Corporate Social Responsibility is the continuing commitment of EIPL to behave ethically and contribute to the economic development of the local community and society at large. The CSR policy is directing the company in managing its social responsibility, in a way that achieves sustainable development for the society through improving education, living, social and economic conditions for well-being of the community at large.
All the activities of EIPL shall be compatible with the society’s interest and with sustainable development goals.
The Company is committed to undertake activities in accordance with the provisions of Section 135 of the Companies Act, 2013 and related Rules, as amended from time to time (“Act”), to fulfil its responsibilities as a corporate citizen.
In this regard, EIPL proposes to formulate the following objectives on a part of its CSR activity to be implemented whether directly or indirectly through like-minded non-profit organizations.
This policy (“Policy”) spells out the Company’s philosophy towards its CSR and lays down the guidelines, framework and mechanism for effective planning, implementation and monitoring of its CSR initiatives.
To unleash the potential of everyone we touch.
To facilitate social, economic and environmental progress through effective management and utilization of human and natural capital.
1. To address issues of education among the underprivileged and create employment opportunities through vocational skill training institute and educational support etc.
2. Provide financial assistance through educational scholarship programme for the children/ youth of lower and mid income group families.
3. To support NGOs and like-minded NGOs to undertake activities in the areas of financial literacy, school dropout prevention, career guidance, counselling, women empowerment, education awareness, etc.
4. Support the socially and economically underprivileged section of the society by providing opportunities to improve the quality of life.
5. To empower communities by providing financial and technical assistance for sustainable social activities such as developing infrastructure for training, education, etc.
6. To provide for development of Local Area (area in the city in which EIPL’soffice is located) in terms providing assistance and infrastructure to local bodies, schools and public places.
7. Eradicating hunger and malnutrition and promoting health care.
8. To undertake such other CSR activities permissible under Schedule VII of Act.
EIPL will implement its CSR activities directly or indirectly through anyNGOs/institutes/trusts as identified from time to time to achieve defined objectives. Such implementing agencies shall have an established track record as prescribed under the law.
In light of the Company’s vision and objectives as set out above, the Company will undertake Projects covering the following areas/activities:
1. Eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation [including contribution to the Swachh Bharat Kosh set-up by the Central Government for the promotion of sanitation] and making available safe drinking water
2. Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects.
3. Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water.
4. Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional art and handicrafts.
5. Measures for the benefit of armed forces veterans, war widows and their dependents, [Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows].
6. Training to promote rural sports, nationally recognized sports, Paralympics sports and Olympic sports.
7. Contribution to Prime Minister’s Relief Fund or any other fund set up by the Central Government for socio economic development and relief and welfare of the schedule caste, tribes, other backward classes, minorities and women.
8. Contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government.
9. Grants to NGO’s, Trusts, Contributions to public funded Universities; Indian Institute of Technology (IITs); National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE); Department of Biotechnology (DBT); Department of Science and Technology (DST); Department of Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH); Ministry of Electronics and Information Technology and other bodies, namely Defense Research and Development Organization (DRDO); Indian Council of Agricultural Research (ICAR); Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs);
10. Rural development projects;
11. Slum area development. For the purposes of this item, the term `slum area' shall mean any area declared as such by the Central Government or any State Government or any other competent authority under any law for the time being in force; and.
12. Disaster management, including relief, rehabilitation and reconstruction activities
1. EIPL will provide 2% of the average net profits made during the 3 (three) immediately preceding financial years in compliance with the provisions of the Companies Act,2013 as amended from time to time and in pursuance of this policy.
2. EIPL may on its own do specified CSR activities directly or indirectly through any NGOs/institutes/trusts as identified from time to time to achieve defined objectives.
3. If the Company fails to spend the allocated CSR amount, the Board shall in its report made under clause(o) of sub-section (3) of section 134 of Companies Act, 2013, specify the reasons for not spending the amount.
BOARD OF DIRECTORS
The Board of Directors shall perform the following Role with respect to Administration of CSR activities of the Company carried out in accordance with this policy as under:
I. To approve the CSR Policy and the CSR Expenditure after taking into consideration the recommendations made by the CSR committee.
II. Ensure the CSR spending every financial year of at least 2% of average net profits made during immediately preceding three financial years, in pursuance with the Policy.
III. Ensure disclosure of the contents of the CSR Policy on the Company website.
IV. Preparation of annual report on the CSR activities in the prescribed format as per the Companies Act, 2013.
The CSR Committee as constituted will be responsible for identification and implementation of CSR activities of the Company. CSR Committee will be responsible for:
1. Formulate and update CSR policy of EIPL and place the same before the Board for approval.
2. Formulate and recommend to the Board an Annual Action Plan covering following that are in line with the CSR Policy of the Company:
a. The list of CSR activities, projects or programmes that are approved to be undertaken in the area of Schedule VII
b. Manner of the execution of such projects
c. Modalities of utilization of funds and implementation of schedule for the projects
d. Monitoring and reporting mechanism for the projects or programmes; and
e. Details of need and impact assessment, if any, for the project undertaken by the Company.
3. Recommend the amount of CSR expenditure to be incurred on the activities referred in clause (2) for approval of the Board.
4. Put monitoring mechanisms in place to track the progress of each project.
5. Undertake such other duties and responsibilities as specified under the Act and the CSR Rules.
MONITORING AND EVALUATION
CSR Committee will review periodically all EIPL social initiatives and the report will be submitted to the board of directors.
The Company shall undertake impact assessment of its CSR projects/programs, if any, as required under the Act, through an independent agency.
EIPL will make all the necessary disclosure and reporting as required under the Act and CSR Rules.
The Board of Directors of the Company, may at the recommendation of the CSR Committee or otherwise, are entitled to amend this Policy at any time. Any difficulties or ambiguities in the Policy will be resolved by the CSR Committee in line with the broad intent of the Policy and in consultation with the Board of Directors.
In the event of any inconsistency between this Policy and the applicable laws, the applicable laws will prevail.
The Policy shall stand amended in case of any statutory modifications / amendments in the Act or Rules pertaining to CSR to the extent of such amendment.
All disclosures, display and reporting requirement related to CSR shall be made in accordance with the provisions of the Act and Rules made thereunder.