Background
As per Companies Act 2013 requirement, Somic ZF Components Limited (SZCL) is required to make a Corporate Social Responsibility (CSR) policy and spent 2% of average net profits of preceding three years on CSR activities as per CSR policy starting from the year 2014-15.
CSR Policy of the company
- SZCL promotes its CSR activities which are based on the principle that all aspects ofthe business must take CSR into consideration.
- SZCL is far sighted in implementation of corporate ethics and compliance and working towards creating self- respect by educating vulnerable section of the society.
- SZCL is endeavor in taking initiatives related to the development of communities and society as a whole through philanthropic activities like Social welfare, environmental preservation etc.
Measures
- The CSR activities shall be undertaken by SZCL, as projects or programs or activities as listed in Schedule VII (as amended from time to time) of the Companies Act 2013, excluding activities undertaken in pursuance of its normal course of business.
- The Board of SZCL may decide to undertake its CSR activities as recommended by the CSR Committee, through a registered trust or a registered society or on its own.
- The Surplus arising out of the projects or programs or activities undertaken under CSR, shall not form part of the business profit of a Company.
Composition of CSR Committee
- Chairman of the Board of Directors shall be the Chairman of the CSR Committee and two non-executive directors shall be the Members of CSR Committee
Monitoring Process & Update
- CSR Committee of Board of SZCL 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.
