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As per section 135 of the Companies Act, 2013, every company having Net worth of Rs.500 crores or more, or turnover of Rs.1000 crores or more, or a net profit of Rs.5 crores or more in immediately preceding financial year shall constitute a Corporate Social Responsibility (CSR) Committee, in order to undertake activities that would come under the purview of CSR activities as specified under Schedule VII of the Companies Act, 2013. Company shall also formulate CSR policy in this regard.
The objective of the Corporate Social Responsibility is to benefit the society by improving the quality of the individual, their families, local community at large. Serving to the needy people is the top priority of Asirvad Micro Finance Limited (“AMPL/ The Company”). The Company already engaged in improving the life of the poor or needy people by providing micro finance business. But the eagerness of the Company to help more the under privileged people is not end here. The Company through CSR activities shall participate in the overall development of the society.
Ethics, Transparency & Accountability
The Company is committed to maintain ethical value, transparency and accountability. Further , the Company will not engage in the business practices that are abusive , unfair and corrupt.
List of CSR Activities
*The said Item has been amended by the Committee as well as Board of Directors at their respective Meeting held on 23rd January, 2020 in alignment with the amendment made in Schedule VII of the Companies Act, 2013 vide Notification No. G.S.R.776 (E) dated 11th October, 2019.
At least 2 percent of the average net profit of the preceding three financial years to be spent on CSR activities every year by the Company.
Composition of CSR Committee:
The CSR Committee shall consists of minimum three Directors among which one shall be Independent Director.
Role of CSR Committee:
The CSR Committee constituted in pursuance of Section 135 of the Companies Act, 2013 shall be required to carry out the following activities:
**The said clause has been inserted by the Committee as well as Board of Directors at their respective Meeting held on 23rd January, 2020 in alignment with the amendment made in Schedule VII of the Companies Act, 2013 vide Notification No. G.S.R.390 (E) dated 30th May, 2019.
c) Monitor the Corporate Social Responsibility Policy of the Company from time to time
CSR through Company/ Trust/ Society
The Company may undertake CSR activities through Asirvad Development Foundation and/ or Manappuram Foundation or any other trust/ society/ Company as may be decided in this regard.
Disclosures in the Annual Report of the Board
The Annual Report of AMPL shall include an annual report on CSR activities on the format annexed to rules framed under Section 135, which shall include, inter alia, the following information:
While preparing the Statement of Profit and Loss, AMPL shall disclose by way of notes, the amount of expenditure incurred on CSR activities
While preparing the Statement of Profit and Loss, AMFL shall disclose by way of notes, the amount of expenditure incurred on CSR activities
Display of CSR Policy on the website of AMPL:
The CSR Policy of AMFL shall be placed on the website of AMPL.
Surplus arising out of CSR Activities:
Surplus arising out of CSR activities, if any, shall not form part of the business profit of the company.
Amendment to the Policy
The Board of Directors on the recommendation of CSR committee can amend its policy as and when required deemed fit. Any or all provisions of CSR Policy would be subjected to revision/ amendment in accordance with the regulations on the subject as may be issued from relevant statutory authorities, from time to time.