Corporate Social Responsibility is strongly connected with the principles of Sustainability; an organization should make decisions based not only on financial factors but also on the social and environmental consequences. Therefore, it is the core corporate responsibility of TOWMCL to practice its corporate values through its commitment to grow in a socially and environmentally responsible way, while meeting the interests of its stakeholders.
TOWMCL recognizes that it's business activities have a wide impact on the societies in which it operates, and therefore an effective practice is required giving due consideration to the interests of its stakeholders.
The Company endeavors to make CSR a key business process for sustainable development. TOWMCL is responsible to continuously enhance shareholders' wealth; it is also committed to its other stakeholders to conduct its business in an accountable manner that creates a sustained positive impact on society. Our Company is committed towards aligning with nature and has adopted eco-friendly practices. As a corporate entity, the company is committed towards sustainability. Ongoing dialogues with shareholders provide a valuable approach with an objective that each business decision takes into account it’s social and environmental impacts and plans.
This Corporate Social Responsibility Policy (“the CSR Policy”) has been framed by Timarpur - Okhla Waste Management Company Limited (“TOWMCL”) in accordance with Section 135, Schedule VII of the Companies Act, 2013 and CSR Rules issued by the Ministry of Corporate Affairs.
All CSR activities shall be driven by the core value of Inclusion. TOWMCL shall ensure that all developmental activities/ initiatives undertaken are accessible to the most marginalized segments such as children, women, the elderly, and those with disabilities. This would reflect particularly in the field of education, healthcare, sanitation, community welfare, skill development, employment generation, infrastructure development, promotion of national heritage & culture, etc.
In line with the broad object and philosophy as defined above, the Company would have freedom and flexibility to choose from any of the activities specified in Annexure I. The CSR projects and programs to be undertaken by the Company shall include activities falling within the preview of Schedule VII of Companies Act, 2013; as amended from time to time. Thus, with any change in the statutory provisions governing the activities, the Annexure I shall be deemed to include/exclude such activities as permissible under law at that point in time.
The list and implementation modalities may be modified from time to time, as per recommendations of the CSR Committee of the Company. The surplus, if any, arising out of CSR initiatives of the Company shall not form part of its business profits and shall be utilized for CSR activities only.
The CSR Committee will be responsible for overseeing the approval, execution, implementation, and monitoring of the project. These programs will be executed by the Company and where appropriate in partnership with local government, various NGO partners, Trusts, service providers, and others.
In case the Company undertakes to carry any of the projects through any trust, society or company not established by the Company or its holding or subsidiary or associate company, the CSR Committee shall ensure that such trust, society or company has an established track record of three years in undertaking similar programs or projects and is eligible to undertake the projects under Section 135 of the Companies Act, 2013.
The CSR Committee under the supervision of the Board shall ensure that the Company spends in each Financial Year (FY), at least two percent of the average net profit (calculated as per Section 198 of the Companies Act, 2013) made during the three immediately preceding FYs (CSR Budget).
If the Company is unable to spend the prescribed 2% of its average net profit as mentioned above, the committee will review the reasons for the same and place the same with justification to the Board.
The Company will report reasons for not spending the entire Budget outlay for CSR allocated in any financial year. The unutilized fund would remain part of the corpus and get carried forward for the next year for expenditure thereon. The Company has to provide a reason for not spending such amount in that financial year. Further, it will not dilute the fund allocation requirement for such the next financial year.
To comply with the obligations, the CSR Committee may also decide to contribute an amount of CSR Budget, either wholly or partially towards Corpus of any foundation provided under Schedule VII (as amended from time to time) as may be approved by the Board.
To ensure effective implementation, the Committee will set measurable targets for each CSR project and Fund for such projects.
The CSR Projects shall be monitored at various levels as follows:
The CSR Policy will be reviewed periodically by the CSR Committee of the Company.
As part of compliance to the Act, and in preparation of the Annual CSR Report as per Reporting Format, the Chairman of the CSR Committee will ensure the following:
The details about the policy developed and implemented by the Company on corporate social responsibility, initiatives taken during the year, and details of CSR spent during the financial year shall be disclosed in the Annual Report of the Company.
This policy shall be subject to amendments under the Companies Act 2013 or any other applicable law or regulation.
Working Procedure of Corporate Social Responsibility Committee:
In accordance with Section 135 of the Companies Act, 2013, applicable rules thereto and applicable Secretarial Standards, the following working procedure is adopted by the Corporate Social Responsibility Committee:
Constitution of the Committee
Frequency of the meeting:
Minutes of the Meeting
Company Secretary of the Committee:
Attendance at the General Meeting:
Passing of resolution by Circulation:
Activities relating to:
(This document was approved by the Board of Directors at its Meeting held on July 27, 2018)