CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY
OF SATLUJ SPINTEX LIMITED
(u/s 135 of Companies Act 2013 read with
Companies (Corporate Social Responsibility) Rules, 2014
- SATLUJ SPINTEX LIMITED, unlisted Public limited Company ,is India’s one of the largest Yarn manufacturing
- Most projects and operating plants are located in remote/rural areas, where basic infrastructure is inadequate and socio-economic profile is relatively weaker. Our mission is to contribute towards improving the quality of life of the communities living in these areas.
- SATLUJ SPINTEX LIMITED, has undertaken /shall continue to undertake appropriate Corporate Social Responsibility (CSR) measures having direct, measurable and positive economic, social, and environmental impact on the community with particular emphasis on the local area and areas around where it operates.
2. Guiding Principles: Satluj Spintex Limited in its continuous efforts to positively impact the society, especially the areas around its sites and offices, has formulated policies for social development that are based on the following guiding principles:
- Honour the spirit of law and be a responsible corporate citizen.
- Pursue growth through harmony with the community via innovative management techniques.
- Adopt an approach that aims at achieving a greater balance between social development and economic development.
- Respect culture and customs of every project / plant location.
- Work towards elimination of all barriers for the social inclusion of disadvantaged groups – such as the poor, socially backward, differently abled and others.
- Develop practices aimed at inclusive growth.
- Thrust on Environment Protection.
2.2 Applicability: This CSR Policy is applicable to Satluj Spintex Limited which are mandated with the CSR expenditure obligations as per Sec. 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended from time to time.
2.3 FOCUS AREAS: In accordance with the requirements under the Companies Act, 2013, Satluj Spintex Limited CSR activities, amongst others, will focus on:
- HUNGER, POVERTY, MALNUTRITION AND HEALTH: Eradicating extreme hunger, poverty and malnutrition, promoting preventive healthcare and sanitation and making available safe drinking water.
- EDUCATION: Promoting education, including special education and employment-enhancing vocational skills especially among children, women, elderly and the differently abled, and livelihood enhancement projects monetary contributions to academic institutions for establishing endowment funds, chairs, laboratories, etc., with the objective of assisting students in their studies.
- RURAL DEVELOPMENT PROJECTS: Strengthening rural areas by improving accessibility, housing, drinking water, sanitation, power and livelihoods, thereby creating sustainable villages.
- GENDER EQUALITY AND EMPOWERMENT OF WOMEN: Promoting gender equality and empowering women setting up homes, hostels and day care centers for women and orphans setting up old age homes and such other facilities for senior citizens and adopting measures for reducing inequalities faced by socially and economically backward groups.
- ENVIRONMENTAL SUSTAINABILITY: Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agro-forestry, conservation of natural resources and maintaining the quality of soil, air and water.
- NATIONAL HERITAGE, ART AND CULTURE: Protecting national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries; promoting and developing traditional arts and handicrafts.
3. Roles and Responsibilities
3.1 CSR Committee shall consist of three or more directors of which at least one shall be an independent director, if available. CSR Committee shall be responsible for:
- a) Formulation of CSR Policy.
- b) Regular monitoring of implementation of CSR policy.
- c) Identify key initiatives pursuant to the CSR policy.
- d) Recommend to the Board CSR expenditure to be incurred.
- e) Recommend to the Board, modifications to CSR policy as and when required.
- f) Submitting Annual Report of CSR to the Board of Directors.
3.2 Dedicated CSR team shall be constituted at Corporate Office for implementing the CSR Policy. Corporate CSR Team shall be located at Samana. These teams shall be responsible for:
- a) Implementation of CSR Policy.
- b) Identify Key Result Areas (KRAs) and Key Performance Indicators (KPIs) to be tracked at Corporate level and Operational (plant/project location) level.
- c) Secure necessary approvals for CSR .
- e) Facilitating allocation of funds along with relevant SPVs/Operations Team.
- f) Monitoring of CSR projects on a quarterly basis to establish effectiveness of CSR efforts and report the same to the CSR Committee.
- g) Compilation of Information & Preparation of annual reports on CSR activities and presenting the same to the CSR Committee.
- h) Organize Training programmes for CSR staff.
- i) Any other activity necessary to ensure achievement of SATLUJ SPINTEX LIMITED CSR mission
3.3 Operational CSR Team located at respective plant / project locations shall be responsible for:
- a) Provide Inputs for the CSR Policy Design.
- b) Bottom-up preparation of CSR AOPs and identification of annual targets against KPIs.
- c) Implementation of CSR Action Plans.
- d) Conduct Needs Assessment Survey.
- e) Own the CSR Programmes implemented and monitor effectiveness of CSR initiative delivery.
- f) Quarterly reporting on progress of CSR interventions.
3.4 To maintain continuity of community related interventions / programmes initiated during the project development stage, team members engaged in such activities would be drawn in as CSR team members at the project execution / operation stage, wherever possible and augmented if necessary.
4. UNDERTAKING CSR ACTIVITIES
SATLUJ SPINTEX LIMITED will undertake its CSR activities, approved by the CSR Committee, through a Foundation/trust or such other entity/organization as approved by the CSR Committee.