CORPORATE SOCIAL RESPONSIBILITY POLICY

(Required under the Companies Act, 2013 and Rules made thereunder)
Formulated and recommended by the Corporate Social Responsibility Committee (“CSR Committee”) and approved by the Board of Directors of the Company

Policy Framework:
The President of India on August 29, 2013 provided assent to the Companies Act, 2013 (the “Act”).

Section 135 of the Act which stipulates the provisions relating to Corporate Social Responsibilities for companies was notified on February 27, 2014 and became effective April 1, 2014 “CSR Provisions”). Corona Remedies Private Limited (“Corona” or “the Company”) falls within the scope of the aforesaid CSR Provisions.

Policy Statement:
At Corona, we are committed to quality, availability and affordability of medicines, we have gone beyond just growth and turned into a force to reckon within an extremely short span of time. Corona was established by a group of committed and experienced professionals who came together with “care” and “quality” as their guiding principles. Their vision was to go beyond the norm and provide the best quality affordable healthcare for all.

Through CSR, we work continuously towards health education, reaching out to the public at large through various channels. These initiatives are part of our continued focus and unflinching dedication to reaching out to the millions of unaware and unsuspecting patients.

Company Philosophy:
Our vision at Corona is to achieve good health for every individual, society and the nation as a whole by becoming one of the top pharmaceutical companies in the world. The Company intends to make a positive difference to society and contribute its share towards the social cause of betterment of society and area in which company operates. This entails transcending business interests and working towards making a meaningful difference to the society.

In this regard, the Company has made this policy which encompasses the Company’s philosophy for delineating its responsibility as a Corporate Citizen and lays down the guidelines and mechanism for undertaking socially useful programs for welfare & sustainable development of the community at large and titles as the “Corporate Social Responsibility (CSR) Policy” which is based as per the Companies Act, 2013 and rules made there under.

CSR Vision:
The Company shall carry its normal business in a manner that is beneficial to society & environment also in addition to propagation of business.

For Corona, Corporate Social Responsibility (CSR) means responsible business practices through the involvement of all stakeholders in the decision making process and in operations. It entails having business policies that are ethical, equitable, environmentally conscious, gender sensitive, and sensitive towards the differently abled. In the process, Corona commits itself to creating a more equitable and inclusive society by supporting processes that lead to sustainable transformation and social integration.

CSR Governance:

The Company has, in compliance with the CSR Provisions, constituted, the CSR Committee comprising of following Directors:

  1. Dr. Kirtikumar L. Mehta (Chairman)
  2. Mr. Nirav K. Mehta
  3. Mr. Ankur K. Mehta

The terms of reference of the CSR Committee shall include the following:

- To identify the Corporate Social Responsibility projects/activities/ programs to be undertaken by the Company (“CSR activities”), in alignment with Schedule VII of the Act

- To formulate the Corporate Social Responsibility Policy (“CSR Policy”) interalia, to include the CSR activities, specify the modalities of execution, implementation schedules and recommend the same to the Board of Directors

- To recommend to the Board of Directors the amount of expenditure to be incurred on the CSR activities, for each financial year of the Company

- To devise suitable transparent monitoring mechanism for monitoring progress/ status of implementation of the CSR activities

- To monitor CSR Policy from time to time and revise the same as and when needed

- To carry out such other functions, as may be prescribed by the Act or CSR Rules or as may be delegated by the Board, from time to time

The CSR Committee, in compliance with the statutory provisions and in terms of its Terms of Reference has formulated this Corporate Social Responsibility Policy.

CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES:

The Company shall upon the recommendation of its CSR Committee and with necessary approval of the Board, undertake any one or more of the following activities, as part of its corporate social responsibility initiative, which are defined in Schedule VII of the Companies Act 2013;

  1. Eradicating hunger, poverty and malnutrition;
  2. Promoting and improving health care including preventive, maternal health care and sanitation and making available safe drinking water;
  3. Promoting education, including special education;
  4. Providing employment, enhancing vocation skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects;
  5. Promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
  6. Combating human immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseases;
  7. 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;
  8. Reducing child mortality;
  9. Protection of national heritage, art and culture including restoration of heritage buildings and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional arts and handicrafts:
  10. Promote and development of sports and sporting activities including for the physically challenged or differently abled;
  11. 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;
  12. Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government;
  13. Rural development projects.
  14. Provided that, the CSR projects and programs or activities that benefit only the employees of the Company and their relatives shall not be considered as CSR activities.Also, the CSR activities undertaken in India only will be taken into consideration, in order to satisfy the requirement of section 135 of the Companies Act 2013.Also contribution of any amount directly or indirectly to any political party under section 182 of the Act shall not be considered as CSR activity.

IMPLEMENTATION AND RESOURCES FOR THE CSR ACTIVITIES:

  • For achieving its CSR Initiatives and Activities through implementation of meaningful & sustainable CSR programs, the Company needs to allocate, in every financial year, at least 2% (two per cent) of the average net profit made by the Company during the three immediately preceding financial years.

The average net profit of the Company shall be calculated in accordance with section 198 of the Companies Act 2013.

  • If in case the Company fails to spend such amount, the Board shall, in its report made under clause (o) of sub-section (3) of section 134, specify the reasons for not spending the prescribed amount.
  • The surplus arising out of the CSR projects or programs or activities shall not form part of the business profit of the Company.
  • CSR expenditure shall include all expenses including contribution to corpus for projects or programs relating to CSR activities approved by the Board on the recommendation of CSR Committee, but should not include any expenditure on an item not in conformity or not in line with the activities which fall within the purview of Schedule VII of the Act.

CSR Reporting & Display of CSR Policy:

The report of the Board of Directors of the Company shall include an annual report on CSR activities in the prescribed format and the Company shall also display the CSR policy on its official website.

General:

  1. a) The CSR Policy shall be recommended by the CSR Committee to The Board of Directors for its approval.
  2. b) The Company reserves the right to modify, cancel, add, or amend any of the above rules/guidelines, with the approval of CSR Committee & ratification of Board of Directors.
  3. c) Any or all provisions of the CSR policy shall be subject to revision/amendment in accordance with the guidelines on the subject as may be issued from Government of India, from time to time.
  4. d) In case of doubt with regard to any of the provision of the policy and also in respect of matters not covered herein, the interpretation & decision of the CSR Committee shall be final.
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