The CSR policy of Oxford Laboratories Private Limited (‘the Company’) encompasses the Company’s philosophy towards Corporate Social Responsibility and lays down the guidelines and mechanism for undertaking social welfare programs for the community at large.
CSR vision and mission statement
“We will try our best of capacity to bring about the holistic development of underserved communities in a sustainable and impactful manner.”
We will leverage our expertise to address the needs of the communities for overall development.
CSR Policy Objectives
- Serving the community and environment: Giving back to the community, environment, and animals and addressing their needs is a key priority for the Company.
- Focus on quality: The Company believes in delivering high-quality support.
The CSR policy has been formulated in consonance with section 135 of the Companies Act 2013 (‘the Act’) and the Companies (Corporate Social Responsibility) Rules, 2014 (‘the Rules’) as notified by the Ministry of Corporate Affairs.
Composition of CSR Committee
As per section 135(9) of the Companies Act, 2013, if an amount to be spent by a company on CSR activities under section 135(5) does not exceed Rupees fifty lakh rupees, the requirement under section 135(1) for constitution of the Corporate Social Responsibility Committee shall not be applicable and the functions of such Committee provided under the section 135 shall be discharged by the Board of Directors of the company.
Currently, the CSR expenditure applicable to the Company is less than the threshold limit of Rupees Fifty lakh and the Company does not foresee the same will exceed in the coming few years. Hence, in view of this till the time it is not mandatory to constitute a CSR Committee, all the functions related to CSR will be performed by the Board of Directors of the Company comprises of:
- Satyajeet S Khanolkar
- Andrei N Medunitsyn
In the future, if the requirement to constitute a CSR committee arises, the same shall be done.
CSR Activities / Approved Projects
Pursuant to Schedule VII of the Companies Act, 2013, the Committee has approved the following activities as “CSR Activities” to be undertaken under the CSR policy of the Company.
- Eradicating hunger, poverty, and malnutrition from kids, orphans, senior citizens, differently-abled people, Scheduled Castes, the Scheduled Tribes, Other backward classes, minorities and women and society at large.
- Promoting health care including preventive health care and sanitation.
- Promoting education.
- Providing safe drinking water
- Women Empowerment, promoting gender equality and facilities for senior citizens.
- Animal welfare
- Ensuring environmental sustainability, and ecological balance.
Board of Directors
The Board of Directors will, inter alia, be responsible for the following:
- Approve this policy
- Ensure that the activities included in the Corporate Social Responsibility Policy of the Company are undertaken by the Company to the extent and in the manner considered appropriate.
- ensure that the company spends, in every financial year, at least two percent of the average net profits of the company made during the three immediately preceding financial years;
- To discharge the function of the CSR Committee (in the event CSR spends is less than Rupees 50 lakhs and CSR committee is not mandatory to be formed according to section 135 (9) of Companies Act 2013)
- To have continuous reporting and monitoring of CSR spend.
Budget and CSR spend
The minimum budgeted amount for a financial year for CSR activities shall be the amount prescribed under section 135 of the Companies Act, 2013, for CSR activities for any financial year.
The CSR spending shall be decided by the Board of Directors or CSR Committee based on the evaluation of specific activities of own or NGOs.
CSR activities shall be implemented by the company itself or in collaboration with any other institutes, NGO trusts, and other bodies.
The CSR activities of the Company will not include the activities undertaken in pursuance of the normal course of business of the Company.
The company is committed to ensuring the implementation of the proposed CSR activities in order to bring meaningful and sustainable development of underserved communities.
The CSR Policy may be modified from time to time by the Company.