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CORPORATE SOCIAL RESPONSIBILITY POLICY

This policy has been instituted based on the Corporate Social Responsibility (CSR) philosophy of Lifelong India Private Limited and provisions of Section 135 of the Companies Act, 2013, read with Schedule VII of the Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2013. This policy will at all times be subject to the provisions of the aforesaid act and rules (as amended from time to time).

Preamble

Lifelong India Private Limited is a leading company for supplying the automobile components, and do lays down the guidelines and mechanism for undertaking activities for the welfare & sustainable development of the community at large and are committed to covers the entire process of CSR by which an organization approaches, defines and develop its relationships with stake holder for the common goods, and demonstrate its commitment in this regard by adoption of appropriate strategy and project. Thus CSR is not charity or mere donations but a way of going beyond business as usual, creating shares value and contributing for social and environmental good.

Policy Objective and Philosophy

This policy sets out the Company’s commitment & approach towards Corporate Social Responsibility based on our legacy of ‘Lets Come Together’. The Company is committed to improve the quality of life for the communities. The Company endeavors to facilitate livelihood opportunities & socio-cultural development in areas of its operations.

The Company being a responsible corporate citizen, has always believed in going beyond mere compliance with the laws of the land. Thus, the objective of the CSR Policy of the Company is not just to meet the legal requirements, but to have a profound positive social impact. The CSR policy of the Company is an effort to upheld the interest of various stakeholders, along with the community and the environment as a whole.

The Company seeks to undertake Corporate Social Responsibility activities, which extend beyond the ambit of the business and focuses on human, environmental and social assets, for the benefit of underprivileged communities, towns and villages.

The Policy is formulated in compliance of the requirements of the Companies Act, 2013 and the Rules made thereunder.

Definitions

“Board of Director” or “Board” means the Board of Directors of the Company, as constituted from time to time.

“Company” means a company incorporated under the Companies Act, 2013 or under any previous company law.

“Corporate Social Responsibility or Committee” means CSR Committee constituted by the Board of Directors of Committee the Company, from time to time.

“Policy” means this Policy on Corporate Social Responsibility (“CSR”) formulated by the Company.

Any other term not defined herein shall have the same meaning as defined in the Companies Act, 2013 or any other applicable regulation.

CSR Activities

The CSR Policy lays down guidelines for the Company to undertake CSR activities, which are directed towards positively contributing to society through various sustainable and social welfare initiatives.

The CSR Policy of the Company shall be governed by the various provisions of the Companies Act 2013, Companies (Corporate Social Responsibility) Rules, 2014 (“CSR Rules”) and any other rules made thereunder, or that may apply from time to time. The Company proposes to undertake the CSR activities in any of the following areas:

  1. Eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe drinking water;

  2. Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects;

  3. Promoting gender equality, empowering women, operate or manage day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;

  4. Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water including contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga;

  5. Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional arts and handicrafts;

  6. Measures for the benefit of armed forces veterans, war widows and their dependents;

  7. Training to promote rural sports, nationally recognized sports, Paralympic sports and Olympic sports;

  8. Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women;

  9. Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government;

  10. Rural development projects;

  11. Slum area development;

  12. Any other activities in relation to above and all other activities which forms part of CSR as per Schedule VII of the Companies Act, 2013 as amended from time to time.

The CSR activities shall be undertaken in India for the benefit of general public, provided that preference shall be given to the local area and areas, where the Company operates, for undertaking the CSR activities.

Implementation of CSR Activities

The Board shall ensure the CSR activities are undertaken by the company itself or through:

  • Company established under section 8 of the Act, or a registered public trust or a registered society, exempted under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10 or registered under section 12A and approved under 80 G of the Income Tax Act, 1961 (43 of 1961), established by the company, either singly or along with any other company;

  • Company established under section 8 of the Act or a registered trust or registered society, established by the Central Government or State Government;

  • Any entity established under an Act of Parliament or a State legislature.

  • Company established under section 8 of the Act, or a registered public trust or a registered society, exempted under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10 or registered under section 12A and approved under 80 G of the Income Tax Act, 1961, and having an established track record of at least three years in undertaking similar activities

Responsbility of the Board of Directors

The board shall be responsible for-

  • Approving the CSR Policy as recommended by the CSR Committee, subject to necessary changes/modifications as the Board may deem fit;

  • Ensuring that in each financial year, the Company spends at least 2% (or any threshold prescribed by MCA and even above that threshold) of the average net profit of the Company made during the three immediately preceding financial years in accordance with the provisions of section 135 of the Companies Act, 2013 and the Rules made thereunder;

  • Average Net Profit shall be calculated in accordance with provisions of Section 198 of the Companies Act, 2013 and rules made thereunder.

  • Ensuring that every financial year, funds committed by the Company for CSR activities are utilized effectively;

  • Ensuring that activities included by Company in its CSR policy are related to the areas or subjects specified in schedule VII of the Act;

  • Ensuring that the preference shall be given to the local area around its operations for spending the amount earmarked for CSR projects

CSR Committee

The Company has a well-defined and robust governance structure to oversee the implementation of the CSR Policy and monitoring of CSR projects as per the requirements of Section 135 of the Companies Act, 2013.

The CSR Committee shall comprise following Directors:

  1. Mr. Atul Raheja, Director & Chairman

  2. Mr. Vijay Kumar, Member & Whole Time Director

Observer

  1. Mrs. Mini Raheja.

  2. Mr. Ramabadran Sundararajan

The CSR Committee of the Company shall be responsible for:

  • Formulate and recommend to the Board, a CSR Policy including amendments therein, if any, in the areas or subjects specified in Schedule VII;

  • Monitor the Policy from time to time and recommend changes to the Board;

  • Recommend the amount of expenditure to be incurred on CSR projects/ activities; and

  • Constitute a transparent monitoring mechanism for ensuring effective and efficient implementation of the CSR projects.

CSR Expenditure

CSR expenditure will include all expenditure as may be permitted under the applicable laws, including contribution to corpus for CSR Programmes approved by the Board on the recommendation of its 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.

Review & Management

The CSR Committee shall review the CSR policy from time based on the changing needs and make suitable modifications as may be necessary with the approval of the board. In case of any amendment(s), clarification(s), circular(s), etc. issued by the relevant authorities, not being consistent with the provisions laid down under this Policy, then such amendment(s), clarification(s), circular(s), etc. shall prevail upon the provisions hereunder and this Policy shall stand amended accordingly from the effective date as laid down under such amendment(s), clarification(s), circular(s), etc.