Our CSR Mandate
In compliance with the provisions under The Companies (Corporate Social Responsibility Policy) Rules, 2014 (hereinafter referred to as the “CSR Rules”) issued by the Ministry of Corporate Affairs (“MCA”), Government of India under Section 135 of the Companies Act, 2013 (“the Act”) , Versatile Enterprises (P) Ltd constituted CSR Committee at meeting held on. The CSR Committee of the Board had drafted a CSR Policy, which was approved by the Board of Directors at their meeting held on. This policy will be subject to the provisions of the aforesaid Act and Rules (as amended from time to time).
The Policy can be downloaded from the website of the Company at www.versatilegroup.in
Versatile Enterprises (P) Ltd (hereinafter referred to as “the company” registered on 12 April, 1983 Under Company Act 1956) has well incorporated ethical and sustainable business practices. We always believe in giving back to society and contributing to the social, economic and environmental progress of the country. The Company from time to time had been functioning as philanthropist and undertaking a series of social initiatives that were locally relevant. The key focus of the group had always been to promote education, preventive health and Swachh Bharat Abhiyaan. Our CSR policy gets its reflection and core from the company’s business ethics and our earlier social commitments.
CSR Vision Statement and Objective
We as a responsible corporate will be contributing to society by empowering people especially women and Divyang by investing in various human development index like education, preventive health and sanitation with special focus on improving their environment and quality of life. We further believe that our Corporate Responsibility lies in embracing core corporate values through commitment to grow in a socially and environmentally responsible way, while meeting the interests of all relevant stakeholders.
- To take up programs that benefit the disadvantaged communities especially girl child education and health in augmenting their the quality of life and economic well-being including provision of access to basic sanitation necessities;
- To actively support the national development initiatives like Swachh Bharat Abhiyaan and Right of persons with disability etc to ensure sustainable change;
- To set high standards of quality in the delivery of services in the social sector especially sanitation at the basic level like government educational institutions by creating processes and replicable models;
- Through CSR programs to build a rapport among the stakeholders and reinforce the image of the group as a responsible corporate;
- Recognize the importance of environment in the CSR activities for the sustainability of efforts; and
- To encourage its employees to volunteer through relevant programs
This Policy shall apply to all CSR projects/programmes/activities undertaken by the Company in India as per Schedule VII of the Act.
- Corporate Social Responsibility (CSR) Activities means the activities includes, projects or programs relating to activities specified in Schedule VII to the Act or as may be amended from time to time and as enumerated under this policy
- Projects or programs relating to activities undertaken by the Board of directors of the company in pursuance of recommendations of the CSR Committee of the Board as per declared CSR Policy of the company subject to the condition that such policy will cover subjects enumerated in Schedule VII of the Act.
The projects will be undertaken on locations as decided upon by CSR committee based on recommendation of CSR team
CSR Committee shall constitute of the following directors
- Arun Seth ; Chairperson CSR
- Anuj Seth ; Director
- O.P. Miglani; Independent director
The CSR Committee shall have, inter alia, the following roles, powers and responsibility:
- Formulate and recommend to the Board of Directors of the Company, a Corporate Social Responsibility Policy (“CSR Policy”) indicating the activities to be undertaken by the company as specified in Schedule VII of the Act and any amendments therein;
- to recommend the amount of expenditure to be incurred on activities referred to in clause (i);
- Develop and approve various CSR projects, programs and activities to be undertaken from time to time either directly by the Company or through other entities
- Determine modalities of execution of such CSR projects, programs and activities
- Undertake all necessary steps to implement the CSR activities
- Authorise and approve CSR expenditure from time to time subject to the limits approved by the Board of Directors
- Monitor the CSR Policy and activities from time to time.
- Carry out all such acts, deeds, matters and things as may be required in connection with aforesaid matters and generally for any matter connected with the CSR policy of the Company
Role of the Board
- After taking into account the recommendations made by the CSR Committee, approve the CSR Policy for the Company.
- Ensure that the CSR activities included in this Corporate Social Responsibility Policy are undertaken by the Company.
- Ensure that in each financial year the Company spends at least 2% of the average net profits of the company made during the three immediate preceding financial years, calculated in accordance with Section 198 of the Act, in pursuance of its CSR policy.
Company CSR Focus Area
The company shall identify projects/activities falling in the ambit of the following priority areas for CSR implementation:
- Promoting preventive health care and sanitation under Swachh Bharat Abhiyan like construction of toilets including making available safe drinking water;
- Promoting education including health education especially for girl childand employment enhancing vocation skills specially among children, women, elderly and differently able and livelihood enhancement projects;
- Promoting gender equality, empowering women;
- Ensuring environmental sustainability through protection of urban green areas; and
- Training to promote rural sports, nationally recognised sports, paralympic sports and Olympic sports.
All activities under the CSR would be pre assessed for social acceptability and post assessed for impacts.
Project Proposal, Approval And Execution
- In order to utilize the budget judiciously and ensure the visibility and noticeable impact of the CSR activities, the company would focus on fewer projects, which are scalable in terms of size and can generate impact at the grassroot level.
- The projects will be identified and devised from the focus area and will be proposed by the committee to Board for approval.
- The team for each project will be formulated from staff volunteers so as to encourage the concept of volunteerism and social harmony.
- The company if required can take up projects in partnerships with state or local administration and NGOs.
CSR Monitoring And Reporting Framework
In compliance with the Act and to ensure funds spent on CSR Activities are creating the desired impact on the ground a comprehensive Monitoring and Reporting framework has been put in place.
The CSR Committee shall monitor the implementation of the CSR Policy through periodic reviews of the CSR activities through following framework:
- Review of amount spent on the project.
- Yearly report assessing the impact and value addition
- Reviews and feedback from stakeholders
The Board of Director shall endeavor to the best of it’s efforts 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 and computed in accordance with the provisions of 198 of Companies Act, 2013 read-with the Companies (Corporate Social Responsibility Policy) Rules, 2014.
This policy shall be updated from time to time, by the Company in accordance with the amendments, if any, to the Companies Act, 2013, rules made there under or any other applicable enactment for the time being in force. The Board on its own or on recommendation reserves the right to modify, cancel or append the projects and provisions of the policy as and when required deemed fit.