With the notification of Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014 every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors.
The said Corporate Social Responsibility Committee shall formulate a policy for adopting the same by the Board.
For Head Infotech India Private Limited, Corporate Social Responsibility (herein referred to as ‘CSR’) is not just a statutory requirement under the Companies Act, 2013 but, Head Infotech recognises it as its responsibility towards the society as a responsible corporate house.
CONSTITUTION OF CSR COMMITTEE
The Committee shall consists of below directors:
- Mr. Deepak Gullapalli (Chairman cum Managing Director)
- Mr. Mohit Kansal (Director)
- Mr. Michael Wagman (Director)
The CSR Committee shall inter alia, carry out the following functions:
Formulating and recommending to the Board the CSR Policy and indicating activities to be undertaken as per Schedule VII of the Companies Act 2013.
Recommending to Board the amount of expenditure for CSR activities.
Regularly monitoring the implementation of the CSR activities.
IDENTIFICATION OF THRUST AREAS
For purpose of focusing its CSR efforts in a continued and effective manner, the following thrust areas have been identified:
|Projects undertaken/ to be undertaken by the company||Actions|
|Disaster Management Activity||Contribution to funds set up by Central Government towards Natural disaster affected victims/areas.|
|Hunger, Poverty and health care||Head Infotech will work with various NGOs working for basic care, medical and health related projects.|
|Education||School improvement, teacher empowerment, learning enrichment including women empowerment.|
|Rural Development||Rural development projects. Strengthening rural areas by improving accessibility, drinking water, power, schools, awareness and training programmes, thereby creating sustainable villages|
The Company shall strive to implement the aforesaid CSR activities on our own to the possible extent or collaborating with various organisations, which are registered as a trust, registered society or through any other form/means under the applicable laws.
Board shall at the beginning of every financial year, transfer an amount, (not less than 2% of the average net profits of the Company made during three immediately preceding financial years) to a separate account, which shall be specifically earmarked for the purpose of undertaking the CSR as enshrined in this CSR Policy.
The Investment in the CSR shall be project based or programs or activities (excluding activities undertaken in pursuance of company’s normal course of business) as may be determined by the Board from time to time on the recommendation of the CSR Committee.
The time period or duration over which a particular programme will spread, will depend on its nature, extend of coverage and the intended impact of the programme. Programmes which involve financial commitment and timeframe of 2- 5 years will be considered as flagship programmes.
MONITORING AND REVIEW MECHANISM
The CSR committee shall constitute an internal monitoring committee along with set of guidelines to carry out proposed CSR activities as approved by the Board. The CSR Committee will assign the task of implementation of the CSR Plan within specified budgets and timeframes to the internal Monitoring Committee.
The Internal Monitoring Committee will carry out such CSR Programmes as determined by the CSR Committee and report on the progress thereon at such frequency as the CSR Committee may direct.
The CSR Committee shall review the implementation of the Programmes quarterly and issue necessary directions from time to time to ensure orderly and efficient execution of the CSR Programmes in accordance with this Policy.
CSR expenditure will include all expenditure, direct and indirect, incurred by the company on CSR Programmes undertaken in accordance with the approved CSR Plan. Moreover, any surplus arising from any CSR Programmes shall be rolled back for CSR activity only.
The Company shall in pursuance of this policy designate a separate current account earmarked for its CSR activities and transfer every financial year at least two percent of the average net profits made during the three financial years to said account.
Further the provisions of the CSR Policy would be subject to revision/amendment by the Board of Directors of the Company based on the recommendations of the CSR Committee or else in accordance with guidelines/notifications on the subject as may be issued, from time to time.