Corporate Social Responsibility Policy
In accordance with the provisions of Section 135 of Companies Act, 2013 (the “Act”), the Corporate Social Responsibility (CSR) Committee of QBurst Technologies Pvt. Ltd. (“QBurst” or “the Company”) was constituted by the Board of Directors of the Company at their meeting held on 08th April, 2014.
1. Objective
QBurst CSR policy intends to strive for economic development that positively impacts the society at large with minimal resource footprint.
2. CSR Vision
The company’s CSR philosophy is ‘Do Good to Do Well and Do Well to Do Good’. QBurst’s vision is to be a responsible industry leader and demonstrate sound, transparent, and ethical environmental and behavioural practices which will contribute to economic and sustainable development within the Company, society, and industry at large.The Company’s CSR activities build an important bridge between business operations and social commitment evolving into an integral part of business functions, goals, and strategy.
3. Scope
This policy shall apply to all CSR projects / programmes / activities undertaken by the Company in India as per Schedule VII of the Act.
4. Composition of CSR Committee
The CSR Committee consists of:
- Renuka Ramnath
- Manish Gaur
- Prathapan Sethu
- Arun K Ramchandran
5. Roles of the CSR Committee
- Identify the activities to be undertaken as per Schedule VII of the Companies Act, 2013. Ensure that preference is given to local areas and areas where the Company operates.
- Institute a transparent monitoring mechanism for implementation of the CSR projects or programs or activities undertaken by the Company.
- Recommend the amount of CSR expenditure to be earmarked for CSR activities.
- Monitor the implementation of the CSR policy from time to time.
- Such other functions as the Board may deem fit.
6. Roles of the Board
- Approve the CSR policy for the Company after considering the recommendations made by the CSR Committee.
- Ensure that the CSR activities included in this Corporate Social Responsibility policy are undertaken by the Company.
- Ensure that in each financial year the Company spends at least 2% of the average net profits of the Company made during the three immediate preceding financial years, calculated in accordance with the requirements of the Act, in pursuance of its CSR policy.
- As per Section 135 of the Act, specify the reasons for underspending the CSR amount in the Board’s Report.
7. CSR Monitoring and Reporting Framework
In compliance with the Act and to ensure funds spent on CSR Activities are creating the desired impact on the ground, a comprehensive Monitoring and Reporting framework has been put in place. The CSR Committee shall monitor the implementation of the CSR policy through periodic reviews of the CSR activities.The respective CSR personnel will present their annual budgets along with the list of approved CSR activities conducted by the Company to the CSR Committee together with the progress made from time to time as part of the evaluation process under the monitoring mechanism.
8. CSR Expenditure
The CSR activities undertaken in India only shall amount to CSR Expenditure. CSR Expenditure shall include all expenditure including contribution to corpus for CSR activities approved by the Board on the recommendation of the CSR Committee but does not include any expenditure on an item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Act.
9. Effective Date
This policy is effective from 08th April, 2014.
10. Amendments
The Board of Directors of the Company shall have the powers to revise / modify / amend this policy from time to time, as the Board may think fit, based on the recommendations of the CSR Committee to confirm the revision / amendment, if any, to be made to the CSR Rules by the MCA, under the Act.
11. Contacts
For queries related to the CSR policy, please write to us at csr@qburst.com.