SCON & CSR
SCON will continue crafting unique models to generate livelihoods and environmental capital.
Corporate Social Responsibility & SCON!
Recognizing that business enterprises are economic organs of society and draw on societal resources, it is SCON’s belief that a company’s performance must be measured by its Triple Bottom Line contribution to building economic, social and environmental capital towards enhancing societal sustainability.
Philosophy
SCON believes that in the strategic context of business, enterprises possess, beyond mere financial resources, the transformational capacity to create game-changing development models by unleashing their power of entrepreneurial vitality, innovation and creativity. In line with this belief, SCON will continue crafting unique models to generate livelihoods and environmental capital. Such Corporate Social Responsibility (“CSR”) projects are far more replicable, scalable and sustainable, with a significant multiplier impact on sustainable livelihood creation and environmental replenishment. These initiatives are independent of the normal conduct of SCON business. Programs, projects and activities (collectively “CSR Programs”) carried out in this regard are the subject matter of this Policy.
CSR Policy
- To direct SCON’s CSR Programs, inter alia, towards achieving one or more of the following
- Promoting education
- Eradicating extreme hunger and poverty
- Reducing child mortality and improving maternal health
- Providing preventive healthcare
- Providing sanitation and drinking water
- Creating livelihoods for people, especially those from disadvantaged sections of society in rural and urban India
- Supporting rural development
- Promoting sports
- Ensuring environmental sustainability
- Promoting gender equality and empowering women
- Combating human immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseases
- Providing Employment enhancing vocational skills
- Social business projects
- Initiating Measures for benefits of military, navy, air force veterans and their dependents
- Providing Contributions supports to technology incubators institutions, centers
- Taking initiatives in protection, promotions of national heritages, arts culture
- Taking initiative for entrepreneur developments
- Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government or the State Governments for socio economic development and relief and funds for the welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women and
2. To direct SCON’s CSR Programs, inter alia, towards achieving one or more of the following
3. To develop the required capability and self-reliance of beneficiaries at the grassroots, especially women, in the belief that these are prerequisites for social and economic development.
4. To engage in affirmative action interventions such as skill building and vocational training, to enhance employability and generate livelihoods for persons from disadvantaged sections of society.
5. To pursue CSR Programs primarily in areas that fall within the economic vicinity of the Company’s operations to enable close supervision and ensure maximum development impact.
6. To carry out CSR Programs in relevant local areas to fulfill commitments arising from requests by government/regulatory authorities and to earmark amounts of monies towards “Enterprise Social Responsibility (ESR)” activities and to spend such monies through ESR/CSR Cells of such administrative bodies of the government and/or directly by way of developmental works in the local areas around which the Company operates.
7. To provide equal opportunities to beneficiaries of the Company’s CSR Programs as vendors or employees on merit.
8. To promote, and undertake such CSR initiatives, and projects as per the guidelines issued by the government from time to time.
FOCUSED GEOGRAPHIC SPREAD
SCON’s focus areas for developmental activities will be in urban as well as rural areas in the states in which it is located. The company may also support initiatives in other geographies, as approved by the CSR Committee of the Board, from time to time. While we will ensure that all communities benefit from our CSR activities, we would focus on those groups that are socially and economically marginalized.
CSR FOCUS AREAS
SCON’s CSR initiatives will focus on five thrust areas – Education, Health, Livelihoods, Rural& Urban infrastructure and Sports. Besides, it will also undertake Interventions in the areas of disaster relief, environment and ethnicity etc. all aimed at improving the quality of life of the communities.
CSR BUDGET
Section-135 of the Companies Act, 2013 mandates Companies with:
– Turnover of Rs. 1000 Crores or more; Or
– Net Worth of Rs. 500 Crores or more; Or
– Net Profit of Rs. 5 Crores or more to undertake expenditure
The Board of Directors will ensure that the company spends, in every financial year, at least 2% of the average net profit (to be calculated in accordance with the provision of section 198) of the company made during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility policy.
IMPLEMENTATION
To implement the Company’s CSR Programs through Company personnel or through external implementing agencies or through Sh. Na. Charitable trust, Margtamhane, Ratnagiri and other Trusts, Foundations and Section 8 companies that may be established for the said purpose. In such cases, the Company will specify the CSR Programs which may be undertaken by those Trusts in accordance with their Objects and administrative and accounting processes laid down in the respective Trust Deeds/ Memoranda and Articles of Association.
GOVERNANCE
The CSR committee shall consist of the following directors:
– Mr. Nilesh Shankar Chavan, Chairman
– Mrs. Nandini Nilesh Chavan
RESPONSIBILITIES OF THE CSR COMMITTEE
– Formulating and recommending to the board of directors the CSR policy and indicating activities to be undertaken
– Recommending the amount of expenditure for the CSR activities
– Monitoring CSR activities from time to time
CSR EXPENDITURE
CSR Programs undertaken in accordance with the approved CSR Plan. Moreover, any surplus arising from any CSR Programs shall be used for CSR. Accordingly, any income arising from CSR Programs will be netted off from the CSR expenditure and such net amount will be reported as CSR expenditure.
