Corporate Social Responsibility (CSR) has been an intrinsic part of VDA’s philosophy since its inception. At VDA,Corporate Social Responsibility (CSR)is built in the DNA of every member. With the mission statement “empower the technology & people we touch” -our social efforts address some of society’s most ignored issues like skill development, helping the differently-abled, caring for underprivileged area as well the students. We strongly believe that it is our moral responsibility to give back to the community, which in so many ways has contributed to our success and helped our business grow. The policy aims to create long-lasting impact across the focus areas of education and environment via strong employee engagement.
As per Section 135 of Companies Act, 2013 and the Rules pertaining thereto, a committee of the Board known as “Corporate Social Responsibility Committee” (“CSR committee”) comprising the following members has been constituted:
SNO | Name of the Member | Position Held |
---|---|---|
1 | Vikas Save | Director |
2 | Deepak Jadhav | Director |
3 | Ashutosh Deuskar | Director |
4 | Shripad Atre | Member |
5 | Gururaj Joshi | Member |
The CSR committee shall act by the following terms of reference:
A minimum of 2% of the average net profits of the Company made during the three immediately preceding financial years will be allocated and spent on CSR activities in every financial year. However, if such amount is not spent in any financial year, the reasons for the same will be disclosed in the Directors’ Report.
The unspent or the unutilised CSR allocation of any financial year may be carried forward to the following financial year, at the discretion of the CSR Committee and the Board of Directors.
Guiding Principles:
The Company will primarily focus on the following areas to fulfil its responsibility towards CSR activities:
The Company would undertake any of the activities in line with those specified in Schedule VII of the Companies Act, 2013, as amended from time to time.
As per Companies Act, 2013, the Company will contribute a minimum of 2% of its average net profits of the three immediate preceding financial years towards CSR activities. The CSR committee will study, evaluate, assess and recommend to the Board, the projects identified and its implementation by the Company. The Company may appoint implementing agencies and if such implementing agencies are appointed, then Company and such implementing agencies will execute the project jointly or severally as recommended by the CSR Committee and approved by the Board
The approved CSR programme will be monitored and implemented by the CSR Committee with the assistance of the designated executives of the Company.
Once in every six months or at such intervals as may be decided by the CSR Committee, the CSR activities will be reviewed and monitored by the Committee and details of such review shall be notified to the Board of Directors of the Company.
The CSR policy will also be reviewed by the CSR Committee on a periodic basis, and modifications if necessary will be made thereto.
If a third party Agency is employed to carry out the implementation of our CSR projects, the CSR team will ensure and the CSR Committee will review that they have required capabilities for undertaking CSR projects or programmes. Such Implementing Agencies should be able to produce their audited financial statements and in case of an NGO, they should also be able to produce their registration forms according to Section 80G/12A of the Income Tax Act, 1961.
Any surplus generated from CSR projects undertaken by the company will be tracked and channelized into companies CSR budget. These funds will be further used in the development of the CSR projects and will not be added to the normal business profits.