programme.
4. Scope and Applicability
This policy shall be applicable to M/s MARION BIOTECH PRIVATE LIMITED and shall be effective from the date of approval by the Board of Directors of the Company.
5. The Composition of the CSR Committee
The CSR Committee of the Company shall consist of following members:
i) Mr. Sachin Jain, Chairman
ii) Mrs. Jaya Jain
iii) Mr. Jagdish Kumar Jain
6. Policy Statement
6.1 Core Ideology
For the Company responsible business practices include being responsible for our business processes, products and engaging in responsible relation with employees, customers and the community. Hence for the Company, Corporate Social Responsibility goes beyond just adhering to statutory and legal compliances but create social and environmental value while supporting the Company’s business objectives and reducing operating costs and at the same time enhancing relationships with key stakeholders and customers.
6.2 Total outlay for each financial year
The Company in every financial year commencing from 1st April, 2014 shall commit such amount which the Board may approve based upon recommendation of CSR Committee provided that the committed amount shall not be less than the statutory prescribed amount i.e. 2% of the average net profits made during the three immediately preceding financial years specifically towards CSR initiatives.
6.3 Allocation of Resources & Thrust Areas
The CSR Committee of the Board of the Company will manage 2% of the average net profits made during the three immediately preceding financial years to undertake CSR initiatives which meet the needs of the local communities where we operate. Our commitment to CSR will be manifested by investing resources in any of the following areas:
- Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects.
- Eradicating hunger, poverty and malnutrition, promoting preventive healthcare and sanitation including contribution to the Swachh Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe drinking water,
- Promoting gender equality, empowering women, setting up homes and hostels for women and orphans, setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups,
- Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agro-forestry, conservation of natural resources and maintaining quality of soil, air and water including contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga,
- 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,
- Measures for the benefits of armed veterans, war widows and their dependents,
- Training to promote rural sports, nationally recognized sports, Paralympics sports and Olympics sports,
- 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 welfare of the Schedule Castes, the Scheduled Tribes, other backward classes, minorities and women,
- Contribution or funds provided to technology incubators located within academic institutions which are approved by the Central Government,
- Rural Development projects
- Slum area development
However, the Company shall give preference to spending on “Promoting Education, Healthcare and Ensuring environmental sustainability. The CSR Committee shall review from time to time the CSR activities to be undertaken by the Company and recommend the same to the Board of Directors.
The Company may make contributions to the Corporate Foundations/Trusts, either towards its corpus or directly for its projects and may also itself undertake CSR activities.
The surplus arising out of the CSR activities will not be considered as a part of the business profits of the Company.
M/s MARION BIOTECH PRIVATE LIMITED has constituted a CSR Committee of the Board consisting of 3 directors and the mandate of the said CSR Committee is:
- To formulate and recommend to the Board, a Corporate Social Responsibility Policy indicating the activities to be undertaken by the Company in compliance with the provisions of the Companies Act, 2013 and the rules made thereunder,
- To recommend the amount of expenditure to be incurred on the activities referred to above,
- To monitor the implementation of the Corporate Social Responsibility Policy of the Company from time to time,
The Board of Directors will ensure that the activities included in the CSR policy are undertaken by the Company and ensure that the Company spends, in every financial year at least two percent of the average net profits made during the three immediately preceding financial years and ensure that the Company gives preference to the local area and areas around it where it operates, for spending the amount earmarked for CSR activities. In case the Company fails to spend such amount, the Board’s report shall specify the reasons for not spending the amount.
A formal process of approving projects that the company will support will be put into place with each project being vetted by the CSR Committee. While CSR programs may be identified by the CSR committee and Company’s CSR team, the CSR committee will also evaluate projects submitted directly by reputed not for profit organization having an established track records of at least three years in carrying on the specific activity. To ensure that there is focus and maximum impact, the CSR committee will Endeavour to work on fewer projects over a longer period of time so as to ensure that the outcomes of the projects can be measured. All CSR projects proposals will need to be submitted at the beginning of each financial year.
The CSR committee will convene half yearly meetings to review the progress of varies CSR projects in terms of both outcome assessment and financial monitoring. The CSR committee will review the strategy from time to time and may choose new focus areas and when required.
In order to ensure transparency and communication with all stakeholders, the CSR committee will document the details of the Company’s CSR initiatives and CSR expenditure and ensure that the same are available in the public domain i.e. the Director’s Report of the Company’s Annual report and on the Company’s website.
Further employee participation in CSR projects will be encouraged and supported through the appropriate platform.
6.5 Executing Agency/Partners
CSR initiatives will be undertaken by the local CSR Teams of Company or CSR consultants with the active involvement of employees with other Not for Profit Organization having an established track record of at least three years in carrying on the specific activity.
The CSR activities may also be undertaken by Company through their own or subsidiary or associate company’s registered society or trust or a Section 8 Company. The CSR activities may also be undertaken in collaboration with other companies where such collaborating companies are in a position to report separately as per the reporting requirements under the Companies Act, 2013 and Rules thereunder.
The following minimum criteria will be ensured while selecting other than its own or subsidiary or associate company’s registered society or trust or a Section 8 Company NGOs / voluntary organizations for programme execution.
- The NGO is a registered Society / Public Charitable Trust / Section 8 Company.
- The NGO has a permanent office / address in India.
- The NGO has a valid Income Tax Exemption Certificate.
- The NGO has submitted a detailed project proposal and budget which has been approved by the CSR Committee.
Any modification / changes to this Policy shall be made only with the approval of the Board of Directors of the Company on the basis of recommendation made by the CSR Committee.
For MARION BIOTECH PRIVATE LIMITED
Jagdish Kumar Jain
Address: H. No. 1268, Sector-37,
Faridabad, Haryana- 121003