Our CSR Vision
To actively contribute through sustainable measures to the Social, Economic and Environmental Development of the community in which we operate ensuring participation from the community and thereby creating value for the nation.
Our CSR Mission
Ensuring socio-economic development of the community through different participatory and need- based initiatives in the best interest of the poor and deprived sections of the society and build a better tomorrow for themselves.
The CSR activities to be pursued by the Company will be in one or more of the following areas. These activities are covered under Schedule VII of the Companies Act, 2013:
- Promoting Preventive Healthcare, sanitation and making available safe drinking water
- Eradicating hunger, poverty and malnutrition
- 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
- 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
- Contribution or funds provided to technology incubators located within academic institutions which are approved by the Central Government
- Rural development Projects
These focus areas may be reviewed by the CSR Committee from time to time and maybe modified to also include such other CSR initiatives which are stipulated under Schedule VII of the Companies Act, 2013 (as amended from time to time). The CSR Committee is also authorized to recommend changes in the policy, in line with the emerging societal circumstances and in consideration of changing national priorities of the government.
Composition of CSR Committee
The Board has established a Committee of the Board as the Corporate Social Responsibility Committee as per the composition requirements provided under the Companies Act, 2013. The Committee comprises of three Directors.
The Committee shall meet as and when necessary to review the policy, discuss the strategy and review project progress
Terms of Reference
The terms of reference of the Committee are:
- To formulate and recommend to the Board, a Corporate Social Responsibility (CSR) Policy indicating the activities to be undertaken by the company as specified in Schedule VII to the Companies Act, 2013
- To recommend the amount of expenditure to be incurred on the activities as per the Company’s CSR Policy
- To monitor the Corporate Social Responsibility Policy of the Company from time to time
- To Institute a transparent monitoring mechanism for implementing of the CSR projects or programs or activities undertaken by the Company; and
- To do all acts and things as may be considered appropriate by the Committee in relation to aforesaid powers and considered necessary or expedient by the Committee for discharging its duties and responsibilities.
Company’s approach to implementation
The CSR activities of the Company may be undertaken either directly by itself or in partnership with other players. This would include:
- Any company established under section 8 of the Act or a registered Trust or a registered society established by the Company either singly or along with any other company
- A Company under section 8 of the Companies Act, 2013 or a registered trust or a registered society, established by the Central Government or State Government or any entity established under an Act of Parliament or a State legislature Where any CSR activities is undertaken through a company registered section 8 of the Companies Act, 2013 or a registered trust or a registered society, such entity is required to have an established track record of three years in undertaking similar programmes or projects. The Company shall specify the Projects or programs to be undertaken, the modalities of utilization of funds of such projects and programs and the monitoring and reporting mechanism The CSR activities specified herein shall be undertaken only in India. The CSR activities that benefit only the employees of the company and their families shall not be considered as CSR activities of the Company.
The corpus for the purpose of carrying on the aforesaid activities would include the followings:
- 2% of the average Net Profit made by the Company during immediately preceding three Financial Years. The Net Profits will be computed in accordance with the CSR Rules prescribed under the Companies Act, 2013
- In case Company fails to spend such amount, the Board shall specify the reasons for not spending the amount.
- This policy mandates that surplus arising out of the CSR projects or programs or activities shall not form part of the business profit of a company.
There will be regular monitoring and reporting of progress for implementation of CSR Projects.
This would indicate:
- Achievements in terms of coverage compared to the target and reasons for variance.
- Achievement of the year-to-date in terms of coverage compared to the target, plans to overcome shortfalls, if any.
- Actual year-to-date spends compared to the budget and reasons for variance.
- In respect of activities undertaken through outside Trust/Society/NGO's etc. there will be mechanism of reporting of progress on each such activities and the amount incurred thereon.
|Piramal Water Private Limited
|Piramal Tower, 8th Floor, Ganpatrao Kadam Marg, Lower Parel, Mumbai Maharashtra 400013 India
|079 4050 2100