At Optimized Solutions Limited (“OSL”), Corporate Social Responsibility (CSR) has been an integral part of the way we have been doing our business since inception. It is said that helping others makes the world a better place.
While pursuing our business we always ensure not to just continue to generate revenue for the business but also be helping hand in making society a better place.
To take an active role and responsibility in empowering local communities to achieve their ambitions focusing on environmental growth, socio - economic development, achieve positive perception of OSL in areas of operation & demonstrate leadership in Corporate Citizenship.
This Policy shall apply to all the CSR initiative and actvities taken up at OSL, for the bene- fit of different segments of the society, specifically the deprived, under- privileged and differently abled people.
In line with OSL's Vision, through its CSR initiatives, it will continue to enhance value cre- ation in the society and in the community in which it operates, through its services, con- duct & initiatives, so as to promote sustained growth for the society and community and continue to be a Socially Responsible Corporate, with environmental concern.
The CSR Policy of OSL aims to achieve, consolidate and strengthen Good Corporate Gover- nance including socially and environmentally responsible business practices that balance financial profit with social well-being.
We have always ensured commitment at all levels in the organization, to operate its busi- ness in an economically, socially & environmentally sustainable manner, while recognizing the interests of all its stakeholders.
The CSR activitieswe pursue will be in line with our stated Vision and Mission, focused not just around our plants and offices, but also in other geographies based on the needs of the communities .
For purposes of focusing its CSR efforts in a continued and effective manner, the follow- ing thrust Areas in line with schedule VII of the Companies Act, 2013:
CSR Committee of the Company will be responsible for the monitoring of various CSR projects or programs or activities undertaken by the Company directly by itself and/or through bodies/ institutions that carry on such activities in a manner permissible under applicable laws. The CSR Committee will meet whenever necessary and shall ensure that:
If the amount to be spent by the Company as CSR expenditure annually does not exceed Rs. 50 lakh, the requirement for constitution of the Corporate Social Responsibility Com- mittee is not applicable and the functiions of such Committee are to be discharged by the Board of Directors of the Company as per the provisions of the Companies Act, 2013. Accordingly, unless the context otherwise requires, all references to the ‘CSR Committee’ in this policy be read as ‘Board of Directors’. Furthermore, all actions to be performed by the CSR Committee be performed by the Board of Directors under such scenario.
The Company shall spend in every financial year, in which CSR Rules and Act applies to it, at least 2% of the average net profit of the Company made during the 3 immediately pre- ceding financial years. The Company may at its discretion allocate higher funds/amount than the amount prescribed under section 135 of the Companies Act, 2013, for the CSR activities for any financial year.
CSR Committee of the Company will be responsible for the monitoring of various CSR Projects or programs undertaken by the Company
At the end of each financial year, the CSR Committee shall prepare a report in the pre- scribed form relating to the CSR program/ activities undertaken by the Company during the year and submit to the Board for its inclusion in the Board's report.