CSR Policy
1. Objective:
To contribute to the well-being of communities and society through environmental, economic and social measures and make positive impact on society. To continuously and consistently
Initiate projects that benefit communities. Increase commitment from employees towards CSR activities and volunteering.
Generate goodwill in communities where Zivore Apparel Private Limited (The Company") operates or is likely to operate.
2. Definitions.
CSR Policy is a statement containing the approach and direction given by the board of a company, taking into account the recommendations of its CSR Committee, and includes guiding principles for selection, implementation and monitoring of activities as well as formulation of the annual action plan.
"CSR Committee' means the Corporate social responsibility committee of the board referred in section 135 of the Companies act, 2013.
Note: Till the time provisions of CSR Committee becomes applicable on the company all the functions pertaining to CSR shall be performed by the Board of Directors,
3. Scope and Eligibility:
Corporate Social Responsibility (CSR) means the activities undertaken by Company in pursuance of its statutory obligation laid down in section 135 of the Companies Act, 2013('Act'). This policy shall be applicable to all CSR initiatives and activities undertaken by Zivore Apparel Private Limited (The "Company")
4. Governing Structure
Founders/Directors form the "Board".
Board of directors are Mr Sunil Keshwani, Mr. Sidhant Keshwani.
Board of directors ("Board") are responsible to strategize and take decision on the amount to be spent on CSR activities and to monitor the CSR Policy periodically.
5. Responsibilities of the CSR Committee
a. Formulate a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company in areas or subject
b. Recommend the amount of CSR expenditure to be incurred on the activities.
c. Monitor the Corporate Social Responsibility Policy of the company from time to time including monitoring the progress of projects or programs against which CSR expenditure is contributed;
d. Ensure that the activities included in Corporate Social Responsibility Policy of the company are undertaken by the Company.
6. Principles of Selection of Policy
While identifying the projects, all efforts must be made to the extent possible.
Implementation schedules- Timelines for milestones of the Project will need to be prescribed;
Responsibilities have to be defined. Major results expected and measurable outcome.
7. Types of CSR
✔ Environmental social responsibility Human rights social responsibility.
Philanthropic corporate responsibility
✔ Economic corporate responsibility.
8. CSR FOCUS AREAS:
In accordance with the primary CSR philosophy of the Company and the specified activities under the Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014, and any amendment(s) thereof, the CSR activities to be undertaken by the Company under this Policy shall be the activities relating to following as per schedule VII to the Companies Act, 2013 as may be amended from time to time:
A. Eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation and making available safe drinking water including contribution to the Swachh Bharat Kosh.
B. promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently able 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 centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups:
D. Disaster relief;
E. Other activities relating to:
i. 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:
ii. Rural development projects.
iii. Slum area development.
The provisions indicated above are broad-based and are intended to cover a wide range of activities as illustratively mentioned. While deciding the program or project to be undertaken based on the focus areas indicated, the Company shall ensure that the provisions are interpreted liberally and the essence thereof is strictly adhered to.
Every activity to be undertaken by the Company as above shall be approved by CSR Committee; For the purpose of carrying out the CSR activities, preference shall be given to the local area and the areas around which the Company operates.
9. Monitoring process of CSR activities:
a. Annual action plan will be formulated by the Board of directors ("Board") with respect to the CSR projects undertaken by the Company.
b. Recommend & approve the CSR budget/expenditure to be incurred on the activities
c. Any other donations will be cleared/signed off by the Board of directors ("Board")
d. Board of directors ("Board") will monitor and review on a periodical basis the progress of CSR activities
undertaken/completed. e. In order to ensure transparency and communication with all stakeholders, the Board of directors ("Board") will ensure that the details of the Company's CSR initiatives, CSR expenditure are properly documented.
e. CSR unspent amount to be reported in the Annual Report on CSR Activities.
f. Approve projects/programs/activities of any value which are outside Company's focus areas but within the widened scope of prescribed Schedule VII of the Act
10. Failure to spend the CSR Money
In case the Company fails to spend the above targeted amount in that particular financial year, the CSR Committee shall submit a report in writing to the Board of Directors specifying the reasons for not spending the amount which in turn shall be reported by the Board of Directors in their Directors Report for that particular Financial Year. Surplus arising out of the CSR initiatives shall not form part of the business profits of the Company. Further the company shall transfer the unspent amount to the funds specified in schedule VII of the Act on or before 30 September in immediately next financial year.
11. Unspent Amount
Any CSR amount remaining unspent pursuant to any ongoing project, undertaken by a Company in pursuance of its Policy, shall be transferred by the Company within a period of thirty days from the end of the financial year to a special account to be opened by the Company in that behalf for that financial year in any scheduled bank to be called the Unspent Corporate Social Responsibility Account, and such amount shall be spent by the Company in pursuance of its obligation towards the Policy within a period of three financial years from the date of such transfer, failing which, the Company shall transfer the same to a Fund specified in Schedule VII of the Act, within a period of six Months from the date of completion of the third financial year.
12. Impact Assessment
Impact assessment, if applicable shall be undertaken by the Company or by recipient or by implementing agency as required by and in the manner set out under Applicable Law, and the impact assessment report(s) shall be placed before the CSR Committee and the Board (as applicable), and shall be disclosed as legally required.
13. Policy changes authorization and Exceptions:
This policy can be amended/modified/reviewed at any point of time without any notice at the discretion of the management as and when deemed necessary or with the amendment in the applicable Law. Any exceptions to this Policy shall be approved by the Board of directors ("Board")
