Corporate Social Responsibility Policy
(Approved in the meeting of the Board of director held on 1st May, 2014)
Philosophy
“Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large”- Lord Holme and Richard Watts
For us in Peregrine Guarding Private Limited, “PGPL”, we believe in contributing to the growth/development of underserved communities and society at large. We understand that for a healthy society, every enterprise must contribute in development of underserved communities and society at large.
Recognizing that business enterprises are economic organs of society and draw on societal resources, we belief that a company’s performance must be measured by its Triple Bottom Line contribution to building economic, social and environmental capital towards enhancing societal sustainability. In line with this, our effort will ensure improvement in quality of life of underserved communities and environmental sustainability. Programmes, projects and activities (collectively “CSR Programmes”) carried out in this regard are the subject matter of this Policy.
CSR Policy
As per Companies Act, 2013, “CSR Policy” relates to the activities to be undertaken by the Company as specified in Schedule VII to the Act and expenditure thereon, excluding activities undertaken in pursuance of normal course of business of a company. The CSR activities shall be undertaken by the company, as per its stated CSR Policy, as projects or programs or activities (either new or ongoing), excluding activities undertaken in pursuance of its normal Course of business. The Board of a company 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:
Provided that-
(i) if such trust, society or company is not established by the company or its holding or subsidiary or associate company, it shall have an established track record of three years in undertaking similar programs or projects;
(ii) 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.
Our Company is intending to sponsor trust, society or company that undertakes programs or projects similar to CSR activities as specified in Schedule VII of the Act. Following are the activities specified in Schedule VII of the Companies Act, 2013.
(i) Eradicating extreme hunger and poverty;
(ii) Promotion of education;
(iii) Promoting gender equality and empowering women;
(iv) Reducing child mortality and improving maternal health;
(v) Combating human immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseases;
(vi) Ensuring environmental sustainability;
(vii) Employment enhancing vocational skills;
(viii) Social business projects;
(ix) contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government or the State Governments for socio-economic development and relief and funds for the welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women; and
(x) Such other matters as may be prescribed.
Implementation
CSR Committee will recognize those trust, society or company that undertakes programs or projects similar to CSR activities as specified in Schedule VII of the Act and check an established track record of three years of those trust, society or company in undertaking similar programs or projects. The Company will specify the CSR Programmes which may be undertaken by those trusts, society or company in accordance with their Objects and administrative and accounting processes laid down in the respective Trust Deeds/ Memoranda and Articles of Association.
Governance
CSR Committee
- Formulating CSR Policy as specified in Schedule VII.
- Every year, the CSR Committee will place for the Board’s approval, a CSR Plan delineating the CSR Programmes to be carried out during the financial year and the specified budgets thereof. The Board will consider and approve the CSR Plan with any modification that may be deemed necessary.
- Monitor CSR Policy from time to time.
Board of Directors
- Approve CSR Policy and modify that may be deemed necessary.
- Ensure implementation of CSR policy.
- Disclose the contents of CSR policy in the Board report.
- Place CSR Policy on company’s website, if any.
- Ensure CSR spending amounting to at least 2% of the average net profit of the preceding three financial years.
CSR Committee Members
As per Notification issued on 27th February, 2014, a private Company having only two directors on its Board shall constitute its CSR Committee with such two directors. The members of CSR Committee are:
Brig Rajan Oberoi Chairman
Mr. Kartar Singh Member
CSR Expenditure
CSR expenditure will include all expenditure, direct and indirect, incurred by the Company on CSR Programmes undertaken in accordance with the approved CSR Plan. Moreover, any surplus arising from any CSR Programmes shall be used for CSR. Accordingly, any income arising from CSR Programmes will be netted off from the CSR expenditure and such net amount will be reported as CSR expenditure.
