Kusum Healthcare Pvt Ltd (“Kusum” or the “Company”) is deeply committed to fulfilling its responsibility as a corporate citizen and integrating it into the Company’s core business strategy. Kusum’s guidelines and mechanism for undertaking socially beneficial programs for the welfare & sustainable development of the community at large is titled the “Kusum CSR Policy.”
Kusum’s CSR Policy has been prepared in accordance with Section 135 & Schedule VII of the Companies Act, 2013 (“Act”) along with Companies (CSR Policy) Amendment Rules 2021 (“Rules”).
The Board of KUSUM will be responsible for:
The board constituted the “CSR Committee” on April 15, 2014. The Committee shall consist of at least two directors of the Company as members of the Committee. Board reconstituted the CSR Committee on April 1, 2021. The present constitution of the CSR Committee is as follows:
Mr. Badri Prasad Gupta
Mr. Sanjeev Gupta
Mr. Chand Rashekhar Tippasandra Gowripathi
The Board has the authority to reconstitute this Committee from time to time.
The roles and responsibilities of the Committee shall be the following:
The committee shall hold meetings as and when required. Two members present shall form the quorum for the meeting of the Committee.
KUSUM shall spend in each financial year at least 2% of the average net profits before taxation of the Company made during the three immediately preceding financial years. The total budgetary allocation shall be approved by the Board of Directors.
The CSR Committee will review any unspent CSR allocation of a particular year, and a decision would be taken on whether the unspent amount should be carried over to the subsequent year/s. The CSR Committee, while determining the requirement for carrying over to next year, will consider various factors like availability of desired projects, utilization trend, practical aspects of spending the required amount in a particular timeframe, and best interests of all the stakeholders.
However, the reason for not being able to spend shall be disclosed.
The thrust of CSR shall be in the following areas, with special attention to the development of weaker/marginalized/underprivileged sections of the society, including SC/ST/OBC/ Minorities, women and children, BPL families, old and aged, physically challenged, etc.
The CSR activities shall be as per Schedule–VII (notified on 27.02.2014 by Ministry of Corporate Affairs) as part of the Companies Act, 2013, and KUSUM’s CSR activities are arranged according to Schedule-VII.
All the requests/applications from Villagers/Gram Sabha’s / Panchayat / Ward Members/NGOs/ Trusts/ Societies/Beneficiaries/ Government authorities etc. shall be scrutinized and screened by CSR Cell and then their need assessment would be arranged. The need assessment/baseline survey shall be carried out through in-house expertise and recourses.
However, in the case of specialized CSR projects/activities for which in-house capacity is not available, the baseline survey/need assessment shall be carried out by specialized agencies.
In any case, the Company shall maintain the documentary evidence of having got the needed assessment study done through its own expertise and resources, or through some specialized agencies, or having accessed reliable data in this regard from recognized authoritative secondary sources.
All the CSR projects/activities shall be approved by CSR Committee and ratified by the Board of Directors.
CSR initiatives will be implemented either directly by the Company or through Kusum Charitable Trust which shall act as its implementing agency which is a registered trust and having an established track record of at least 3 years in undertaking CSR activities for which the grant is being given. This Trust is also registered under section 12A and 80 G of the Income Tax Act, 1961 (43 of 1961). The Company may engage International Organisations (as defined in Clause 2(g) of the Companies (Corporate Social Responsibility Policy) Rules 2014) for designing, monitoring, and evaluation of CSR Projects as well as capacity building of their personnel. The Company may also collaborate with other companies to undertake CSR projects, provided the CSR Committees of the respective companies are able to report separately on such projects.
The CSR policy is implemented as per the Act and the Rules. The CSR policy will be implemented ensuring that all projects/programs as budgeted are duly carried out. CSR spending will be closely monitored and funds shall be released against verified utilizations as per the approved work plans. This may include monthly field visits, comprehensive documentation, and regular interaction with beneficiary communities. Further, CSR spending will be audited in an accountable and transparent manner.
This Policy is framed based on the provisions of the Companies Act, 2013 and the rules thereunder. n case of any subsequent changes in the provisions of the Companies Act, 2013 or any other regulations which make any of the provisions in the Policy inconsistent with the Act or regulations, then the provisions of the Act or regulations would prevail over the Policy and the provisions in the Policy would be modified in due course to make it consistent with the law.
This Policy shall be reviewed by the Corporate Social Responsibility Committee as and when any changes are to be incorporated in the Policy due to changes in regulations or as may be felt appropriate by the Committee. Any changes or modifications to the Policy as recommended by the Committee would be given for approval by the Board of Directors.
This Policy is dated April 1, 2021.
For and on behalf of the
Corporate Social Responsibility Committee of Kusum Healthcare Pvt Ltd
Badri Prasad Gupta
Chairman of the Corporate Social Responsibility Committee