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Social Responsibility

  • Green Initiative by Lumino Industries for a Greener Earth

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").

CSR Policy Objective

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.

Corporate Social Responsibility Committee ("CSR Committee")

  1. Composition: 3 or more directors, out of which at least one director shall be an Independent Director.
  2. Quorum: one-third of its total strength or two members, whichever is higher.
  3. Sitting Fee: The Sitting Fees for attending the meeting shall be determined from time to time by the Board of Directors.
  4. Role of CSR Committee: as per terms of reference approved by the board.

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.

List of Activities

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.

CSR Budget

  1. For achieving its CSR objectives through implementation of meaningful & sustainable CSR activities, the Company will allocate 2% of its average net profits made during the 3 immediately preceding financial years as its Annual CSR Budget.
  2. Any surplus arising and / or additional revenue generated out of CSR Activities undertaken by the Company shall not form part of the business profit of the Company and same shall be spent for undertaking any CSR Activities only.
  3. Any unspent / unutilised CSR allocation of a particular year, will be carried forward to the following year, that is, the CSR Budget will be non-lapsable in nature.

Implementation of CSR Activities

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.

General:

  1. In case of any doubt with regard to any provision of the policy and also in respect of matters not covered herein, a reference to be made to CSR Committee. In all such matters, the interpretation & decision of the Committee shall be final.
  2. The CSR Committee reserves the right to modify, add, or amend any of provisions of this Policy subject to approval of the Board.
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