The CSR Policy

The Corporate Social Responsibility Policy (“CSR Policy”) of Varmora Granito Private Limited (“the Company”) aims to contribute towards sustainable development of the society and environment to make planet a better place for future generations. The philosophy of CSR is imbibed in our business activities and social initiatives taken in the area of healthcare, sanitation, education, animal welfare, rural development, social and women empowerment, etc.

The activities enlisted in this CSR Policy are carried out by the company either individually or in association with eligible Implementing Agencies registered with the Ministry of Corporate Affairs.

The CSR Policy is formulated in accordance with the provisions of section 135 of the Companies Act, 2013 and rules made thereunder and other applicable laws to the company.

(i) “Act” means the Companies Act, 2013.
(ii) “Board of Directors” or “Board” means the collective body of the directors of the company.
(iii) Company” means “Varmora Granito Private Limited”.
(iv) “CSR Policy” means CSR Policy of Varmora Granito Private Limited.
(v) “CSR Rules” means the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended from time to time.
(vi) “Implementing Agency” means any entity registered with Ministry of Corporate Affairs for undertaking CSR projects, which is engaged by the company to implement various projects in pursuance of CSR Policy.

Any term used in this policy but not defined herein shall have the same meaning assigned to them under the Act and CSR Rules as applicable to the company.

The CSR Committee has been constituted by the Board. The CSR committee shall consist of minimum of 3 members, i.e.

(i) One nominee of promoter directors – Amit Doshi.
(ii) One nominee of investor director – Aamir Zeb.
(iii) Chief Financial Officer.
(iv) Any other member as may be decided by the committee members. The CSR Committee will continue to be in function until resolved by Board.

(i) The CSR Committee shall formulate and recommend a CSR policy to the Board. CSR policy shall point out the activities to be undertaken by the company as enumerated in Schedule VII of the Companies Act, 2013.
(ii) CSR Committee shall recommend the amount of expenditure to be incurred on the CSR activities, to be undertaken by the company.
(iii) CSR Committee shall monitor the CSR policy of the Company from time to time.
(iv) The committee shall establish a transparent controlling mechanism for the implementation of the CSR projects or programs or activities undertaken by the company.

(A) Company shall undertake CSR activities inconsistent with activities given under schedule VII of the Companies Act 2013:

a. Towards eradicating poverty, hunger and malnutrition, sanitation, and making available clean drinking water.
b. Promoting education, vacation skills, special education for children, women and elderly.
c. Promote gender equality, women empowerment, setting up old age homes, hostels, orphans, day care centres and other facilities for senior citizens and economically backward people.
d. Ensure sustainable environment, protection of flora and fauna, animal, soil, air water and all other natural resources.
e. Protect national heritage, art and culture, setting up libraries, protection and development of traditional art and handicrafts.
f. Measures towards Development of widows of armed forces people.
g. Promote rural sports, Olympics and Paralympic sports.
h. Contribution towards following funds set up by the central government:
(i) Swacch Bharat Kosh;
(ii) Clean Ganga Fund;
(iii) Prime Minister’s National Relief Fund (PMNRF);
(iv) Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund);
(v) Any other fund set up by the Central Government and notified by the Ministry of Corporate Affairs, for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women.
i. Contribution towards research and development projects in the field of science technology or medicines.
j. Contribution to public funded universities, IITs, DAE, DBT, DST, ICAR, CSIR, DRDO, AYUSH and ICMR etc.
k. Rural development projects
l. Towards disaster management including relief, rehabilitation and reconstruction activities.

(B) CSR amount shall not be spent for the following activities:

a. Activities undertaken by the company in the normal course of the business.
b. Activities undertaken by the company outside India except for training of Indian sports personnel.
c. Contribution to any political party directly or indirectly.
d. Activities benefitting employees of the company.
e. Activities carried out for fulfilment of any other statutory obligations under any other law.
f. Activities supported by the companies on sponsorship basis for deriving marketing benefits for its own products and services.

The Company shall endeavour to achieve the objectives of CSR Policy and allocate every year:
(a) The CSR committee and the Board shall ensure that the company spends, in every financial year, at least two percent (2%) of the average net profits of the company made during the three immediately preceding financial years or where the company has not completed the period of three financial years since its incorporation, during such immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy.
(b) If the company spends an amount in excess of the requirements provided in a financial year, such company may set off such excess amount against the requirement to spend for three immediately succeeding financial years and in such manners, as prescribed under Companies Act, 2013.
(c) Transfer of Unspent Amount: If the company fails to spend such amount, the Board shall, in its report specify the reasons for not spending the amount and, unless the unspent amount relates to any ongoing project, transfer such unspent amount to a Fund specified in Schedule VII, within a period of six months of the expiry of the financial year.

CSR programs, projects or activities of the company should be implemented through following methods:
(i) Directly by the company;
(ii) Implementing Agencies;
(iii) Any foundation or body incorporated by the company and eligible to undertake such CSR projects.
(iv) in collaboration with other organizations/group companies

Capital asset acquired or created by CSR projects should be held by the beneficiaries of the said CSR project or a trust or a public authority for the benefits of all. The company should take appropriate measure to ensure that such assets are utilized for the purpose it was meant for and should not be transferred or disposed-off without prior permission of the company.

The CSR Committee shall report to the Board of the Company. The Composition of the CSR Committee, CSR projects approved by the Board. The Policy shall be disclosed on the website of the Company.

Amendments to the CSR Policy, if any, shall be considered by the Board of the Company, based on the recommendations of the CSR Committee. This Policy has been made as per the provisions of the Companies Act, 2013 and the Rules made thereunder (‘Applicable law’). Any amendments in the Applicable Law, including any clarifications/ circulars of relevant regulator, if mandatory, shall be read with this Policy such that the Policy shall automatically reflect the contemporaneous Applicable Law at the time of its implementation.

The CSR Committee shall be fully responsible for the monitoring and review of the implementation of this policy in accordance with applicable laws from time to time.

Corporate information