The concept of Corporate Social Responsibility (“CSR”) has become a vital element of the modern world. The contemporary views of the Corporate sector suggest it believes that the efforts of Govt. alone are not enough to get success in its endeavor to uplift the downtrodden Society and hence there it has catapulted its contribution towards the Society considering the same its responsibility. Moreover, the Govt., realizing the above fact, has introduced and enforced legislations, which provide for obligations of Corporate sector in the areas of CSR. With the rapidly changing corporate and regulatory environment, advent of more functional autonomy, operational freedom etc., the Company has adopted CSR as a strategic tool for sustainable growth. For the Company in the present context, CSR means not only investment of funds for Social Activities, but also Integration of Business processes with Social processes.
ValueFirst Digital Media Private Limited, having its registered office at G – 270, G – Block, Phase – VI, Near Rudra Public School, Aya Nagar, New Delhi – 110047 (Hereinafter termed as ‘ValueFirst or the Company’) was incorporated in 2003. ValueFirst, in conjunction with the objects for which it has been incorporated and is operating, aims to enrich society and drive sustainable economic growth by giving people and businesses innovative ways to communicate with each other by using the technologies offered by the Company. ValueFirst strives for the betterment of the society in all spheres.
The Business of the Company and its subsidiaries are located in different parts of the country. The Company’s business has profound impact on the people living in and around the areas where the Company and its subsidiaries are established. The obvious impact of the introduction of any commercial activity in an area changes the traditional lifestyle of the original inhabitants and indigenous communities and also change the socio-economic profile of the Area. Hence, the primary beneficiaries of Company’s CSR initiates should be those staying in the vicinity of the Company. Poor, needy and illiterate section of the society living in different parts of India should be second beneficiaries. As the Company is dedicated towards introducing latest technologies, deserving students across the country should be further beneficiaries thereto.
The main objective of ValueFirst CSR Policy is to lay down guidelines for the Company to make CSR its key business process for sustainable development for the Society where the Company operates and to Comply with the provisions of the Companies Act, 2013, read with rules made there under. It aims at supplementing the role of the Government in enhancing welfare measures of the society based on the immediate and long term social and environmental consequences of the Company’s activities.
The Company proposes to implement its CSR activities in the following areas:-
CSR Activities shall not include: -
Pursuant to the provision of Section 135 of the Companies Act, 2013, the Board of Directors of ValueFirst constituted a CSR Committee vide its Resolution dated 02.09.2014.
Following are the functions of the CSR Committee: -
The provisions of the Companies Act, 2013 read with rules made thereunder, mandate companies meeting the qualification criteria to allocate certain portion of its annual net profits during the three immediately preceding financial years to be spent on CSR activities shall fall under the purview of Schedule VII of the Companies Act, 2013.
The CSR expenditure shall be recommended by the CSR Committee and subsequently to be approved by the Board of Directors. In case the Company fails to spend the projected amount on CSR activities, the Committee shall obtain from the Board of Directors of the Company, the reasons of such failure and record the same in its meeting.
The CSR activities where Community Development Program is involved, base line survey is essentially to be carried out and cost benefit has to be seen in the proposed scheme through survey.
The CSR activities for providing infrastructural facilities like educational institution, where social benefit is involved, baseline survey is not required. However, cost benefit and justification for any project has to be ascertained.
It is advisable that documentation relating to CSR approaches, policies, programs, expenditures, procurement, etc. should be prepared meticulously and put in the Public Domain, (particularly through the internet).
Annual audit of all activities undertaken by the company would be done by the Company’s auditor, which would form a part of the Statutory Audit. The Annual Report of the Company shall include a section on CSR outlining the CSR Policy, CSR Committee, CSR initiatives undertaken by the Company, the CSR spend during the Financial Year and any other information as required by the prevailing law.
As per the CSR Rules, the contents of the CSR Policy shall be included in the Directors’ Report and the same shall be displayed on the Company’s website.
The Committee shall annually review its CSR Policy from time to time and make suitable changes as may be required and submit the same for the approval of the Board.
This Policy is effective from April 1st, 2014.
