The Board of Directors of Lumino Industries Limited has constituted The Corporate Social Responsibility Committee in their meeting held on 09.10.2014 in compliance with Section 135 of the Companies Act, 2013 ("the Act") read alongwith Schedule VII & the applicable rules thereto.
The present Corporate Social Responsibility (CSR) Policy ("the policy") is in compliance with Section 135(3) of the Act read alongwith the Companies (Corporate Social Responsibility Policy) Rules, 2013 ("the rules").
Corporate Social Responsibility is a form of corporate self regulation integrated into a business model. Therefore, the policy will function as a built-in, self regulating mechanism whereby the business will monitor and ensure its active compliance with the spirit of law, ethical standards and international norms.
The Board of Directors shall, after taking into account the recommendations made by the CSR committee, approve the CSR policy for the company and disclose its contents in their report and also publish the details on the Company's website, if any, in such manner laid down in the Companies (Corporate Social Responsibility Policy) Rules, 2014.
The Board of Directors shall endeavor that the Company spends 2% of the average net profits of the Company made during the 3 immediately preceding financial years in pursuance of its CSR Policy.
The Company shall undertake any of the activities or such other activities as may be notified by the Ministry of Corporate Affairs from time to time as a part of the Corporate Social Responsibility ("CSR") as per Schedule VII of the Act, 2013 as amended from time to time and approved by the Committee.
The Company may undertake CSR Activities through a registered trust or society or any Company, established by the Company for non- profit objective. Where such Trust or Society or Company is not established by the company or its holding or subsidiary or associate company, the Board shall ensure that the entity has an established track record of three years in undertaking similar activities.