Corporate Social Responsibility (CSR)
Corporate Social Responsibility (CSR) has been an intrinsic part of VDA’s philosophy since its inception. At VDA, Corporate Social Responsibility (CSR) is built in the DNA of every member. With the mission statement “empower the technology & people we touch”– our social efforts address some of society’s most ignored issues like skill development, helping the differently-abled, caring for underprivileged area as well the students. We strongly believe that it is our moral responsibility to give back to the community, which in so many ways has contributed to our success and helped our business grow. The policy aims to create long-lasting impact across the focus areas of education and environment via strong employee engagement.
CONSTITUTION OF THE CSR COMMITTEE
As per Section 135 of Companies Act, 2013 and the Rules pertaining thereto, a committee of the Board known as “Corporate Social Responsibility Committee” (“CSR committee”) comprising the following members has been constituted:
The CSR committee shall act by the following terms of reference:
- Formulation and recommendation of the CSR policy and annual action plan for each financial year to the Board of Directors.
- Identification of activities to be undertaken by the Company pursuant to Schedule VII of the Companies Act, 2013.
- Recommendation of the amount of expenditure on CSR activities as per annual action plan.
- Monitor and review the CSR policy of the company from time to time.
- Evaluation of need and impact assessment, if any, for the projects undertaken by the Company.
A minimum of 2% of the average net profits of the Company made during the three immediately preceding financial years will be allocated and spent on CSR activities in every financial year. However, if such amount is not spent in any financial year, the reasons for the same will be disclosed in the Directors’ Report.
The unspent or the unutilised CSR allocation of any financial year may be carried forward to the following financial year, at the discretion of the CSR Committee and the Board of Directors.
Guiding Principles & Scope of Activities to be carried out by the Company:
- Society Initiative should not be restricted to only contribution of funds. It must involve the energies and efforts of the people.
- The efforts should be concentrated on a few initiatives to ensure significant results and maximum impact.
- We ensure a wider reach of each initiative to benefit the society at large. Initiatives are not limited to any cultural, regional or physical boundaries.
- We adopt the principle of collaboration. We understand that social service, there are other entities with greater depth of knowledge. To give the best to the society, we will collaborate with such entities.
Scope of Activities
The Company will primarily focus on the following areas to fulfil its responsibility towards CSR activities:
The Company would undertake any of the activities in line with those specified in Schedule VII of the Companies Act, 2013, as amended from time to time.