Legal

CSR Policy

Cibersites India Pvt Ltd: Corporate Social Responsibility (CSR) Policy

 

Background

At the outset, CSR activities at Cibersites India Pvt Ltd(Ciber) is already in existence for the benefit of the employees and their immediate family members in the areas of extending loan to employees, employee welfare programs, and supporting the voluntary efforts of the employees in this regard etc.  

It is recognized that integrating social, environmental and ethical responsibilities into the governance of businesses ensures the long term success, competitiveness and sustainability.

This CSR policy is subject to and pursuant to the Section 135 of the Companies Act 2013(Act) and the Rules made thereunder and the Schedule VII to the Act.

Objective

The main objective of CSR policy is to make CSR a key business process for sustainable development of the society. Ciber aims at supplementing the role of Government in enhancing the welfare measures of the society within the framework of its policy.

Measures

In the aforesaid backdrop, policy on CSR of Ciber is broadly framed taking into account the following measures:

  • The CSR activities shall be undertaken by Ciber, as  stated in this Policy, as projects or programs or activities (either new or ongoing), excluding activities undertaken in pursuance of its normal course of business.
  • The CSR activities which are exclusively for the benefit of Cibersites India Pvt Ltd employees or their family members shall not be considered as CSR activity.
  • Cibersites India Pvt Ltd shall give preference to the local area or areas around it where it operates, for spending the amount earmarked for CSR activities.

 The Board of Directors of Ciber may decide to undertake its CSR activities as recommended by the CSR Committee, through a registered trust or a registered society pursuant to Section 135 of the Companies Act, 2013 and rules made there-under.

The following are the total indicative of list of activities as per Schedule VII of the Companies Act, 2013 and Ciber may undertake any or all of them in its pursuit for better Corporate Social Responsibility: 

  1. eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making available safe drinking water;
  2. promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects;
  3. 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;
  4. 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;
  5. 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:
  6. measures for the benefit of armed forces veterans, war widows and their dependents;
  7. training to promote rural sports, nationally recognised sports, paralympic sports and Olympic sports;
  8. 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;
  9. contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government
  10. rural development projects;
  11. Any other measures with the approval of Board of Directors on the recommendation of CSR Committee subject to the provisions of Section 135 of Companies Act, 2013 and rules made there-under.

Organizational mechanism and responsibilities

Constitution of Corporate Social Responsibility Committee:

The Board of Directors of the Company shall constitute a Corporate Social Responsibility Committee of the Board (“CSR Committee”) consisting of three or more directors, as per the provisions as applicable to a private company.

The CSR Committee shall –

  1. Formulate and recommend to the Board, a CSR policy and activities to be undertaken by the company as per Schedule VII;
  2. Recommend the amount of expenditure to be incurred on the activities; and
  3. Monitor the Policy of the company from time to time.

The Board of the company shall after taking into account the recommendations made by the CSR Committee, approve the policy for the company and disclose contents of such Policy in its report and also place it on the company’s website and ensure that the activities as are included in the CSR Policy of the company are undertaken by the company.

Activities, setting measurable targets with timeframes and performance management:

All activities/projects of CSR will be assessed under the agreed strategy, and monitored every quarter/year, measured against targets and budgets. Wherever necessary, midcourse corrections will be made. 

Partnerships

Collaborative partnerships may be formed with the Government, the District Authorities, the village panchayats, NGOs and other like-minded stakeholders. This could help widen the Company’s reach and leverage upon the collective expertise, wisdom and experience that these partnerships bring to the table.

Budgets

A specific budget is allocated for CSR activities and spending on CSR activities shall not be less than 2% of the average net profits of the Company made during the three immediately preceding financial years, in pursuance of this policy.In case Company fails to spend such amount, the Board shall specify the reasons for not spending the amount.

Approving authority for the CSR amount to be spent would be any one Director or VP (F)/Chief Financial Officer of the Company after due recommendation of CSR Committee and approval of the Board of Directors of the Company.

The CSR Policy mandates that the surplus arising out of the CSR projects or programs or activities shall not form part of the business profit of a company. The CSR projects or programs or activities undertaken in India only shall amount to CSR expenditure.

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 the CSR Committee, but does not include any expenditure on any item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Companies Act 2013. 

Information dissemination

The Company’s engagement in this domain is disseminated on its website, annual reports and its house journals as and when deem fit. 

Management Commitment

Our Board of Directors, our Management and all of our employees subscribe to the philosophy of compassionate care. We believe and act on an ethos of generosity and compassion, characterized by a willingness to build a society that works for everyone. This is the cornerstone of our CSR policy.

Update

CSR Committee of Board of Cibersites India Pvt Ltd will review the policy from time to time based on the changing needs and aspirations of the target beneficiaries and make suitable modifications as may be necessary.