India's population growth rate is increasing day by day, putting pressure on the limited resources and leaving many Indians in absolute poverty this is further coupled with illiteracy which is yet another major hurdle in the economic development of the country. The Corporate Social Responsibility (CSR) was introduced in India to address these concerns. While there may be no single universally accepted definition of CSR, each definition that currently exists indicates the impact that businesses have on society at large and the societal expectations of them.
Propellum has always committed to the cause of social service and has repeatedly channelized a part of its resources and activities such that it positively affects the society socially, ethically and also environmentally. Being a good corporate citizen is an integral part of Propellum With the advent of the companies Act, 2013 constitution of corporate social responsibility policy became a mandatory requirement. Therefore Propellum seeks to formulate a robust CSR policy which encompasses its philosophy and guides its sustained efforts for undertaking and supporting socially useful programs for the welfare and sustainable development of the society.
With an endeavor to achieve our vision and fulfill our commitment to be a socially responsible corporate citizen, the CSR policy has been formulated with the following objectives: To lay down guidelines to embed CSR as a business process for development of the society. To undertake projects/programmes which will enhance the quality of life and economic well-being of the communities in accordance with Schedule VII of the Companies Act, 2013 (“Act”) read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 (“Rules”).
Propellum's CSR policy has been developed in consonance to Section 135 of the Companies Act 2013 on CSR and in accordance with the CSR rules notified by the Ministry of Corporate Affairs, Government of India in 2014. The Policy shall apply to all CSR projects/programmes undertaken by Propellum in India as per Schedule VII of the Act and as amended from time to time.
A nation's children are its supremely important assets. Their nurture and solicitude is the nation's responsibility. Children's programmes should find a prominent place in our national plans for the development of human resources so that children can grow up to become robust citizens, physically fit, mentally alert and morally healthy, endowed with the skills and motivations needed by the society
With the enlightened candle of literacy comes awareness and awareness brings progress, culture and civilization within the society which triggers' nation's development. With this objective, the CSR vision of Propellum is "enlightenment through education"-A candle that lights another loses nothing"
While the company is eligible to undertake any suitable /rightful activity as specified in schedule VII of the Act, however at present, it proposes to undertake the relevant activities on priority basis in the following thrust Areas.
The Company may undertake CSR activities through a registered trust or a registered society or a or associate company or through such other trusts, NGOs, registered societies etc which have an established track record of three years of undertaking such projects/programmes. Propellum may collaborate with other companies for undertaking the CSR projects/programmes subject to fulfillment of separate reporting requirements as prescribed in the Rules. Currently Propellum had adopted to support the Nanji Monji Dedhia Charitable Trust as its CSR initiatives Nanji Monji Dedhia Charitable Trust was formed in 2007 by Mr. Aatish N.Dedhia and his wife Mrs. Alpa A. Dedhia in the memory of their father late Mr. Nanji Monji Dedhia. This trust is towards promoting education. Its objective is to identify the bright students in the Kutchchi community by awarding long term (6 years) scholarships to meritorious 20 students from this community every year. An inspiration quote from KTSE: No person in this world has ever been rewarded for what he has received. He is always honored for what he has given to others.. is certainly in alignment towards the objective of CSR The other details about the trust are available on the following http://ktse.in/
The CSR Committee will abide by the provisions relating to annual expenditure on CSR activities as laid down in section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules 2014 as amended from time to time The surplus if any arising out of the CSR projects or programs or activities shall not form part of the business profit of Propellum.
CSR Committee of the Board has been formed as required under the Act.
Members of CSR Committee are:
The Responsibilities of CSR Committee includes
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
And monitoring CSR activities from time to time.
The CSR Committee shall:
Prepare and propose the CSR plan with the execution modalities and implementation schedules to the Board
Periodically appraise the Board on the status of the CSR plan
Institute a transparent monitoring mechanism for implementation of the CSR projects, programmes or activities undertaken by the Company
To fulfill the above responsibilities, the CSR Committee would be equipped with necessary resources. The CSR team has been setup to ensure effective implementation of the CSR activities. The team would submit status reports of the projects/programmes to the CSR Committee on a periodic basis
Propellum's CSR plan may be revised/modified/amended by the CSR committee at such intervals as it may deem fit. The CSR committee shall review the policy every year unless such revision is necessitated earlier. All disclosures, display and reporting requirement related to CSR shall be made in accordance with the provisions of the Act and Rules made thereunder.