CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY AS RECOMMENDED AND ADOPTED BY THE BOARD OF DIRECTORS OF SPYKAR LIFESTYLES PRIVATE LIMITED
The concept of Corporate Social Responsibility (CSR) has gained prominence from all avenues. Organizations have realized that Government alone will not be able to get success in its endeavour to uplift the downtrodden of society. With the rapidly changing corporate environment, more functional autonomy, operational freedom etc., the Company has adopted CSR as a strategic tool for sustainable growth. For Company in the present context, CSR means not only investment of funds for social activity but also integration of business processes with social processes.
The Business of the Company is spread across India and the targeted customer age group is “YOUTH”. The obvious impact of the introduction of any activity in such areas change the traditional lifestyle of the original inhabitants and indigenous communities and also change the socio-economic profile of the area. Hence, the beneficiaries of CSR could be the student group/young generation and/ or the poor and needy section of the society living in different parts of India.
In case of projects on environmental sustainability, social inclusion, etc. the preferred area and preferred community is extendable to anywhere in India.
The main objective of CSR policy is to lay down guidelines for the companies to make CSR a key business process for sustainable development of the society. It aims at supplementing the role of the Government in enhancing welfare measures of the society based on the immediate and long term social consequences of their activities.
IV. AREAS TO BE COVERED/SCOPE
ii Social Empowerment
iii. Sports, arts and culture.
iv. Grant/donation/financial assistance/sponsorship to reputed NGOs of the Society/locality doing
v. Relief of victims and natural calamities like earthquake, cyclone, drought and flood situation in any part of the country.
The above list is illustrative and not exhaustive. All activities under the CSR activities should be environment friendly and socially acceptable to the local people and society.
a) The Company may carry out the CSR activities in accordance with the terms of this Policy, either on its own, or through a registered trust or registered society or through a company registered under Section 8 of the Act.
b) The Company shall constitute a CSR Committee of the Board of directors who will monitor and review the progress of activities undertaken/completed.
Current Composition of the CSR Committee
The Company has constituted a CSR Committee comprising of three directors of the Company to monitor and review the progress of activities undertaken/completed.
The committee is headed by Mr. Rajan Mittal, Director & Chairman of Committee, and includes the following members:
i) Mr. Prasad Desai - Director
ii) Mr. Sanjay Vakharia – Director
a) The Board of Directors of the Company should review the implementation of CSR at least once in a year.
b) The Company shall include a separate/chapter in the Annual Report on the implementation of CSR activities/projects including the facts relating to physical and financial progress.
VII. SOURCE OF FUND
The fund for the CSR should be allocated based on 2% of the average net profits of preceding three financial years.
Appropriate authority for CSR expenditure shall be Board of Directors of the Company for proposals duly recommended by the CSR Committee.
The above guidelines would form the framework around which the CSR activities would be undertaken.
The Company will review the Policy from time to time based on changing needs and aspirations of the target beneficiaries and make suitable modifications, as may be necessary.
The Company may update the above list of activities as per Section 135 and Schedule VII of the Act as amended from time to time.
The Board may, upon recommendation of the CSR Committee, amend or modify this Policy as and when necessary.