The JFE Engineering India Pvt Ltd (hereinafter referred as ‘we’ or ‘JFE’ or ‘the Company’) believes that business enterprises are economic organs of society and draw on societal resources. It is JFE’s belief that a companyfs performance must be measured by its contribution to building economic, social and environmental capital towards enhancing societal sustainability.
In line with this belief, JFE will initiate the ‘CSR activities’ for the development of society. These initiatives are independent of the normal conduct of JFE’s business. Programmes, projects and activities (collectively “CSR Activities”) carried out in this regard are the subject matter of this Policy and appendix thereto.
The Policy lays down the principles and mechanisms for undertaking various programs in accordance with Section 135 of the Companies Act 2013.
Under the CSR vision of “Society development”, JFE shall revolve around the key pillars of “Environment”, “Education” and “Poverty”. However, the CSR committee may also decide to spend amount for CSR for any other activities as specified in the schedule VII of the Companies Act 2013.
JFE’s initiatives for development of society are aimed at achieving greater impact through its CSR projects and programmes by judicious investment and use of financial and human resources, and working with like-minded partners to contribute to the sustainable development of the society.
In line with the provisions of Section 135 of the Act, JFE’s Board of Directors will be responsible to constitute a CSR committee and approve the CSR policy.
Governance:
The CSR committee shall be governed by the Borad of Directors, CSR policy and appendix thereto, subject to the provisions of section 135 of the Companies Act 2013.
The selection of CSR activities and budget thereof shall be approved by the Board of Directors in the board meeting.
Every year, the CSR Committee will make a CSR Plan delineating the CSR programmes to be carried out during the financial year and the specified budgets thereof.
The CSR committee will assign the task of implementation of the CSR Plan within specified budgets and timeframes to such persons or bodies as it may deem fit.
The CSR committee shall review the implementation of the CSR activities and issue necessary directions from time to time to ensure orderly and efficient execution of the CSR Programmes in accordance with this Policy.
As per section 135 of the Companies Act, 2013, every company which satisfies the either of the below conditions shall spend, in every financial year, two per cent of the average net profits of the company made during the three immediately preceding financial years:
1) Net worth of rupees five hundred crore or more or,
2) Turnover of rupees one thousand crore or more or,
3) Net profit of rupees five crore or more.
In order to comply with section 135 of the Companies Act, 2013, JFE shall spend 2% of average net profits before tax as per audited financial statements, made during the three immediately preceding financial years, as prescribed under Companies Act 2013.
The Company shall spend towards CSR, till 31st March of the relevant financial year. It is clarified that surplus arising out of CSR projects/ programs shall not form part of business profits of the Company.
JFE’s CSR projects will be implemented either directly by the company or by partnering with professional non-government organizations (NGOs). JFE will engage with NGOs that have a proven track record for CSR initiative in the field selected by JFE. JFE will select the NGOs in a fair and transparent manner as per guidelines given in Appendix I and Il.
If no specific CSR project could be identified for implementation, the CSR committee may decide to make contribution to “National relief fund” as per the provisions given in schedule VII of the Companies Act, 2013.
Reporting will constitute an integral part of our CSR initiatives, as we at JFE, remain committed to being transparent and accountable to our stakeholders. The objective of reporting is not only to update our stakeholders, but also to receive their feedback, and incorporate their suggestions into our future CSR strategies.
The CSR committee on its own and/or as per the recommendations, can amend this policy, as and when deemed fit. All provisions of this CSR policy and any subsequent amendments thereof are subject to the applicable provisions of the Companies Act, 2013.
The CSR policy of the company is approved by the company’s Board of Directors on 11th November, 2019 for adoption as the company’s CSR policy. The contents of this policy shall be appropriately disclosed in the Board report in accordance with the requirements of the Companies Act, 2013, and rules framed thereunder.
JFE’s Social Responsibility Activities
Sr No | Programmes/Activities/ Initiatives | Modalities of Execution | Implementation Schedule |
1 | Social Responsibility Activities | Directly or through NGO | Throughout the year |
Version Control
Date | Version | A roved b | Descri tion |
11/11/2019 | V 01.0 | Mr. Bhalchandra Gajanan Kulkarni | New guidelines issued |
Mr. Bhalchandra Gajanan Kulkarni Managing Director
JFE Engineering India Pvt. Ltd.
JFE ENGINEERING INDIA PRIVATE LIMITED
Appendix I
Guidelines for Implementation of CSR policy:
Board of Directors shall form the CSR committee and such CSR committee shall work for CSR activities.
Any change in the composition of committee shall be approved in the board meeting.
Any
The composition, Quorum of CSR committee meeting and other details of
CSR committee is as follows:
The CSR committee will conduct the CSR meetings as and when required.
Following shall be the responsibilities of CSR committee:
The CSR committee shall select the partner (After referring the guidelines given in appendix Il)
The CSR committee shall document the reason for selection of partner. The CSR committee shall review the implementation of CSR programmes and issue necessary directions from time to time.
The CSR committee shall ensure the efficient and orderly execution of the CSR programmes as per CSR policy.
CSR Committee shall appraise the status of implementation of CSR activities to the board of directors on timely basis.
All the above provisions of appendix are subject to the provisions of Companies Act, 2013.
JFE ENGINEERING INDIA PRIVATE LIMITED
Appendix Il
A. Basic Information:
1. | Name of the Organization | |
2. | Address | |
3. | ||
4. | Website | |
5. | Telephone No | |
6. | Date of Establishment | |
7. | Areas of Work | |
8. | Type of Organization | Trust/ Society/ Non Profit Companies (Section 8 Com an ) |
9. | Identification No | Trust registration No/ Society re istration No CIN |
10. | Document No. (Which allows organization to handle the CSR Activities) |
B. Brief Information of CSR projects handled in last three years:
1. | No of CSR Projects handled | |
2. | Information about CSR projects handled by the Organization which are relevant to our CSR Activi | |
2. | Name of the Companies for which CSR activities are handled | 1. 2. 3. |
3. | Areas of Work for above Com anies |
C. Other Information: Details of validation by JFE about the partner:
1. | Date of Visit to the Or anization (if an ) | |
2. | Observations on the basis of visit or information received from other sources | |
3. | Positive Points | |
4. | Negative Points | |
5. | Whether CSR activities include anyway beneficial for any employee of the Company (If yes, elaborate) |
D. Documents Verified:
1. | PAN | |
2. | CIN/ Trust Registration No/ Identification No | |
3. | Document which allows organization to handle the CSR Activities. | |
4. | Other |
E. Comment on eligibility of Partner:
