In accordance with the provisions of Section 135 of Companies Act, 2013, the Corporate Social Responsibility (CSR) Committee of United Telecoms Ltd (“the Company”) was constituted by the Board of Directors of the Company at their meeting held on April 2, 2014.
This Policy has been formulated in compliance with Section 135 of the Companies Act, 2013 read along with the applicable rules thereto.
The company’s CSR philosophy is ‘Do Good to Do Well and Do Well to Do Good’. UTL’s vision is to be a responsible industry leader and demonstrate environmental, transparent and ethical behavioral practices which will contribute to the economic and sustainable development within the company, industry, and society at large.
At UTL, CSR has effectively evolved from being engaged in passive philanthropy to corporate community investments, which takes the form of a social partnership initiative creating value for stakeholders.
The Company’s CSR activities build an important bridge between business operations and social commitment evolving into an integral part of business functions, goals and strategy.
This Policy shall apply to all CSR projects/programmes/activities undertaken by the Company in India as per Schedule VII of the Act.
Provided that net profit in respect of a financial year for which the relevant financial statements were prepared in accordance with the provisions of the Companies Act, 1956 shall not be required to be re-calculated in accordance with the provisions of the Act.
The CSR Activities would be chosen for implementation by the Company in compliance with the provisions of Section 135 read together with Schedule VII of the Companies Act, 2013.
CSR MONITORING AND REPORTING FRAMEWORK
In compliance with the Act and to ensure funds spent on CSR Activities are creating the desired impact on the ground a comprehensive Monitoring and Reporting framework has been put in place.
The CSR Committee shall monitor the implementation of the CSR Policy through periodic reviews of the CSR activities.
The respective CSR personnel will present their annual budgets alongwith the list of approved CSR activities conducted by the Company to the CSR Committee together with the progress made from time to time as a part of the evaluation process under the monitoring mechanism.
The CSR activities undertaken in India only shall amount to CSR Expenditure.
CSR Expenditure shall include all expenditure including contribution to corpus for CSR activities approved by the Board on the recommendation of the CSR Committee but does not include any expenditure on an item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Act.
Expenditure not covered or recognised In terms of the Rules, the following contributions shall not be considered as CSR Expenditure;
The CSR policy recommended by the CSR Committee and approved by the Board shall be displayed on the Company’s website and shall be disclosed in the Board’s report as well.
The Board Report of a Company shall include an Annual Report on CSR containing particulars specified in Annexure to the CSR Rules as per the prescribed format.
FREQUENCY OF MEETINGS
The meetings of the Committee could be held at such periodic intervals as may be required.
Minimum two (2) members shall constitute a quorum for the Committee meeting.
In the absence of the Chairman, the members of the Committee present at the meeting shall choose one amongst them to act as Chairman.
The Company Secretary of the Company shall act as Secretary of the Committee.
MINUTES OF THE COMMITTEE MEETING
Proceedings of all meetings must be minuted and signed by the Chairman of the Committee and tabled at the subsequent Board and Committee meeting.
This policy shall be updated from time to time, by the Company in accordance with the amendments, if any, to the Companies Act, 2013, rules made there-under or any other applicable enactment for the time being in force.