CORPORATE SOCIAL RESPONSIBILITY POLICY

PREAMBLE

SHRIRAM VERITECH is committed to be a socially responsible enterprise with focus on social well being of the community with special focus on the under privileged section of the society while creating long term value for all stakeholders.

SHORT TITLE & APPLICABILITY:

This policy, which encompasses the company’s philosophy for delivering its responsibility as a corporate citizen and lays down theguidelines and mechanism for undertaking socially useful programs for welfare & sustainable development of the community atlarge, is titled as the “Shriram Veritech Solutions Pvt. Ltd. CSR Policy”. It has been prepared keeping in mind the company’s business ethics and to complywith the requirements of Companies Act, 2013 (hereinafter called as “the Act”) and the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, notified by the Ministry of Corporate Affairs vide Notification dated 22nd January2021.

This policy shall apply to all CSR initiatives and activities taken up at the various locations of the Company, for the benefit of different segments of the society, specially the deprived, under-privileged and differently abled persons.

In the event of their being a requirement of setting up a CSR Committee, it shall have -

Composition:

The Corporate Social Responsibility Committee shall consist of two Directors

Meetings:

The Committee shall hold meeting as and when required, to discuss various issues on implementation of the CSR Policy of the Company. The members would thrive to hold at least one meeting in a financial year.

Quorum:

The quorum for a meeting of the Committee on CSR shall be its total strength.

Sitting Fee:

The Sitting Fees for attending the meeting shall be determined from time to time by the Board of Directors.

VISION & OBJECTIVE:

This CSR Policy intends to make a positive impact on the quality of life of the various sections of society with preference to the area in the vicinity of its business operations.

The main objective of the Policy is to establish the basic principles and the general framework of action for the management to undertake and fulfill its corporate social responsibility.

CSR ACTIVITIES:

The company shall carry out its CSR Activities in accordance with the provisions of the Companies Act, 2013 with special focus on the following areas

• Promoting Education, Healthcare and Sanitation
• Eradicating hunger, poverty, and malnutrition
• Environmental Sustainability
• Promoting Gender equality
• Rural Development and Slum Area Development Projects
• Protection of National Heritage and Art & Culture
• Measures for benefit of armed forces veterans, war widows and their dependents
• Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for socio economic development and relief and welfare of scheduled castes, the scheduled tribes, other backward classes, minorities and women

CSR BUDGET:

• Every year, the Company is required to spend at least 2% of the net profits made by the Company during immediately preceding 3 financial years.
• Any unspent amount shall be utilized as per provisions of Companies Act and rules made there under or any other statutory enactments.
• Any surplus arising out of CSR activities shall not form part of business profits of the Company and shall be ploughed back into the same project/programme/activity.

IMPLEMENTATION:

• A Central Department will be responsible for implementing CSR activities across the company.
• The CSR Department will be headed by a person nominated by the Company (currently Shri Luv. D. Shriram) supported by adequate personnel.
• The CSR activities will be implemented, in any of the following manner: -
  • Directly
  • Collaborating with various organisations, which are registered as a Trust or a Section 8 Company or Society or NGO or any other entity specialising in CSR activity, registered under Rule 4(2) of Companies (CSR Policy) Rules.
  • Collaborating with other Companies or industry bodies like CII, FICCI, etc
  • Contributing to various funds permitted under the Companies Act, 2013.
• The CSR activities shall be carried out in a transparent and time bound manner.

MONITORING:

• After the CSR plan is approved by the Board, the CSR cell will take steps for implementation of the CSR activities.
• The CSR Committee shall review the progress on implementation of CSR activities on annual basis and submit progress report to the Board.
• The Chief Financial Officer shall, on an annual basis, certify to the Board that funds so disbursed have been utilized for the purposes and in the manner approved by the Board.

ANNUAL ACTION PLAN:

In case of there being a CSR Committee, it shall formulate and recommend an annual action plan to the Board for its approval. In case of there being no CSR Committee, the Board shall approve the Annual Action Plan. This annual action plan shall include the following details:

• the list of CSR projects or programmes that are proposed to be undertake in areas or subjects specified in Schedule VII of the Act.
• the manner of execution of such projects or programmes as specified in the rules.
• the modalities of utilisation of funds and implementation schedules for the projects or programmes.
• monitoring and reporting mechanism for the projects or programmes; and
• details of need and impact assessment, if any, for the projects undertaken by the Company.

REPORTING

The CSR policy and the CSR activities are communicated to all stakeholders as per the applicable regulatory requirements.

GENERAL:

• All or any provisions of this policy would be subject to revision/ amendment by the Board of Directors of the Company based on the recommendations of CSR Committee or else in accordance with the guidelines on the subject as may be issued, from time to time.
• The Company shall follow provisions of the Companies Act, 2013 and rules framed thereunder and any other legal provisions pertaining to CSR, as amended from time to time.
• In the event of any conflict between any of the provision of this Policy and the Act or rules framed thereunder or any other statutory enactments, the provisions of such Act or rules or statutory enactments shall prevail over this Policy.
• In case of any amendment(s), clarification(s), circular(s), notification(s) etc. issued by the relevant authorities, not being consistent with the provisions laid down under this Policy, the same will be put up to the Board.