CORPORATE SOCIAL RESPONSIBILITY (CSR)
M.R. Organisation Limited (MRO) has prepared CSR Policy in alignment with its objective, principle and value, its responsibility towards society as a corporate citizen. The Policy lays down the principles and mechanism for undertaking various programs in accordance with the provisions of Section 135 of the Companies Act, 2013 read with Schedule VII to the Companies Act, 2013 and The Companies (Corporate Social Responsibility Policy) Rules, 2014.
CSR Policy intends to
Every Company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during [the immediately preceding financial year] shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director.
CSR Committee consists of the following,
RESPONSIBILITY OF COMMITTEE
The responsibilities of the CSR Committee include:
Areas for undertaking
CSR For undertaking CSR activities and programmes, the Company shall give preference to the areas where it has strong employee presence. The Company may also choose to undertake CSR activities and programmes at other places in India.
Long-term, medium-term and short-term activities.
The Company may, depending on the programs, activities and needs, decide and undertake long-term, medium-term and short-term CSR activities and accordingly plan the implementation.
The Company will identify suitable activities and programs for implementation in line with CSR activities as prescribed in Schedule VII of Companies Act, 2013. These activities and programs may be implemented by one or more of the following modes:
The Policy recognizes that corporate social responsibility is not merely compliance; it is a commitment to support initiatives that measurably improve the lives of underprivileged sections of the society by one or more of the focus areas. To attain its CSR objectives in a professional manner and integrated manner, the company may undertake one or more of the following activity:
Funding in a financial year, the Company shall spend at least 2% of the average net profits of the company made during the three immediately preceding financial years. The Annual CSR Budget will be approved by the Board of Directors of the Company upon recommendation by the CSR Committee.
Surplus arising out of the CSR activities and programs shall not form a part of the business profits.
The board shall ensure that the administrative overheads shall not exceed five percent of total CSR expenditure of the company for the financial year.
For effective implementation of CSR activities and programs, an internal monitoring mechanism as approved by the CSR Committee will be put into force. Internal Monitoring Mechanism shall ensure the following: