The Corporate Social Responsibility Policy ('CSR Policy') of Prince Gold and Diamonds India Private Limited (‘the Company’) has been formulated as company’s sense of responsibility towards the society and environment in which it operates, in accordance with section 135 of the Companies Act 2013 and the rules made there under. The CSR Policy shall apply to all the CSR activities undertaken by the Company.
Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development of the society at large and building capacity for sustainable livelihoods.
This Policy specifies the projects and programmes that can be undertaken, provides a list of CSR projects/ programmes in terms of the Schedule VII to the Companies Act, 2013, which the Company plans to undertake during the implementation years through registered Organisationsor by the company, on its own. The scope of the Policy has been kept as wide as possible, so as to allow the Company to respond to different situations and challenges appropriately and flexibly, subject to the activities enumerated in Schedule VII of the Companies Act, 2013.
“Corporate Social Responsibility Committee” (“CSR Committee”) is constituted in accordance with the provisions of Companies Act, 2013 and rules made thereunder. The CSR Committee will consist of 3 or more directors or such other number of directors as the Board of Directors of the Company may determine from time to time. The CSR Committee may meet atleast three times a year at such intervals, in such manner and may carry out matters in such manner and function generally as per such guidelines as it deems fit.
MEMBER OF THE COMMITTEE
1. Mr. Princeson Jose - Chairman of the Committee
2. Mrs. Sheeba Prince - Member
3. Mr. Joseph Prince - Member
ROLE OF THE CSR COMMITTEE
Without prejudice to the generality of the aforesaid, the Company may from time to time undertake any project, program and activity mentioned in Schedule VII of the Companies Act 2013, the entries in the said Schedule VII must be interpreted in letter and spirit so as to capture the essence of the subjects enumerated in the said Schedule. The items enlisted in the amended Schedule VII of the Act, are broad-based and are intended to cover a wide range of activities mentioned. The company would give preference to the local area and areas around it where it operates, for spending the amount earmarked for Corporate Social Responsibility activities.
EXECUTION OF PROJECTS/PROGRAMS
The company may undertake one or more projects or programs or activities provided in the policy either as its own or through any implementation agency. It shall be the endeavour of the company to build up necessary capabilities to implement the CSR projects on its own in the long run. It can also acquire the services of experts in respective fields by appointing them as consultants in a particular program or project. Where implementation agencies are appointed for a particular project, the company endeavor to acquire the necessary skills to run the program on its own within 3‐5 years from its implementation where it is a continuing program. While engaging a third party agency for implementing a project or program covered in the CSR policy, the CSR committee shall ensure that they have credible standing and experience in the respective fields for at least three preceding financial years.
CSR EXPENDITURE BUDGET:
MONITORING OF CSR ACTIVITIES
CSR committee of the company will be responsible for the monitoring of various CSR projects or programs undertaken by the company directly or indirectly. The committee shall ensure that;
AMENDMENT OF POLICY
The CSR policy of the company may be amended at any time by the board of the company on the Recommendation of the CSR committee.
On approval of The CSR policy or any amendments thereof, the contents of the policy shall be included in the Boards’ report. At the end of each financial year, the CSR committee shall prepare a report of the CSR program in the prescribed form relating to the financial year and submit to the board for its inclusion in the Board’s report.