1. Corporate Social Responsibility (CSR) Policy of Sedin Technologies
At Sedin, we recognize that every milestone we achieve has been reached through the effort and dedication of our entire team of Sedinites. Whilst we celebrate our work and wins, we understand that it is crucial to give back to the community and society that has fostered our knowledge and skills, and help Sedin progress towards our goal. Not only through our technological ventures and innovation, we also actively look to use our resources and influence to maintain the sustainability and stability of our surroundings
The Enactment of Companies Act, 2013 by the Ministry of Corporate Affairs, Government of India, has brought about statutory obligations on companies to take up various Corporate Social Responsibility (CSR) projects towards social causes and welfare activities.
Sedin Technologies (‘Sedin’ or the ‘Company’) looks to proudly adopt such practices into our ecosystem and undertake various initiatives to tangibly and positively impact our society and the environment. As a company firmly rooted in ethical practices and beliefs, we extend our values towards the larger community and circle of people.
The objectives of Sedin’s CSR Policy are:
- To lay down comprehensive guidelines and mottos that will be adopted by the Company to fulfil its CSR obligations as monitored by the CSR Board
- To provide layout for various activities/initiatives that will be undertaken by the Company in the areas of poverty reduction, hunger and malnutrition eradication, animal welfare, education, healthcare, infrastructure, culture and overall social improvement of disadvantaged groups.
- To solidify and put to practice the aforementioned actions by the Company for societal and environmental preservation.
2. CSR Activities and Focus Areas
The Company is to undertake projects which fall under any of these focus areas as specified by the Schedule VII of the Act. All such initiatives will be undertaken in accordance with the activities specified in Schedule VII of the Act, read with Section 135 of the Act.
- 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.
- Promoting education, including special education and employment enhancing vocational skills especially among children, women, elderly and the differently abled and livelihood enhancement projects.
- 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.
- 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 including contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga.
- Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional art and handicrafts;
- Measures for the benefit of armed forces veterans, war widows and their dependents, [ Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows];
- Training to promote rural sports, nationally recognised sports, paralympic sports and olympic sports.
- Contribution to the prime minister’s national relief fund 8[or Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES 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;
- Contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government; and
- Contributions to public funded Universities; Indian Institute of Technology (IITs); National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE); Department of Biotechnology (DBT); Department of Science and Technology (DST); Department of Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy (AYUSH); Ministry of Electronics and Information Technology and other bodies, namely Defense Research and Development Organisation (DRDO); Indian Council of Agricultural Research (ICAR); Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).
- Rural development projects.
- Slum area development.
Explanation.- For the purposes of this item, the term `slum area' shall mean any area declared as such by the Central Government or any State Government or any other competent authority under any law for the time being in force.
- Disaster management, including relief, rehabilitation and reconstruction activities.
4. CSR Committee
As per the provisions of Section 135 of the Act, the Board of Directors of the Company has vested the responsibility of overseeing the CSR implementation to the CSR Committee (‘Committee’). The Committee will be held responsible for all decisions taken with respect to the Company’s CSR obligations:
5 .Responsibilities of CSR Committee
- 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 the activities referred to in clause (a); and
- Monitor the Corporate Social Responsibility Policy of the company from time to time.
6. CSR Expenditure
The Board of the Company shall ensure that the company spends, in every financial year, at least two per cent of the average net profits of the company made during the three immediately preceding financial years.
Provided that the company shall give preference to the local area and areas around it where it operates, for spending the amount earmarked for Corporate Social Responsibility activities:
Provided further that if the company fails to spend such amount, the Board shall, in its report made under clause (o) of sub-section (3) of section 134, specify the reasons for not spending the amount and, unless the unspent amount relates to any ongoing project, transfer such unspent amount to a Fund specified in Schedule VII, within a period of six months of the expiry of the financial year.
Provided also that if the company spends an amount in excess of the requirements provided under this subsection, such company may set off such excess amount against the requirement to spend under this subsection for such number of succeeding financial years and in such manner, as may be prescribed
Any amount remaining unspent, pursuant to any ongoing project, fulfilling such conditions as may be prescribed, undertaken by a company in pursuance of its Corporate Social Responsibility Policy, shall be transferred by the company within a period of thirty days from the end of the financial year to a special account to be opened by the company in that behalf for that financial year in any scheduled bank to be called the Unspent Corporate Social Responsibility Account, and such amount shall be spent by the company in pursuance of its obligation towards the Corporate Social Responsibility Policy within a period of three 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 thirty days from the date of completion of the third financial year.
7. Disclosure of CSR
As per CSR obligations, the contents of the CSR Policy shall be included in the Directors’ Report and the same shall be displayed on the Company’s website if any. The Committee will submit an Annual Report for review of the Board in accordance with the rules of the Companies Act, 2013.