Corporate Social Responsibility
- Activities under CSR
- Fund Allocation
- Implementation of the programs
- Monitoring & Review
Our Corporate Social Responsibility (CSR) policy (hereinafter referred as “CSR policy”) is committed to achieve the goals of sustainable development by integrating economic, environmental and social imperatives, which recognizes the interests for all its stakeholders. It ensures complying with the projects/programmes that are for the upliftment of the society, socially and environmentally, enhancing the quality of life and economic well-being of the deprived and under-privileged.
The philosophy of Mankind group is “Serving Life” by providing quality products at affordable prices to society. In line with the company philosophy, our CSR vision endeavors to provide the best services to the society with the commitment that “We Are There to Care” and subsequently promoting the sustainable growth for the society where it operates.
The CSR policy of Mankind Pharma Limited (hereinafter referred as “Mankind” and/or “the Company”) shall apply to all CSR projects/programmes undertaken by the Company in accordance with provisions of the Companies Act, 2013 read with schedules and rules made thereunder, as amended from time to time (“the Act”).
4. Activities under Corporate Social Responsibility
Mankind considers practicing its corporate values through its commitment to grow in a socially and environmentally responsible way, while meeting the interests of its stakeholders. Therefore, the arenas of activities that will be considered are listed hereby:-
- Promoting healthcare including preventive health care practices, sanitation, contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and providing safe drinking water and eradicating hunger, poverty, malnutrition;
- Directing actions towards different aspects of education - including special education, employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects;
- Promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
- Conservation of natural resources, ensuring environmental sustainability, protection of flora and fauna, animal welfare, ecological balance, agroforestry and maintaining quality of soil, air and water, contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga;
- Protection and restoration of national heritage, art and culture, setting up public libraries and promotion & development of traditional art & handicrafts;
- Contribution and support for the benefit of armed forces veterans, war widows and their dependents, [Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows];
- Encouraging and promotion of rural sports, nationally recognized sports, paralympic sports and olympic sports;
- Contribution to the Prime Minister’s National Relief Fund or Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) or any other funds/trusts set up by the Central Government for socio-economic development and relief & welfare of the scheduled castes, the scheduled tribes, other backward classes, minorities and women;
- Contribution or funds provided to technology incubators located within academic institutions;
- Contribution to universities, institutes, laboratories, departments and ministries of the government, autonomous institutes, bodies and organizations engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).
- Rural development projects;
- Slum area development;
- Contribution and support towards disaster management, including relief, rehabilitation and reconstruction activities; and
- Such other areas and activities, as may be allowed from time to time, not included hereinabove, by the Ministry of Corporate Affairs under the Act.
5. Fund Allocation
- The CSR activities to be undertaken by the Company under the Policy shall be approved by way of Annual Action Plan by the Board on the recommendation of the CSR Committee.
- The CSR budget will be allocated after taking into account the recommendations of the CSR Committee and considering the nature of projects/programs in line with the objectives of CSR policy and in accordance with the rules and regulations of the Government from time to time.
- The Company will ensure that it spends in every financial year, at least 2% of its average net profits of the three immediately preceding financial years calculated in accordance with the provisions of the Act.
- The Company may spend towards administrative overheads for the financial year for the purpose of CSR functions in the Company subject to such limits as specified under the Act.
- Any surplus generated from CSR projects/programmes shall not be added to the normal business profits of the Company and shall be treated as follows:
- Ploughed back into the same project/programmes; or
- Transferred to an Unspent CSR Account and spent in pursuance of CSR policy and Annual Action Plan of the Company; or
- Transferred to a Fund specified in Schedule VII, within the prescribed timeline as specified in the CSR Rules.
- In case the Company spends an amount in excess of the requirements of its CSR obligations in a financial year, such excess amount may be set-off against the requirement of the CSR spending for such period as specified under the Act.
- Any amount remaining unspent at the end of the financial year, if any, except in case of an ongoing project, shall be transferred to a Fund to be specified in Schedule VII of the Act for this purpose or any other fund setup by the Government in this regard, within a period of six months of the expiry of the relevant financial year.
- In case of any ongoing project, any amount remaining unspent and earmarked for the ongoing project, shall be transferred within a period of 30 days from the end of the financial year to a special account opened by the Company in any scheduled bank called the “Unspent Corporate Social Responsibility Account”. Such amount shall be spent by the Company towards that ongoing project within a period of 3 financial years from the date of such transfer, failing which, the Company shall transfer the unspent amount to a Fund specified in Schedule VII of the Act or any other fund setup by the Government in this regard, within a period of 30 days from the date of completion of the third financial year.
- The Company may spend its CSR amount for creation or acquisition of the capital asset subject to the fulfilment of conditions as specified under the provisions of the Act.
- The Board on the recommendation of the CSR Committee shall be the absolute authority to update, alter, modify, amend, withdraw and replace the Annual Action Plan.
6. Implementation of the programmes.
- The focus of the CSR activities conducted by the Company shall be within the list of activities specified in this policy.
- The Company will continue to promote and build partnership with NGOs/trusts/foundations and other charitable organizations towards implementation of social activities for the betterment of the society.
- The Company may also collaborate with other companies for undertaking projects or programmes or CSR activities in such a manner that the CSR committees of respective companies are in a position to report separately on such projects or programmes in accordance with these CSR rules.
- The time duration over which a particular project or programme will be spread, will depend on its nature, extent of coverage and the intended impact of the project or programme.
- The Company will comply with all relevant laws and regulations, and strive to meet the standards as per the Act.
7. Monitoring and Review
- The CSR Committee shall review the progress of various CSR projects/programmes as per requirement.
- The Board shall review the status of implementation and fund utilization of the various projects/programmes as per approved Annual Action Plan at least once in a year.
- The Company shall undertake impact assessment of its CSR projects/programmes as per the provisions of the Act
- The impact assessment report shall be placed before the Board and shall be annexed to the Annual Report on CSR. The Annual Report on CSR shall form part of the Board Report of the relevant financial year.
- The Company, if undertaking impact assessment may book the expenditure towards Corporate Social Responsibility for that financial year, which shall be as per the provisions of the Act.
- The composition of the CSR Committee, CSR policy and projects as approved by the Board shall be disclosed on the Company website and in the Annual Reports in the prescribed format.
- Unless the context otherwise requires, words and expressions used in this policy and not defined herein but defined in the Act from time to time shall have the meaning respectively assigned to them therein.
- In case of any doubt with regard to the provisions of this policy and also in respect of matters not covered herein, a reference to be made to Company. In all such matters, the interpretation & decision of the CSR Committee shall be final.
- Any or all provisions of the CSR policy would be subject to revision/amendment in accordance with the guidelines on the subject as may be issued from Government from time to time.
- The CSR Committee is empowered to amend and recommend the CSR policy to the Board for their approval. The Board may subject to compliance with applicable law, at any time approve, alter and amend the CSR Policy, as it deems fit to comply with the statutory obligation to undertake the CSR Activities.