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Annual Report 2016-17
C. Corporate Social Responsibility (CSR) Committee
Brief description
In terms of Section 135 of the Companies Act, 2013, the Board of Directors at its meeting concluded on
April 19, 2014, constituted the Corporate Social Responsibility Committee. The Committee’s constitution was unchanged
during Financial year 2016-17.
The Chairman of the Committee is an Independent Director. Table 10 gives the composition of the CSR Committee of the
Board of Directors as on March 31, 2017.
Table 10: Composition of the CSR Committee
Name of the Director
Category
Mr. Pradeep Bhargava
Chairman of the Committee and Independent Director
Dr. Anand Deshpande
Chairman and Managing Director
Mr. Prakash Telang
Independent Director
The Company Secretary of the Company is the Secretary of the Committee.
The Committee is constituted with powers and responsibilities including but not limited to -
i.
To formulate and recommend to the Board a CSR Policy which will deone the focus areas and indicate the activities
to be undertaken by the Company under CSR domain
ii. To recommend to the Board necessary amendments, if any, in the CSR Policy from time to time
iii. To monitor the budget under the CSR activities of the Company
iv. To accomplish the various CSR projects of the Company independently or through ‘Persistent Foundation’ and/or
any other eligible NGO / Social Institute, as the case may be
Further, the CSR Committee is empowered to do the following:
i.
To seek information from any employee as considered necessary
ii. To obtain outside legal professional advice as considered necessary
iii. To secure attendance of outsiders with relevant e[pertise and
iv. To investigate any activity within terms of reference.
Meetings
The meeting of the Committee was held on April 23, 2016 to review the CSR activities of the Company conducted
during the onancial year 2015-16. As per the provisions of the Companies Act, 2013, the Company was required to spend
towards CSR activities at least 2% (two per cent) of the average net proots of the Company during the three immediate
preceding onancial years which amounted to
`
69.87 Million. The Company has actually spent
`
70.03 Million by way
of donations to various eligible institutions and has complied with the provisions of the Companies Act, 2013. Thus the
Company is amongst the few corporates which have overspent on CSR during onancial year 2016-17.
Based on the proots of three onancial years ending on March 31, 2017, the Committee recommended to the Board of
Directors, the amount of
`
73.80 Million which is to be spent towards CSR activities as per Section 135 of the Companies
Act, 2013 for the onancial year 2017-18. Table 11 gives details of attendance at the CSR Committee Meeting held during
the year 2016-17.
Table 11: Details of the attendance at the CSR Committee meeting during the onancial year 2016-17
Name of the Director
CSR Committee Meeting
April 23, 2016
Mr. Pradeep Bhargava
Y
Dr. Anand Deshpande
Y
Mr. Prakash Telang
Y