The Board of Directors (the “Board”) of Condor Footwear (India) Limited (the “Company”) has adopted the following policy and procedures with regard to Corporate Social Responsibility. The Board may review and amend this policy from time to time subject to the recommendations of Corporate Social Responsibility Committee.
Policy Objective & Philosophy
It is pertinent that business enterprises are economic organs of society and draw on social resources; we at the company believe that a company’s performance must be measured by its
Triple Bottom Line contribution to building economic, social, and environmental capital towards enhancing social sustainability. The Company will continue crafting unique models to generate livelihoods and create a better society. Such Corporate Social Responsibility (“CSR”) projects are far more replicable, scalable and sustainable, with a significant multiplier impact on sustainable livelihood creation and working for a cause of humanity.
Constitution of CSR Committee
The Board of Directors of Condor Footwear (India) Limited have formed a Corporate Social Responsibility Committee (the “CSR Committee”) in line with Section 135 of the Companies Act, 2013 (the “Act”).
The CSR Committee’s members are:
- Nivesh K. Khanna, Independent Director & Chairman of CSR Committee
- Jaikishan Adnani, Whole-Time-Director of the Company
- Rakesh Adnani, Whole-Time-Director of the Company
- Ruggero Abbiati, Whole-Time-Director of the Company
The CSR Committee will carry out the following functions:
- To formulate and recommend to the Board, a Corporate Social Responsibility Policy indicating activities to be undertaken as specified in Schedule VII of the Act;
- To recommend the amount of expenditure to be incurred on the Corporate Social Responsibility activities referred to in Clause – a
- To monitor the Corporate Social Responsibility policy from time to time.
CSR projects, programs, and activities
In accordance with the CSR objective & philosophy and the specified activities under the Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014 (the “CSR Rules”), and any amendment(s) thereof, the CSR activities of Condor Footwear (India) Limited will have the following thrust areas:
- Promoting Education
- Promoting Health care
- Eradicating Hunger, Poverty, and Malnutrition
- Environment protection
- To carry out any other activities or projects undertaken within the broad framework of Schedule VII of the Companies Act, 2013
Manner of undertaking CSR Activities/Implementation
The CSR activities would be undertaken in the best possible manner to ensure that the amount spent is utilized for the benefit of target people in the most effective manner. The CSR activities shall be carried out in any of the following ways as the CSR Committee in its absolute discretion may decide. The CSR Committee may decide to use any one or all or a combination of any of the following ways to undertake the CSR activities/ projects/programs:
- Directly by the Company through its personnel.
- Through Implementing Agencies
- Through any other registered trust/any registered society/any other company/organization that are qualified for undertaking CSR activities in terms of the provisions of the Companies Act, 2013 and have proven track record and possessing core competencies to undertake such activities.
- By participating in the CSR Schemes (of the nature as prescribed in Schedule VII of the Act) as prescribed under Section 35 of the Income-tax Act.
- Implementation Schedule for each CSR activity/project/program shall be approved by the CSR Committee.
- The CSR Committee will follow stringent monitoring of the progress of the CSR activities and will establish a Management Information System to monitor the progress of the project, utilization of amount and benefits delivered to and realized by the target people.
- A report on periodic basis, as may be desired by the Board, shall be provided to the Board.
- The CSR Committee will review the Policy from time to time based on changing needs and aspirations of the target beneficiaries and make suitable recommendations as may be necessary and recommend to the Board for approval.
CSR expenditure will include all expenditure as may be permitted under the applicable laws, including contribution to corpus for CSR Programs approved by the Board on the recommendation of its CSR Committee, but does not include any expenditure on an item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Act
Area of Operation for CSR
The area of operation for undertaking CSR activities will be restricted to the territorial jurisdiction of India.
Treatment of Surpluses
Any surplus generated from CSR projects/programs undertaken by us will be tracked and channelized into our CSR corpus. These funds will be further used in the development of the CSR projects and will not be added to the normal business profits.
The Board’s Report of the Company to include an annual report on CSR containing particulars specified in the annexure to the rule pertaining to a financial year commencing from April 1, 2014
The contents of the approved CSR Policy shall be disclosed in the Board’s Report and displayed on the Company’s website.