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 engages on a regular basis in contributing funds for various causes which inter alia include eradicating hunger and poverty; promotion of education and medical aid. The Company also participates in the schemes of distribution food to the poor directly, as a part of its CSR initiative.
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 it operates, thus 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
Since currently the Company’s spend on CSR is lower than the stipulated sum under the Act, the Corporate Social Responsibility Committee stands dissolved and hereafter the implementation of CSR policy and periodical review will be done under the supervision and direction of the Board of Directors (“Board”) of the Company..
Implementation of CSR Policy
The Board shall-
- formulate and periodically review, monitor and provide directions to ensure that the CSR activities are undertaken by the Company either directly and/or through an entity established by the Web Werks group.
- determine the amount of expenditure to be incurred on different sphere of activities
- any other matter/thing as may be considered expedient in furtherance of and to comply with the CSR regulations, as amended from time to time.
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 entity established by the Web Werks group or any trust having requisite registrations and 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 rural area.
- Eradicating hunger, poverty and malnutrition.
- Promoting healthcare including preventive healthcare
- Employment enhancing vocational skills
- Promotion of education including investment in technology in schools
- Ensuring environment sustainability including measures for reducing inequalities faced by socially and economically backward groups
- Promoting sports including rural and Olympic sports
- 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 and relief.
- Collaborate with like-minded bodies like Voluntary organizations, charitable trusts, governments and academic institutes in pursuit of our goals.
- Interact regularly with stakeholders, review and publicly report our CSR initiatives
- Other areas approved by the Board that are covered in the CSR Rules as amended from time to time.
All expenses and contributions for CSR activities will be made out of the budget approved by the Board . The Board will ensure that the expenses/contribution and donation will be in full compliance of the CSR Policy.
The Board shall designate one or more Executives at the Corporate Office in Mumbai to supervise and monitor the CSR activities and expenditure. Such officers will be responsible to ensure that the amounts are spent in full compliance with this policy and to submit a report periodically for review by the Board. The Board may also choose to entrust the responsibility to any organization/NGOs or Charitable Institution to undertake CSR activities under the overall directions of the Board 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 which shall not include the 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 shall be added in the CSR Corpus.
MONITORING AND FEEDBACK
The Board shall institute a monitoring mechanism which shall ensure-
- effective implementation of the CSR program undertaken by the Company.
- . periodical reporting on progress of the implementation of the CSR program with details of costs incurred and results achieved.
- reporting on 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 Board. In all such matters, the interpretation & decision of the Board 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 Board reserves the right to modify, add, or amend any of provisions of this Policy.
Revision/amendment in accordance with the guidelines on the subject as may be issued from Government, from time to time.
•As amended by the Board of Directors at its meeting held on 5th January, 2021.
5th January, 2021.