Corporate Social Responsibility (CSR) builds a dynamic relationship between a Company, the society and environment. CSR is traditionally driven by a moral obligation and philanthropic spirit. Web Werks Group has been engaged on a regular basis and has contributed funds for various causes which inter alia include eradicating hunger and poverty; promotion of education and medical aid. The Company has also participated in the schemes of distribution food to the poor directly as part of the CSRinitiative.
This CSR Policy has been drawn up keeping in mind the Company’s business ethics and to comply with the provisions of Section 135 of the Companies Act, 2013 (hereinafter called as “the Act”) and the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended.
Focus & Objective
The Company plans to continue its focus inter alia on various areas specially in the field of health, education, livelihood, vocational education, environment sustainability and responsible citizenship which would be aligned to the activities outlined under Schedule VII of the Act in spirit.
Also, through sustainable measures, the Company will actively contribute to the Social, Economic and Environmental Development of the community in which we operate ensuring participation from the community and thereby create value for the nation.
The main objective of the Policy is to establish the basic principles and the general framework of action for the management to undertake and fulfill its obligations in this direction.
Corporate Social Responsibility Committee
The Corporate Social Responsibility Committee presently comprised of both the Directors of the Company i.e. Mr. Nikhil Rathi and Mr. Nishant Rathi.
The Committee shall hold meeting as and when required, to review the progress of different activities and to discuss issue(s) that may arise during the course of the Policy implementation.
Role of CSR Committee:
The role of CSR Committee is:
- To formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the Company more particularly as specified in Schedule VII of the Companies Act2013 in its spirit.
- To recommend the amount of expenditure to be incurred on the activities referred to in clause (a) in a financialyear.
- To review and monitor periodically the progress made.
- Any other matter/thing as may be considered expedient by the members in furtherance of and to comply with the CSR Policy of theCompany.
Funding & Allocation
For achieving its CSR objectives through implementation of meaningful & sustainable CSR programmers, the Company will allocate 2% of its average net profits made during the 3 immediately preceding financial years as its Annual CSR Budget.
The above amount shall be spent on activities laid down in this Policy, either directly by the Company or any organization specialized in undertaking such activities. CSR expenditure shall include all expenditure including contribution to corpus of an organization to facilitate discharging of its obligations in the field of CSR activities.
Activities, Planning & Implementation
Areas for Activities
The Company shall identify avenues for spending the amount which will fall in any one or more of the following areas/segments:
- Improving the quality of life in ruralarea.
- Eradicating hunger, poverty andmalnutrition,
- Promoting healthcare including preventive healthcare
- Employment enhancing vocationalskills
- Promotion of education including investment in technology inschools
- Ensuring environment sustainability including measures for reducing inequalities faced by socially and economically backwardgroups
- Promoting sports including rural and Olympicsports
- Contribution to funds for promoting technology
- Investing in various rural development projects
- Contribution to the Prime Minister’s National Relief Fund or any other fund setup by the Central Government for development andrelief.
- Collaborate with like-minded bodies like Voluntary organizations, charitable trusts, governments and academic institutes in pursuit of ourgoals.
- Interact regularly with stakeholders, review and publicly report ourCSR initiativesand
- Other areas approved by the CSR Committee that are covered in the CSRRules as amended from time totime.
All expenses and contributions for CSR activities will be made after approval from the Chairman of the CSR committee, which would then be placed before next CSR Committee for ratification/approval. The Chairman will ensure that the expenses/contribution and donation will be in full compliance of the CSR Policy.
The Company shall designate one or more Executives at the Corporate Office in Mumbai to supervise and monitor the CSR activities and expenditure. Such officers willbe responsible to ensure that the amounts are spent in full compliance with this policy and to submit a report periodically for review by the CSR Committee. The Committee may also choose to entrust the responsibility to any organization/NGOs or Charitable Institution to undertake CSR activities under the overall directions of the CSR Committee or the Executive designated for this purpose.
The Company may also decide to undertake its CSR activities directly or through a Registered Trust or a registered society or a company established by the Web Werks Group under section 8 of the Act. Provided that
The Company shall specify the project or programs or the avenues/opportunities available for CSR activities to be undertaken through these entities, modalities of utilization of funds on such projects and programs.
The CSR activities shall be undertaken by the Company excluding activities undertaken in pursuance of its normal course of business. The Company will not make any contribution of any amount directly or indirectly to any political party.
The CSR projects or programs or activities that benefit exclusively for the employees of the Company and their families shall not be considered as CSR activities in accordance with this policy.
Any surplus arising out of the CSR projects or programs or activities shall not form part of the business profit of the company but should be added in the CSR Corpus.
Monitoring And Feedback
- To ensure effective implementation of the CSR program undertaken at each work place, a monitoring mechanism will be put inplace.
- The progress of CSR programs under implementation will be reported to the Committee members periodically, as may be stipulated by the Committee.
- The report on progress on the CSR program undertaken by the Company will inter alia full details of cost incurred and results achieved.
- CSR initiatives of the Company will be reported in brief under the Report of the Board of Directors in compliance with Section 135 and rules made thereunder.
In case of any doubt with regard to any provision of the policy and also in respect of matters not covered herein, a reference to be made to CSR Committee. In all such matters, the interpretation & 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 of provisions of this Policy subject to approval of the Board.
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 of provisions of this Policy subject to approval of the Board.
18th August, 2018.