PREAMBLE:
CSR has become a way of conducting business by which Corporates visibly contribute to social good and integrate economic, environmental and social objectives with their operations and growth. It is a step forward for the organizations to become socially responsible corporate citizens.
VARDHMAN YARNS AND THREADS LIMITED (VYTL) VISION ON CSR:
VYTL vision is to pursue a corporate strategy that enables realization of the twin goals of shareholder value enhancement and societal value creation in a mutually reinforcing and synergistic manner.
MISSION STATEMENT ON CSR:
Our mission is to be a committed Corporate Citizen alive towards Social Responsibility with a view to make a positive difference to Society.
CSR INITIATIVES BY VYTL:
VYTL has been making positive contribution to the Society in the form of its products and services in the field of Yarns and Threads since about last 10 years. With a growing realization in the organization to contribute more directly for the upliftment of the society, the interface with society has become multidimensional. Noteworthy contribution has been made in the field of education, vocational training for skill development and environment conservation. The common thread among all the aforesaid different fields is to focus on capacity building for long term sustainable impact on the society.
VYTL’s initiatives towards CSR in the past include contribution towards Capability Enhancement Training Programs, providing aid during disasters/natural calamities and energy saving & conservation of natural resources through environmental management etc.
CSR POLICY UNDER SECTION 135 OF COMPANIES ACT 2013 READ WITH COMPANIES (CORPORATE SOCIAL RESPONSIBILITY) RULES, 2014):
SELECTION OF PROJECTS:
The focus areas for selection of CSR projects of the Company are as follows:
PROMOTION OF EDUCATION: To continue our endeavor for promoting education by supporting various Government Schools/Educational Institutes/Vocational Training Institutes, support to various Colleges to deliver high quality education to students of all strata of society. It, inter-alia, includes various other initiatives such as grant of Scholarships to deserving-needy students, computer education and supply of equipment to students and developing innovative teaching methods. These initiatives are to be taken primarily in the vicinity of Company's operations with a view to ensuring their long term sustainability.
2.PROMOTION OF HEALTHCARE: To address issues around affordability and accessibility of quality healthcare and bring about improvement in awareness and health seeking behavior in the society, enabling a better living, through initiatives such as:
a) Improving or building healthcare infrastructure
b) To support various Government Hospitals and Healthcare institutes i.e. Civil Hospitals and Government Dispensaries etc.
c) To support various charitable hospitals and institutes which are providing various primary, secondary and tertiary healthcare facilities to the society at reasonable rates.
d) Conducting need based health camps, activities to improve hygiene and distribution of medicines etc.
e) Improving healthcare delivery through innovative outreach programmes
These initiatives are to be taken primarily in the vicinity of Company's operations with a view to ensuring their long term sustainability.
ENVIROMENT PROTECTION AND ENERGY CONSERVATION: To protect environment and to sustain and continuously improve standards of Environment, Health and Safety through the collective endeavor of Company and its employees at all levels towards attaining world class standards. Also to contribute in conservation and development of natural resources including forest resources.
DEVELOPMENT OF HUMAN CAPITAL: To encourage the development of human capital through skills development, vocational training programmes.
RURAL DEVELOPMENT: To contribute to development in rural areas near by unit of the Company and knowledge sharing and other social practices such as soil and moisture conservation and watershed management etc.
OTHER INITIATIVES:
To contribute to empowering women economically, supplementing primary and secondary education and participating in rural capacity building programmes and such other schemes.
To provide support and respond to emergency situations & disasters by providing timely help to affected victims, families of victims directly or through State, Center Government, or Government or semi-government bodies, charitable instructions or NGO's etc.
Any other project/ programme pertaining to activities listed in Companies (Corporate Social Responsibility) Rules, 2014).
IMPLEMENTATION
The CSR Committee shall identify the suitable projects/activities and shall allocate funds for these projects/activities in a financial year in accordance with this CSR Policy.
The Company may carry out CSR activities directly or through approved trusts i.e. Banarso Devi Oswal Public Charitable Trust and Sri Aurobindo Socio Economic & Management Research Institute.
The Company may also collaborate with other registered societies, trusts, Companies registered under section 8 of the Companies Act, 2013 etc for carrying out CSR activities provided that such societies, trusts, Companies shall have an established track record of three years in undertaking similar programmes or projects.
MONITORING OF PROJECTS / ACTIVITIES
A review of the implementation of projects / activities approved and utilization of funds released to designated agencies will be undertaken by CSR Committee periodically to ensure compliance and efficient utilization of the funds for achieving the intended objectives.
FORMULATION OF ANNUAL ACTION PLAN AND RECOMMENDATION OF THE SAME TO BOARD OF DIRECTORS
The CSR Committee shall formulate and recommend to the Board of Directors, an Annual Action Plan for executing the selected CSR Projects on Financial Year basis and Annual Action Plan shall include the following details:
1. The list of CSR projects/programmes approved to be undertaken in a Financial Year.
2. Manner of execution of CSR projects/programmes (Direct or through any Trust/Society).
3. Modalities of utilisation of funds and implementation schedules for the projects/programmes.
4. Monitoring and reporting mechanism for the projects/programmes.
The CSR Committee may revise the Annual Action Plan from time to time as per requirements of the projects.
CSR Committee Members
1. Mr. Christopher Randall Alt, Chairman
2. Mr. D.K. Sindwani, Non Executive Director
3. Mr. John Eapen, Non Executive Director and Independent Director
4. Mr. Sandeep Kapur, Non Executive Director and Independent Director
