Corporate Social Responsibility Policy
SHORT TITLE & APPLICABILITY:
  • The Corporate Social Responsibility (CSR) policy of the Company encompasses its philosophy for describing its responsibility as a corporate citizen and lays down the guidelines and mechanism for undertaking socially useful programmes for welfare & sustainable development of the community at large.
  • This policy shall apply to all CSR initiatives and activities taken up by Punjab Retail Pvt. Ltd. (herein after referred as “Punjab Retail”) for the benefit of different segments of the society and our earth at large.
AIMS AND OBJECTIVES:

The main objective of CSR policy is to make CSR a key business process for sustainable development of the society. Punjab Retail will act as a responsible and good corporate entity and aims at supplementing the role of Government in enhancing the welfare measures of the society within the framework of its policy and will cover the activities as per schedule VII of the Companies Act, 2013 as mentioned below.

ACTIVITIES UNDER CORPORATE SOCIAL RESPONSIBILITY:

The Company would endeavor to adopt an integrated approach to address the community, societal & environmental concerns by taking up a range of the following activities, which shall be taken up strategically, in a focused manner to the extent possible and allowed as per Section 135 of the Companies Act, 2013 and the applicable rules and regulations as may be prescribed in this regard, including any modification (s) thereof.

CSR ACTIVITIES:

CSR activities will include the following activities relating to:—

  • Eradicating hunger, poverty, malnutrition, promoting preventive healthcare and sanitation, including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe drinking water;
  • Promoting education, including special education and employment enhancing vocational skills especially among children, women, elderly and the differently able and livelihood enhancement projects;
  • Promoting gender equality, empowering women, setting up homes and hostels for women and orphans, setting up old age homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
  • Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agro forestry, conservation of natural resources and maintaining quality of soil, air and water including contribution to the Clean Ganga Fund setup by the Central Government for rejuvenation of river Ganga;
  • Protection of national heritage, art and culture including restoration of buildings and sites of historically importance and works of art, setting up public libraries, promotion and development of traditional arts and handicrafts;
  • Measures for the benefit of armed forces veterans, war widows and their dependants;
  • Training to promote rural sports, nationally recognized sports, Paralympics sports and Olympic sports.
  • 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;
  • Contributions or funds provided to technology incubators located within academic institutions which are approved by Central Government;
  • Rural development projects; and
  • Slum Area development.
PROHIBITED ACTIVITIES UNDER CSR

Punjab Retail will abstain from carrying out the following activities under CSR that may create dissatisfaction in any section of the Society:-

  • Activities concerned with religion like construction of temple/mosque etc.
  • Activities disturbing social harmony in any manner.
  • Activities exclusively for the benefit of employees of the company or their family members.
  • Such other activities as may be prohibited by Central Government.
CONSTITUTION OF CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Board of Directors of the Company at their meeting held on 14thOctober, 2014 has constituted a Corporate Social Responsibility Committee of the Board (“CSR Committee”) consisting of Shri Darpan Anand as Chairman of the Committee and Smt. Anubha Anand as member of the Committee.
The CSR Committee shall –
Formulate and recommend to the Board, a CSR policy and activities to be undertaken by the company as per Schedule VII;
Recommend the amount of expenditure to be incurred on the activities; and
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.

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 Managing Director or any one Director 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. Tax treatment of CSR spent will be in accordance with the Income Tax Act, 1961 as may be notified by CBDT.

PLANNING AND COORDINATION
  • Subject to the above, the Company will prepare an annual plan for CSR activities for each year within the budgetary provisions and will place the same before the CSR Committee / the Board of Directors for approval, as the case may be.
  • The focus of benefits will be in line with the activities mentioned in this document and as per programs, projects and schemes approved.
MONITORING AND EVALUATION

Regular update on the CSR initiatives undertaken and/ or to be undertaken shall be given to the CSR Committee. The impact of the CSR activities may be quantified to the extent possible. The Chairman of CSR Committee shall draw a time frame from the date of initiation. In case of any delay noticed while monitoring the CSR initiatives, remedial measures shall be taken for timely completion of the Project.

GENERAL
  • In case of any doubt with regard to any provision of the policy and also in respect of matters not covered herein, a reference to be made to the CSR Committee. In all such matters, the decision of the CSR Committee shall be final.
  • Any or all provisions of the CSR Policy would be subject to revision/amendment in accordance with the Companies Act, 2013, rules and regulations as may be prescribed by the Central Government, from time to time.
  • The Company reserves the right to modify, cancel, add, or amend any of these Rules.