Corporate Social Responsibility Policy
The Board of Directors (the “Board”) of Angel Fincap Private Limited (the “Company” or “AFPL”) acting upon the recommendation of its Directors and the Corporate Social Responsibility Policy Committee (the “Committee”), has adopted the following policy and procedures with regard to the Company’s Social Responsibility.
Corporate Social Responsibility Philosophy and Objective :
AFPL strives to be a socially responsible Company and strongly believes in development which is beneficial for the society at large. Through the CSR program, the Company sets the goal of reaching a global balance that integrates human, environmental and community resources. By means of integrating and embedding CSR into its business operation and participating proactively in CSR initiatives, theCompany intends to contribute continuously to the global sustainable development. The objective of this Policy is to set guiding principles for carrying out CSR activities by the Company andalso to set up process of execution, implementation and monitoring of the CSR activities to be undertaken by the Company.
The Company shall undertake any of the following projects or programs or activities:
a) Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making available safe drinking water;
b) Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects;
c) Promoting gender equality, empowering women, setting up homes and hostels for women and orphans, setting up old age homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
d) 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;
e) 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 arts and handicrafts;
f) Measures for the benefit of armed forces veterans, war widows and their dependents;
g) Training to promote rural sports, nationally recognised sports, Paralympic and Olympic sports;
h) Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the central government for socio-economic development and relief and welfare of the scheduled castes, the scheduled tribes, other backward classes, minorities and women;
i) Contribution or funds provided to technology incubators located within academic institution which are approved by the Central Government;
j) Rural development projects;
k) All other activities which forms part of CSR as per Schedule VII of the Act,2013 (the “Act”) as amended from time to time.
The following activities shall not be considered as CSR activities:
a) CSR activities undertaken in pursuance of the Company’s normal course of business
b) CSR activities undertaken outside India
c) CSR activities that benefit only the employees of the Company and their families
d) Contribution of any amount directly or indirectly to any political party
Implementation of CSR Activities
The Company may undertake CSR Activities through:
a) A registered trust or a registered society or a company established by the Company or its holding/subsidiary/associate company under Section 8 of the Act
b) Any other trust, society or company having an established track record of three years in undertaking similar programs or projects
c) collaboration 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 projects or programs.
Expenditure on CSR Activities
a) The Company shall spend, in every financial year, at least 2% (two percent) of the average net profits of the Company made during the three immediately preceding financial years.
b) The Company shall give preference to the local area and areas around its Registered OfficeCorporate office, Regional offices, Branch offices and Franchisee offices, for spending the amount earmarked for Corporate Social Responsibility activities.
c) Any surplus arising out of the CSR Activities undertaken by the Company shall not form part of the business profit of the Company and same shall be spent for undertaking any CSR Activities only.
Modalities of execution, Implementation schedules and Monitoring
a) The modalities of execution of CSR activities and the implementation schedule shall be determined by the Board of Directors from time to time, upon recommendation of the CSR Committee.
b) Appropriate documentation of CSR activities, reports on execution and expenditures will be undertaken on a regular basis and same will be available to the Board of Directors of the Company.
c) Initiatives undertaken on the CSR front will be reported in the Annual Report of the Company.
d) The CSR Committee will conduct due diligence checks on the current projects on a regular basis and report anomalies, if any,immediately.