Corporate social responsibility (CSR) is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders
New Era India Consultancy Private Limited is committed towards its desire to give back to the society and also exhibit to our stakeholders that we care more than our financial success.
The aim is to focus on issues which are close to our heart like promoting education & gender equality, care for old age citizens, encouraging sports among talented individuals and providing our contributions for welfare, relief & socio economic development of economically backward groups. All these initiatives have been undertaken to benefit the communities where the company is operating in, by helping to increase the literacy levels of these areas.
This needs a new kind of effort, a fresh initiative, in fact a movement against this malaise that is casting a dark shadow on our nation. The emergence of consent of Corporate Social Responsibility over Companies will supplement the vision of the Company towards the society.
The CSR Policy intends to:
- Strive for economic development that positively impacts the society at large with minimal resource footprint.
- Embrace responsibility for the Company’s actions and encourage a positive impact through its activities on promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects, empowering women and promoting gender equality, caring for the old citizens, encouraging sports among talented individuals & contributions for relief efforts & socio economic development of economically backward groups.
Some of the key terms used in the CSR Policy are as under:
- ‘Act’ means the Companies Act, 2013 (including any statutory modification or re- enactment thereof for the time being in force).
- ‘Company’ means “NEW ERA INDIA CONSULTANCY PRIVATE LIMITED”.
- ‘Board of Directors’ or ‘Board’, in relation to the Company, means the collective body of the directors.
- ‘Committee’ means Corporate Social Responsibility Committee constituted by the Board of Directors of the Company in accordance with the provisions of Section 135 of the Companies Act, 2013 and rules made thereunder.
- ‘Corporate Social Responsibility (CSR)’ means and includes but is not limited to:
- Projects or programs relating to activities specified in Schedule VII of the Act; or
- Projects or programs relating to activities undertaken by the Board of the Company in pursuance of recommendations of the CSR Committee of the Board as per this CSR Policy and will cover subjects enumerated in Schedule VII of the Act.
- ‘CSR Policy’ or ‘Policy’ means Policy on “Corporate Social Responsibility Policy” framed and implemented by CSR Committee and approved by the Board of Directors of the Company.
- ‘CSR Projects/Activities’ means the projects/activities which are included by the Company in this CSR Policy in accordance with Schedule VII of the Companies Act, 2013.
- ‘Average Net Profit’ means net profit as computed in accordance with Section 198 of the Act.
Words and expressions used in this policy and not defined herein, but defined under the Companies Act, 2013 shall have the meanings as assigned to them in the Act.
CSR means and includes but is not limited to:
- Projects or programs relating to activities specified in Schedule VII of the Companies Act, 2013.
- Projects and programs relating to activities undertaken by the Board of Directors of the Company in pursuance of the recommendations of CSR Committee of the Board.
The CSR Policy focuses on addressing critical social and economic needs of the underprivileged communities of our nation. Through this policy, we align our CSR strategy with non-governmental and not-for-profit organization to promote education & talent and relief & socioeconomic development. We adopt an approach that integrates the solutions to these problems into the strategies of the company to benefit the communities at large and create social and economic impact.
At New Era India Consultancy, our CSR governance structure will be headed by the Board Level CSR committee that will be ultimately responsible for the CSR projects undertaken. The committee will report to our Board of Directors.
The Committee members will be decided by the Board of Directors consisting of at least 3 Directors out of which at least one Director shall be Independent Director subject to rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force).
- Formulate and update our CSR Policy, which will be approved by the Board of New Era India Consultancy Private Limited.
- Suggest areas of intervention to the Board of New Era India Consultancy Private Limited.
- Approve projects that are in line with the CSR policy.
- Put monitoring mechanisms in place to track the progress of each project.
- Recommend the CSR expenditure to the Board of New Era India Consultancy Private Limited who will approve it.
- The Company can undertake its CSR Activities through a registered trust/society or a Non Profit Company or may also build up their own personnel as well.
- As a practice, we classify only those projects that are over and above our normal course of business as CSR. This policy applies to all our CSR projects and it will be further reviewed and updated by the CSR committee.
- Any surplus arising out of the CSR Projects/Activities shall not form part of the Business profit of the Company.
- New Era India Consultancy Private Limited may, at any time collaborate with other Companies for any program under CSR Activities.
In accordance with the requirements of the Companies Act, 2013 (“the Act”), the Company’s CSR programs shall mainly focus on the following areas:
- Education: Promoting education including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects.
- Gender Equality & Women Empowerment: 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.
- Sports: Training to promote rural sports, nationally recognized sports, Paralympic sports and Olympic sports
- Relief & Socio Economic Development: Contribution to the prime minister's national relief fund or any other fund set up by the central govt. for socio economic development and relief and welfare of the schedule caste, tribes, other backward classes, minorities and women;
However, the Company may choose to undertake additional CSR Activities falling within the purview of Schedule VII of the Act, as may be amended from time to time, based on the recommendations of the CSR Committee and as may be approved by the Board of Directors.
It shall be the discretion of the Committee to decide the Location/Area of CSR Activities within India. However, the Committee shall endeavor to give preference to local areas where the Company operates.
The total budget for the CSR projects each year will be recommended by the CSR Committee to the Board in accordance with the Companies Act, 2013.
The CSR committee will also ensure that any kind of income accrued to the company by way of CSR activities should be credited back to the community or CSR corpus.
- As per the regulations the company will set aside, for annual CSR activities, an amount equal to 2% of the average net profits of the Company made during the three immediately preceding financial years. Any unutilized CSR allocation fund of a particular year, will be carried forward to the next financial year i.e. the CSR budget will be non-lapsable in nature.
- The tax treatment of CSR spent will be in accordance with the Income Tax Act, 1961 as may be notified by the central board of Direct taxes.
The Board of Directors on its own and/or on the recommendation of CSR committee can amend its policy as and when required deemed fit. Any or all provisions of CSR Policy would be subjected to revision/amendment in accordance with the regulations on the subject as may be issued from relevant statutory authorities, from time to time.