(Pursuant to Section 135 of the Companies Act, 2013)
1. Short Title & Applicability:
- Star Global CSR policy has been developed pursuant to Section 135 of the Companies Act, 2013 (referred to as the Act in this policy) and in accordance with the ‘Companies (Corporate Social Responsibility Policy) Rules, 2014, (hereby referred to as the Rules) notified by the Ministry of Corporate Affairs, Government of India in 2014.
- This policy, which encompasses the company’s philosophy for delineating its responsibility as a corporate citizen and lays down the guidelines and mechanism for undertaking socially useful programmes for welfare& sustainable development of the community at large, is titled as the ‘Star Global CSR Policy’.
- The Policy shall apply to all CSR projects/programmes undertaken by the Company in India as per Schedule VII of the Act.
- This policy shall be applicable to Star Global Multi Ventures Private Limited only.
- The Company (‘Star Global’) has to make CSR expenditure of prescribed amount, if it is having net worth of INR 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 the immediately preceding financial year.
2. CSR Objective:
The objective of the Star Global CSR Policy is to:
- To make CSR a key business process for sustainable development of the society and Expeditors will act as a good corporate citizen and aims at supplementing the role of Government in enhancing the welfare measures of the society within the framework of its policy.
- To directly or indirectly take up programme that benefits the communities in & around its work centres and results, over a period of time, in enhancing the quality of life & economic well being of the society.
- To pursue a corporate strategy that enables realisation of the twin goals of stakeholders’ value enhancement and societal value creation in a mutually reinforcing and synergistic manner.
- To collaborate with communities and institutions to contribute to the national mission of eradicating poverty and hunger, especially in rural areas, through knowledge sharing, empowering women economically, gender equality, supplementing primary education and participating in rural capacity building programmes and such other initiatives.
3. Activities to be Undertaken:
The CSR Activities/Projects, shall be in the areas or subjects, as specified in Schedule VII of the Companies Act, 2013 and subsequent amendment notification, circulars issued by Ministry of Corporate Affairs, Govt. of India or issued by other Ministries of Govt. of India thereof.
4. CSR Spend:
For achieving its CSR objectives through implementation of meaningful & sustainable CSR programmes, the Company will allocate 2% of the average net profits of the company made during the three immediately preceding financial years.
‘Net Profit’ shall be calculated in the manner prescribed by the Act and the CSR Rules. Any ‘Income’ or ‘Surplus’ that may arise from its CSR activities would also be included in the CSR corpus and will not form part of business profits of the Company. The CSR activities of the Company shall not include any benefits which are exclusively for the employees of the Company or their family members.
5. Monitoring & Disclosure of CSR Projects:
To ensure effective implementation of the CSR programmes undertaken at work centre, a monitoring mechanism will be put in place by the Board.
Appropriate documentation of the Star Global CSR Policy, annual CSR activities, executing partners, agreements, report and expenditure entailed will be undertaken on a regular basis and the same will be reported to the or Board.
The Board has power to appoint authorized officials, employees of the Company, any consultant and professional to monitor CSR programmes.
The Board shall ensure that appropriate disclosures are made to the shareholders in the company’s annual reports. The Contents of the CSR Policy and the annual action plan (i.e. projects approved by the Board) shall be disclosed in the Board’s report and displayed on the Company’s website.
6. CSR Activities/ Projects/ Programs:
The Board shall approve overall limits for CSR Activities to be undertaken by the Company and shall approve individual projects/ programs including contribution towards the Corpus Fund, if any. The projects/ programs or activities to be chosen by the Company shall correspond to its CSR Policy as well as its annual action plan, as amended from time to time.
The Company may spend up to 5% of the total CSR expenditure in one financial year on administrative expenses relating to general management and administration of CSR functions in the Company.
The surplus arising out of the CSR activities will not be considered as a part of the business profits of the Company and shall be ploughed back into the same project, or shall be transferred to the unspent CSR account and it should be spent in pursuance of this CSR policy and annual action plan of the Company, or the Company may transfer such surplus amount to a Fund specified in Schedule VII of the Act, within a period of six months of the expiry of the financial year.
The unspent amount, if any other than unspent amount relating to an ongoing projects, will be transferred to a Fund specified in Schedule VII, within a period of six months of the expiry of the respective financial year.
The unspent CSR funds of ongoing projects will be transferred within a period of 30 days from the end of the respective financial year to a special account opened by the Company in any scheduled bank called the “Unspent Corporate Social Responsibility Account”. Such amount shall be spent by the Company towards CSR within a period of 3 financial years from the date of such transfer, failing which, the company shall transfer the same to a Fund specified in Schedule VII, within a period of 30 days from the date of completion of the third financial year.
7. Constitution & Responsibilities of CSR Committees :
Constitution of Corporate Social Responsibility Committee:
In compliance with Section 135(9) of the Companies Act, 2013, there is no requirement to constitute Corporate Social Responsibility Committee if the CSR expenditure does not exceed fifty lakhs. The Board of Directors of the Company will carry out the functions of such Corporate Social Responsibility Committee of the Board (“CSR Committee”).
Duties of Board of Directors:
As per sub section (3) of section 135 of the Companies Act, 2013, the duty of the Board shall be as follows;
- Formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company in areas or subject, specified in Schedule VII
- Recommend the amount of expenditure to be incurred on such activities
- The Board will approve the CSR Policy for the company and ensure that the activities as included in CSR Policy are undertaken by the company.
8. Undertaking CSR Activities:
The Company can undertake CSR Activities either through itself or through implementing agencies. The Implementing Agencies should fulfill the criteria as specified in the provisions of the Companies Act, 2013.
9. Amendments to the CSR Policy:
This policy is effective from April 1, 2021 and the Board of Directors of the Company shall have the powers to revise/modify/amend this Policy from time to time, as the Board may think fit.
| Sl. No. | Name of the Programme | Item from the list of activities in Schedule VII to the Companies Act, 2013 | Revised amount allocated for the Programme (In Rs. Lakhs) |
|---|---|---|---|
| 1 | Protection of River and Environment | Clause IV – ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water; | 30.50 |
| 2 | Prevention from Drugs | Clause I- eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe drinking water; | 1.75 |
| 3 | Animal Welfare | Clause IV – ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water 48[including contribution to the Clean Ganga Fund setup by the Central Government for rejuvenation of river Ganga; | 2.25 |
| 4 | Education | Clause II- promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects | 3.90 |