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CSR Policy

1. PREFACE:

Sri Krishna Pharmaceuticals Limited is committed to improve the lives of the society in which it operates. The Company believes in “looking beyond business” and strives to create a positive impact on the communities it serves and on the environment. The Company is committed not just to profits, but also towards leaving a deeper imprint on the society as whole. Sri Krishna Pharmaceuticals Management understands that there is a need to strike a balance between the overall objectives of achieving corporate excellence vis-à-vis the company’s responsibilities towards the community.

2. OBJECTIVE:

The objective of the policy is to actively contribute to the social, environmental and economic development of the society in which we operate

3. DEFINITIONS:

The terms defined in this CSR Policy shall have the meanings herein specified and terms not defined shall have the meanings as defined in the Companies Act, 2013 and Companies (Corporate Social Responsibility) Rules, 2014 including any statutory modifications or re-enhanctments thereof.

“Act” means the Companies Act, 2013 including any statutory modification or re-enactment thereof.

“Associate Company” means a Company within the meaning of section 2(6) of the Companies Act, 2013.

“Board” means the Board of Directors of the Company.

“Board’s Report” shall mean report of the Board of Directors prepared in accordance with section 134(3) of the Companies Act, 2013.

“Company” means Sri Krishna Pharmaceuticals Limited, a Company incorporated under the Companies Act, 1956 .

“CSR” means Corporate Social Responsibility.

“CSR activities” means the activities or projects or programmes as recommended by the CSR Committee and approved by the Board, undertaken by the Company from time to time in any one or more of the areas falling under the Schedule VI to the Companies Act, 2013.

“CSR Committee” means the Committee of the Board constituted under section 135 of the Act for the purpose of administration of CSR activities, supervising the adherence of this CSR Policy and the matter incidental thereto.

“CSR Policy” means the Corporate Social Responsibility Policy as set out herein and as amended or modified from time to time.

“CSR Rules” means Companies (Corporate Social Responsibility) Rules, 2014.

“Independent Director” means a non-executive director of the Company within the meaning of section 2(47) of the Companies Act, 2013.

“Holding Company” means a Company within the meaning of section 2(46) of the Companies Act, 2013.

"Net profit" means the net profit of the Company as per its financial statement prepared in accordance with the applicable provisions of the Act but shall not include the following namely –

  • Any profit arising from any overseas branch or branches of the Company, whether operated as a separate Company or otherwise; and
  • Any dividend received from other Companies in India, which are covered under and complying with the provisions of section 135 of the Act.

“Subsidiary Company” means a means a Company within the meaning of section 2(87) of the Companies Act, 2013.

4. CSR ACTIVITIES:

  • The Company shall undertake the activities as recommended by the CSR committee and approved by the Board in accordance with the provisions of Section 135 of the Companies Act, 2013 read with Schedule VII and Companies (CSR Policy) Rules, 2014 which are notified as on date and those further activities which may be amended and notified by the Ministry from time to time.
  • The CSR activities (either new or ongoing) shall be undertaken by the Company in accordance with this policy and shall exclude activities undertaken in pursuance of its normal course of business.
  • Subject to the provisions of Section 135(5) of the Act, the CSR projects or programs or activities undertaken in India only shall qualify for CSR expenditure.
  • The CSR programs or projects or activities that benefit only the employees of the Company and their families shall not be considered as CSR activities in accordance with the Act.
  • Contribution of any amount directly or indirectly to any political party under section 182 of the Act shall not be considered as CSR activity.
  • Companies may build CSR capacities of their own personnel as well as those of their implementing agencies through Institutions with established track records.

Any Surplus arising out of the CSR projects or progams or activities shall not form part of the business profit of a company.

5. CSR ACTIVITIES THROUGH TRUST/SOCIETY/COMPANIES:

  • The Board may decide to undertake its CSR activities approved by the CSR Committee, through a registered trust or a registered society or a company established by the company or its holding or subsidiary or associate company under section 8 of the Act or otherwise subject to following conditions
  • The CSR activities (either new or ongoing) shall be undertaken by the Company in accordance with this policy and shall exclude activities undertaken in pursuance of its normal course of business.
  • The company has specified the project or programs to be undertaken through these entities, the modalities of utilization of funds on such projects and programs and the monitoring and reporting mechanism.
  • The Board may also decide to collaborate with other companies for undertaking the CSR activities in such a manner that the CSR Committees of respective companies are in a position to report separately on such CSR activities in accordance with CSR Rules.

6. CSR EXPENDITURE

  • As per the provisions of Companies Act, 2013, the Board shall ensure that the Company spends in every financial year, at least 2% of its average net profits during the three immediately preceding financial years.
  • CSR Committee shall recommend / submit for ratification the amount of expenditure project wise to be incurred annually to the Board for its consideration and approval.
  • CSR expenditure shall include all expenditure including contribution to corpus, for projects or programs relating to CSR activities approved by the Board on the recommendation of its CSR Committee, but does not include any expenditure on an item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Act.
  • If the Company fails to spend the minimum amount as required under the Act on its CSR activities, the reasons for not spending the amount shall be specified in the Report of the Board.
  • The CSR Committee of the Board may decide any particular areas of thrust for incurring the expenditure on CSR activity.