ANNUAL ACTION PLAN FOR CSR ACTIVITES FOR THE FINANCIAL YEAR 2022-23
AAKASH HEALTHCARE PRIVATE LIMITED (“Company”)
The Company shall spend at least 2% of average net profit of the Company made during the three immediately preceding financial years.
The Company has average net profit of Rs. 318.84 lakhs during the three immediately preceding financial years (i.e 2019-20, 2020-21 and 2021-22), therefore the Company is required to make CSR Contribution of Rs. 6.38 Lakh during the financial year 2022-23.
The Company will focus primarily on the following programmes:
The Company will aim to promote preventive healthcare in the most remote corners of the country with the aim of making quality healthcare accessible & affordable for all. To do this the Company will:
The Company will work on several educational initiatives to provide quality education, training, skill enhancement for improving the quality of living and livelihood. Initiatives are aimed at:
The Company shall implement the execution of CSR projects or programmes by the Company itself or through external implementing agencies permitted under law.
Dr. Aashish Chaudhry, Managing Director shall review every project/programme in which CSR funds are to be utilized and thereafter release the funds. The Company shall consider such projects / programmes that can be implemented within a period of 1 (one) year.
As per the mechanism prescribed under CSR Policy.
Not Applicable to the Company.
Corporate Social Responsibility Policy
AAKASH HEALTHCARE PRIVATE LIMITED (“AHPL”)
We perceive Corporate Social Responsibility (CSR) as our responsibility towards contributing to society, empowering individuals and enabling them to live a life of dignity. For us, strengthening the moral fabric of the society is also a duty which we wish to include in our CSR activities. The CSR philosophy of the Company is embedded in its commitment to all stakeholders, employees, customers, shareholders and society. Our sustainable approach by practicing service to humanity has enabled us to continue fulfilling our commitment to be a socially responsible corporate citizen. Our objective is to manage our business in a way which produces a positive impact on the economy, society and environment.
CSR Vision and Mission
Taking CSR as a sustainable social initiative, we aim to align and integrate our resources with society’s developmental needs towards creating a better tomorrow.
Approach to CSR
Our approach will be that CSR activities shall be undertaken by either by the Company itself, or in line with the CSR Policy of the Company, in partnership with external social bodies / NGOs or by an entity established by the Company itself or along with any other company fulfilling the requirements mentioned under Companies Act, 2013 (“Act”) or by a company established under section 8 of the Act, or a registered public trust or a registered society, established by the Central Government or State Government or by a 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
CSR Thrust Areas
The following CSR activities are planned to be undertaken by AHPL, pursuant to Schedule VII of the Companies Act, 2013:
Explanation.- For the purposes of this item, the term slum area shall mean any area declared as such by the Central Government or any State Government or any other competent authority under any law for the time being in force.
Exclusion from CSR
The following activities shall not form part of the CSR activities of the Company:
The requirement for constitution of CSR Committee does not applicable to the Company as the amount to be spent by the Company under Section 135(5) of the Companies Act, 2013 does not exceed Rupees 50 Lakhs, therefore the Board of Directors of Company shall be responsible for the implementation/monitoring and review of this policy and various projects / activities undertaken under the policy.
Roles and Responsibilities of the Board
The Board of Directors inter-alia will be responsible for monitoring CSR activities and has the following powers:
Annual Action Plan
Formulation of annual action plan by Board of the Company, which shall include the following:
Selection, Implementation and Monitoring of CSR Activities
Prior to commencement of the CSR activities/ projects, AHPL will carry out a baseline study of the potential areas. The study may, inter alia, encompass various parameters such as literacy levels, health indicators, sustainable livelihood processes, population data, state of poverty, state of infrastructure, etc.
From the data generated a short-term plan and a long-term plan will be developed for the holistic and integrated development of the potential people, wherever necessary.
AHPL shall implement the activities under CSR Policy on its own or through external implementing agencies permitted under law.
All CSR activities/ projects will be assessed under the agreed strategy, and monitored on a periodic basis, measured against targets and budgets. Wherever necessary, midcourse corrections will be made.
CSR activities spending in a year shall not be less than 2% of the average net profits made during the three immediately preceding financial years. In case the Company fails to spend such amount, the Board shall specify the reasons in the Board’s Report for not spending the specified amount and, unless the unspent amount relates to any ongoing project, transfer such unspent amount to a Fund specified in Schedule VII, within a period of six months of the expiry of the financial year.
CSR Policy mandates that the surplus arising out of the CSR activities/ projects/ programs shall not form part of the business profit of AHPL. CSR expenditure shall not include any expenditure on any item not in conformity as per the Schedule VII of the Companies Act, 2013.
The Board of AHPL will review the CSR Policy from time to time based on the changing needs and aspirations of the target beneficiaries and take necessary actions to make suitable modifications from time to time as may be necessary.
The Annual Report of the Company would include a section on CSR outlining the CSR Policy, CSR Committee, CSR initiatives undertaken by the Company, the CSR spend during the financial year and other information as required by the prevailing law.
Our Board of Directors, our Management and all of our employees are being encouraged to internalize our CSR philosophy of going beyond profit seeking. We stand committed to all the necessary resources required to meet the goals of Corporate Social Responsibility.
(This policy has been formulated by the Board at its meeting held on 22.12.2022)